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Verde Bio Holdings, Inc. and SensaSure Technologies Inc. have completed a merger to form Formation Minerals, Inc., focusing on oil and gas mineral and royalties acquisition and management. The new company will be led by Scott Cox as President and CEO, trading under the symbol 'FOMI'. The merger is expected to deliver long-term value to stockholders through portfolio expansion, market position strengthening, and potential uplisting to a national securities exchange.
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Verde Bio Holdings, Inc. (OTCQB: VBHI) has engaged a New York-based investment banking firm to serve as advisor and lead underwriter for a future public offering and up-listing. CEO Scott Cox emphasized the current trading price is about 1/5 of its asset value and expressed optimism for increased exposure to the investment community. The partnership aims to leverage the bank's network to enhance VBHI's portfolio and facilitate a major exchange listing. The company recently reported the activation of over six new oil and gas wells, adding to its operations primarily in the Permian Basin and Haynesville shale, potentially increasing revenue without additional investments. Furthermore, a reverse stock split and name change have been filed to position the company favorably in the market.
Verde Bio Holdings, Inc. (OTCQB: VBHI) reported its third quarter results, highlighting a focus on strategic growth in the oil and gas sector. As of January 31, 2023, total reserves were valued at $3.29 million PV-10, while total adjusted revenue dropped to $170,312 from $301,567 a year earlier due to reduced commodity prices and production disruptions. The company posted a net loss of $414,000, affected by one-time expenses and increased operational costs. Verde aims to enhance profitability by divesting non-core assets and is exploring a potential listing on the NYSE American Exchange. The leadership remains optimistic about future acquisitions and market positioning as commodity prices recover.
Verde Bio Holdings, Inc. (OTCQB: VBHI) announced an agreement to acquire mineral and royalty interests in the Haynesville Shale, Louisiana, for $425,000. This acquisition is expected to generate approximately $10,000 per month in revenue, effective from February 1, 2023. The deal marks Verde's nineteenth acquisition, expanding its portfolio of high-quality assets across 1,200 acres in Desoto Parish, currently producing from eight active wells. CEO Scott Cox emphasized the strategic importance of this acquisition, citing confidence in the asset's potential and the favorable market environment for natural gas due to emerging LNG terminals in the region.
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