--Acquisition Includes Revenue Producing Portfolio of Diversified Oil and Gas Assets--
FRISCO, TEXAS, Aug. 11, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Verde Bio Holdings, Inc. (OTC: VBHI) today announced that it has closed the previously announced purchase of the revenue producing oil and natural gas, mineral and royalty interests held by a private seller for a purchase price of ten million common shares of Verde Bio Holdings. Verde is entitled to the cash flow from production attributable to the acquisition beginning on or after July 1, 2020.
Scott Cox, Director and Chief Executive Officer of Verde Bio Holdings, said, "We believe that this is an excellent strategic acquisition with highly diverse acreage that we expect will add significant cash flow and the opportunity for growth. These assets lay the foundation for our broad and diversified mineral and royalty portfolio and we are excited to significantly increase our positions and we believe we have acquired the right balance of oil and natural gas in the existing producing wells and future drilling locations as well as high quality operators. We remain focused on executing our business plan and creating long-term value for our shareholders."
Acquisition Highlights
Operators for the properties include Enervest, Apache, and Sandridge
Permian Basin highlights:
o Interests in Crockett, Irion, Reagan and Glasscock
Haynesville Shale highlights:
o Interests in Bossier and Desoto Parish
· Acreage is also being acquired in the Granite Wash, Anadarko Basin and Powder River Basin
About Verde Bio Holdings, Inc.
Verde Bio Holdings, Inc. (OTC: VBHI), is a growing U.S. Energy Company based in Frisco, Texas, engaged in the acquisition and development of high-probability, 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 non-operated working interests and royalty 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 2018 Annual Report on Form 10-K and quarterly reports on Form 10-Q.
Contact:
Paul Knopick E & E Communications
pknopick@eandecommunications.com
940.262.3584