Verde Bio Holdings Announces New Drilling Occurring on its Properties
Verde Bio Holdings, Inc. (OTCQB: VBHI) announced an increase in its well count due to high oil and gas prices. The company reported six new wells coming online in the Permian Basin and intends to drill massive horizontal wells in Haynesville Shale. These developments promise increased revenues without further investment from VBHI. The CEO highlighted the ongoing acquisition of strategic assets and a focus on divesting underperforming properties. The upcoming 10-Q report, due on September 15, is expected to please shareholders.
- Increase in well count with six new wells in the Permian Basin.
- New permits filed for significant horizontal wells in Haynesville Shale.
- Potential for increased revenues without additional investment.
- Focus on strategic acquisitions and divestment of lower-performing assets at profits.
- None.
FRISCO, TX, Aug. 25, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Verde Bio Holdings, Inc. (OTCQB: VBHI) (www.verdebh.com) today announced that with the sustained high oil and gas prices, its well count continues to rise. Recently, the company has received notice of six additional recently drilled wells being brought online in the company’s Permian Basin acreage as well as new permits have been filed for what will be massive, multi-unit horizontal wells in the company’s Haynesville Shale acreage. A well being brought online indicates a new producing well and a permit indicates an intention to drill.
“The experienced operators filing the permits are SEM, Chesapeake and others. With oil and gas commodity prices still trending high, new oil and gas wells on our properties equate to more revenues for VBHI and for its investors. These potential revenues do not require any additional investment by VBHI, the mineral and royalty owner,” said Scott Cox, Verde Bio Founder and CEO. “We have been and continue to be diligent in buying properties at the right price and in the right areas, thus the Company and its investors reap the benefits of the rise in commodity pricing as well as new wells being drilled on our acreage.
“We continue to evaluate other strategic acquisitions to expand the portfolio, including alternative energy projects,” 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 are working through potential divestment of lower performing assets at significant profits.”
On a Corporate note, the Company is steadily working through the reserve report valuation of our assets and the accounting of the Company for our upcoming 10-Q which is due September 15, 2022. The Company believes its shareholders will be pleased with the results.
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
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