HNR Acquisition Corp (HNRA) reported its financial performance for the quarter ended March 31, 2024. The company's revenue decreased by 58% year-over-year, primarily due to a 5% decrease in realized prices and a 24% decrease in production volumes, alongside derivative instrument losses of approximately $1.997 million. Operating expenses increased, with lease operating expenses rising to $3.123 million from $2.924 million in the previous year. General and administrative expenses also increased to $2.310 million, including stock-based compensation costs of $699,248. Interest expense for the quarter was $1.861 million, with an additional $813,181 attributed to the amortization of debt discount. The company's cash and cash equivalents stood at $3.363 million, of which $2.600 million is held in escrow. HNRA's working capital deficit was $24.264 million, raising substantial doubt about its ability to continue as a going concern. The company's future plans include improving profitability, maintaining active hedge positions, and potentially issuing additional shares of Class A common stock through a Common Stock Purchase Agreement with a maximum funding limit of $150 million, subject to SEC approval.

HNR Acquisition Corp (HNRA) reported its financial performance for the quarter ended March 31, 2024. The company's revenue decreased by 58% year-over-year, primarily due to a 5% decrease in realized prices and a 24% decrease in production volumes, alongside derivative instrument losses of approximately $1.997 million. Operating expenses increased, with lease operating expenses rising to $3.123 million from $2.924 million in the previous year. General and administrative expenses also increased to $2.310 million, including stock-based compensation costs of $699,248. Interest expense for the quarter was $1.861 million, with an additional $813,181 attributed to the amortization of debt discount. The company's cash and cash equivalents stood at $3.363 million, of which $2.600 million is held in escrow. HNRA's working capital deficit was $24.264 million, raising substantial doubt about its ability to continue as a going concern. The company's future plans include improving profitability, maintaining active hedge positions, and potentially issuing additional shares of Class A common stock through a Common Stock Purchase Agreement with a maximum funding limit of $150 million, subject to SEC approval.