Verde Bio Holdings, Inc. Discusses Third Quarter Financial Results
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 $301,567.
“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 $72/bbl of crude oil and $4/mcf for natural gas. These prices have since increased, which will mean an additional increase in revenue for VBHI in the future,” Mr. Cox explained.
“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 $45-$55/bbl oil, which means we can forecast almost a significant increase of revenue to the Company given oil’s recent highs of more than $120/bbl. We look forward to finally having a full quarter of pay on our properties and we believe our shareholders and overall market will be pleased by the results at year end,” Mr. Cox said. Verde Bio Holding’s CEO said the Company continues to examine many possible future acquisitions.
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
