FRISCO, TX, Feb. 09, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- Verde Bio Holdings, Inc. (OTCQB: VBHI), a growing oil and gas company, today announced that with the sustained higher oil and gas prices, its well count continues to rise. Recently, the company has received notice of over 8 new wells being brought online on its oil and gas properties. The main areas of continued new development are on the company’s Permian Basin, Haynesville shale properties which allows a solid mix of oil and gas new development. A well being brought online indicates a new producing well and a permit indicates an intention to drill. With the addition of these wells, the company now has over 500 producing wells in its portfolio.
Scott Cox, Founder and CEO, stated, “We are seeing significant growth in our Haynesville Shale acreage, where Southwestern and Chesapeake continue development at a blistering pace. The Company recently received notices of multi-unit horizontal wells in Desoto Parish. The Permian Basin of Texas also continues to be active with SEM continuing to drill and bring new wells online in Crockett County as well as Ovintiv and their continued development of the Company’s Howard County acreage. With oil and gas commodity prices still trending at elevated levels, new oil and gas wells on our properties equates to increased revenues and do not require any additional investment by VBHI, as the mineral and royalty owner. Additionally, we continue to be diligent in buying properties at the right price and in the right areas, to ensure the Company and its investors reap the benefits of the rise in commodity pricing as well as the continued development of our acreage.”
The Company recently announced a Reverse Split and Name Change. This is a positive step forward for the company and will position it well for the capital markets. The new stock pricing and tightening up of the issued and outstanding shares will help attract institutional and other types of investors. The Company is also currently evaluating banks and options for a capital raise once the reverse split and name/ticker change become effective, which will allow the company to acquire new assets at lower pricing as well as take advantage of the upcoming LNG export boom with natural gas acquisitions.
On a Corporate note, we continuously review new deals for acquisition and are steadily working through the reserve report valuation of our assets and the accounting of the Company for our upcoming 10-Q.
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.
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.
ksmith@pcgadvisory.com
