Verde Bio Holdings, Inc. Discusses Third Quarter Financial Results
Verde Bio Holdings (OTCQB:VBHI) reported mineral and royalty income of $301,567 in its 10-Q for November 2021 to January 2022, marking a revenue increase but below expectations. CEO Scott Cox noted delays due to property consolidations impacting revenue recognition. With oil prices rising above $120/bbl, Verde anticipates significant revenue growth from its acquisitions, including a gas asset in the Utica Shale and an oil asset in the Permian Basin. The company is also exploring renewable energy investments and plans a name change to align with its energy focus.
- Mineral and royalty income increased to $301,567.
- Anticipated revenue growth due to rising oil prices above $120/bbl.
- Recent acquisitions in high-growth gas and oil assets.
- Revenue growth was less than expected due to property consolidations.
- Some properties had suspended revenue, causing delays.
FRISCO, TX, March 17, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Verde Bio Holdings, Inc. (OTCQB:VBHI), https://www.verdebh.com/ , a growing oil, gas and alternative energy Company, today filed its 10-Q for the three-month period November 2021 through January 2022. Mineral and Royalty income totaled
“This is a significant increase in revenue but less than the Company was expecting. Verde Bio begins receiving revenue after a transfer process, which is not in our control. While we are in pay status on the majority of our properties, some have suspended revenue during this quarter due to consolidations, which causes a month or two delay as accounting is updated,” said Scott Cox, VBHI founder and CEO. “We can count on receiving back revenues in the current quarter and year-end.
“The revenue in our third quarter was based on an average of
“There have been historic increases in commodity pricing from when we originally bought our properties. Most of our original acquisitions from 2021 were bought at a basis of
Mr. Cox said the recent termination of the proposed acquisition of Biodiesel Production facilities occurred because it would have been a very complicated, expensive, and risky venture. “We are pleased to continue with our current business plan of acquiring and investing in quality energy assets. In the third quarter we made two revenue producing acquisitions, a high growth gas asset in the Utica Shale and a long-life oil asset in the Permian Basin. We continue to execute on our business plan of increasing assets and revenue by strategic acquisitions,” Mr. Cox said.
Verde has begun looking at investments in wind and solar and other alternatives/renewables as well as continuing to add to its oil and gas portfolio. “We believe these energy sectors will have heavy growth with high returns to the Company,” Mr. Cox said.
Additionally, the Company plans a name change soon to better reflect the direction and focus of Verde Bio as an energy company, and also it continues to further explore a potential listing on a national exchange.
About Verde Bio Holdings, Inc.
Verde Bio Holdings, Inc. (OTCQB: VBHI), is a growing U.S. Energy Company based in Frisco, Texas, engaged in the acquisition and development of high-growth mineral rights and select non-operated working interests in premier U.S. basins. Verde currently owns producing mineral, royalty and over-riding royalty interests in the Denver-Julesburg Basin of Colorado and Wyoming, the Haynesville Shale of Louisiana, the Anadarko Basin of Oklahoma, the Delaware and Permian Basin of Texas and the Marcellus and Utica shales in West Virginia and Ohio. The Company is focused on providing strong shareholder returns through asset growth generated by our acquisitions of revenue producing assets.
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 2019 Annual Report on Form 10-K and quarterly reports on Form 10-Q.
Contact:
Paul Knopick
pknopick@eandecommunications.com
949.697.1323
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