FRISCO, TX, Nov. 16, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Verde Bio Holdings, Inc. (OTCQB: VBHI) (www.verdebh.com), a growing oil and gas company, today announced that with the sustained high oil and gas prices, its well count continues to rise. The main areas of continued new development are on the company’s Permian Basin, Haynesville shale and the Marcellus/Utica holdings which allows a solid balance of oil and gas new development. A well being brought online indicates a new producing well and a permit indicates an intention to drill. To date, the company has received notice of approximately 18 permits and 16 new wells completed and being brought online. Verde currently has a total of approximately 421 active wells on its acreage across 7 states.
Scott Cox, Verde Bio Founder and CEO, stated, “We are seeing significant growth in our Haynesville Shale acreage, where Southwestern and Chesapeake continue development at a rapid pace. The Company recently received notices of multiple multi-unit horizontal wells in Desoto Parish, LA. The Permian Basin also continues to be active with SEM continuing to drill and bring new wells online as well as Ovintiv and their continued development of the Company’s Howard County, Texas acreage. With oil and gas commodity prices still trending at elevated levels, new oil and gas wells on our properties equate to more revenues for VBHI and for its investors and importantly do not require any additional investment by VBHI, as the mineral and royalty owner.
“We have been and continue to be diligent in buying properties at attractive prices and in optimal areas, thus the Company and its investors reap the benefits of the rise in commodity pricing as well as the continued development of our acreage.”
“We continue to evaluate other strategic acquisitions to expand and manage the portfolio,” Mr. Cox continued. “We are very pleased with most of the assets in our portfolio with combined growth in revenue and development of new wells and continue to actively manage the assets for opportunities of potential divestment of lower performing assets at significant profits and the reinvestment of those proceeds into higher performing assets.”
On a Corporate note, the Company is steadily working through the required reserve valuation of our assets and the accounting of the Company’s financials for our upcoming 10-Q which is due by December 15, 2022. Further, the Company is continuing to pursue an up-listing to a major exchange which will also include a name change to unlock real value in the company to better reflect our core focus on energy. This is an active, ongoing process and the Company will continue to report further progress.
About Verde Bio Holdings, Inc.
Verde Bio Holdings, Inc. (OTCQB: 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.
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 2022 Annual Report on Form 10-K and quarterly reports on Form 10-Q.
Contact:
Kirin Smith, President
PCG Advisory, Inc.
ksmith@pcgadvisory.com
