Verde Bio Holdings, Inc. Announces Closing of Acquisition of Utica Mineral and Royalty Interest; Continued Development of New Wells in Haynesville Shale Properties
— Acquisition Presents Upside Potential of Drilling Activity —
FRISCO, TEXAS, Dec. 21, 2021 (GLOBE NEWSWIRE) — via NewMediaWire — Verde Bio Holdings, Inc. (OTCQB: VBHI), a growing oil, gas and alternative energy Company, today announced that it has closed on the previously announced mineral and royalty interests held by a private seller for a purchase price of $175,000 in cash. The interests to be acquired by Verde currently produces revenue of approximately $3,000 per month and Verde is entitled to the cash flow from production attributable to the acquisition beginning on or after November 1, 2021.
The Company is also pleased to announce that it has received multiple new drill notifications on some of its Haynesville Shale acreage by operators including Comstock Resources and Vine Energy. The Company expects these wells to be drilled and completed early in 2022 and Verde will receive additional revenue from these at no expense.
Acquisition Highlights:
- Utica Shale producing Mineral Interest in Belmont County in Eastern Ohio, operated by Ascent Resource. Ascent is one of the largest privately held exploration and production companies in the United States in terms of asset size and net production and the largest natural gas producer in the state of Ohio. Ascent currently holds more than 335,000 leasehold acres in the Utica Shale region
- Two wells currently producing revenue of approximately $3,000 with significant upside of active infill development in the area.
The Company, which recently completed a successful uplist to the OTCQB, and is qualified as Penny Stock Exempt, continues to build a diversified, revenue producing portfolio of high-quality assets in the energy sector.
Scott Cox, CEO of Verde, said, “We are excited about adding to the interests already acquired through this acquisition. We are currently very bullish on natural gas and this acquisition adds to our existing portfolio of great assets in the Utica Shale, adding revenue to Verde as well as assets to our balance sheet. We are proud to have built a Company which is creative and flexible enough to take advantage of these deals as they come to market.”
“Deals like this continue to confirm our business plan of acquiring a variety of minerals and royalties and building a strong portfolio. The notification of new wells being drilled on acreage affirms that we are doing an excellent job of acquiring the right acreage, at the right price and time. We remain focused on executing our business plan and creating long-term value for our shareholders. Through our balanced approach of capital raising and acquisitions, we are building a dynamic Company with significant revenue and assets and look forward to continuing to build on this through future strategic acquisitions,” Mr. Cox concluded.
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-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 E & E Communications
pknopick@eandecommunications.com
940.262.3584
