Continued Development of Verde’s Properties
FRISCO, TX, June 22, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – With the sustained high price of oil and gas, Verde’s well count has continued to rise. The Company continues to receive notices of permits and notices of new wells being brought online on its properties. A well being brought online indicates a new producing well and a permit indicates an intention to drill. The continued high-priced environment is a boon for Verde in that it receives the benefit of revenue from the high prices without any additional expense to the company. The Company currently has interest in over 400 wells and has received notice of over 18 new wells being brought online and 15 new permits on its assets.
A summary of Verde’s portfolio is below:
“Our portfolio of assets has some of the world’s most active and well-funded operators,” said Scott Cox, Verde Bio Founder and CEO. “With crude oil and natural gas consistently trading at all-time highs, new oil and gas wells on our properties equates to more revenues for VBHI and its investors. These potential additional revenues do not require any additional investment by VBHI, or the mineral and royalty owner. We were very diligent in buying properties based on lower oil and gas prices, thus the Company and its investors stand to reap the benefits of the rise in commodity pricing.”
The high-priced environment does offer some challenges to the company from an acquisition standpoint. Assets are more expensive and there are many more deals on the market. Thus, the company is reviewing many more deals to secure beneficial economics with significant potential upside to the company.
Further, the company continues to seek healthy financing alternatives in a challenging capital markets environment. While the company seeks additional capital to continue its plans of acquiring revenue producing assets, it is very careful of the capital it brings in. The company’s goal is to be well positioned to take advantage of solid growth opportunities as they come to market.
“Shareholders should know that Verde continues to evaluate other potential strategic acquisitions to expand our portfolio,” Mr. Cox said. “We were very pleased to recently announce a new massive natural gas royalty acquisition in the Haynesville Shale of Northern Louisiana which produces more than $70,000 per month in revenue to the interest being acquired. We are still working to raise the capital needed for this game-changing acquisition and hope to finish the capital raise and close on this asset soon.”
On a Corporate note, the Company is steadily working through the reserve report valuation of its assets and the accounting of the Company and looks forward to releasing its upcoming 10-K.
About Verde Bio Holdings, Inc.
Verde Bio Holdings, Inc. (OTC: VBHI) is an Energy Company based in Frisco, Texas, engaged in the acquisition and management of Mineral and Royalty interests in lower risk, onshore oil and gas properties within the major oil and gas plays in the U.S. The Company’s dual-focused growth strategy relies primarily on leveraging management’s expertise to grow through the strategic acquisition of revenue producing royalty interest and strategic and opportunistic non-operated working interests. www.verdebh.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
Statements in this press release that are not strictly historical are “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve a high degree of risk and uncertainty, are predictions only and actual events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include the uncertainty regarding viability and market acceptance of the Company’s products and services, the ability to complete software development plans in a timely manner, changes in relationships with third parties, product mix sold by the Company and other factors described in the Company’s most recent periodic filings with the Securities and Exchange Commission, including its 2021 Annual Report on Form 10-K and quarterly reports on Form 10-Q.
Contact:
Kirin Smith, President
PCG Advisory, Inc.
646.823.8656
ksmith@pcgadvisory.com
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