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VBHI - Verde Bio Holdings Inc News Story

$0.01 0.0  2.0%

Last Trade - 28/01/22

Market Cap £8.53m
Enterprise Value £8.39m
Revenue £192k
Position in Universe 6871st / 7419

Verde Bio Holdings, Inc. Announces Bolt-on Acquisition in the Utica Shale of Eastern Ohio

Tue 16th November, 2021 12:00pm
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FRISCO, TEXAS, Nov. 16, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire
(https://www.globenewswire.com/Tracker?data=02R6rZyXE4Hts3FTEOqzd8CVv_tOWhvsSRJ2Cgk8pQKIsYFxlTWXravbTuD-kRaDy4ESWSmgBXKFGKvjyQmfht0M9YDC09RDBttF8tAarRs=)
-- Verde Bio Holdings, Inc. (OTCQB: VBHI), (www.verdebh.com), a growing oil
and gas Company, today announced that it continues to execute on its business
plans of acquiring a portfolio of revenue producing properties by agreeing to
the purchase of mineral and royalty interests held by a private seller for a
purchase price of $175,000 in cash, subject to price adjustments pending due
diligence.

The interests to be acquired are located in Belmont County, Ohio, and are
operated by Ascent Resources, which holds more than 335,000 net leasehold
acres in the region, and has established itself as the premier operator in the
southern Utica Shale. Ascent currently has four rigs running in the area and
has recently filed an intent to drill another well on the interest being
acquired. The bolt-on interests currently produce combined 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 acquisition is expected to close on or before November 30, 2021.

The Company, which recently completed a successful uplist to the OTCQB and
qualified as Penny Stock Exempt, continues to build a diversified, revenue
producing portfolio of high-quality assets.

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 bolt-on acquisition adds to our existing portfolio of
great assets in the Utica Shale.  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 highlight our business plan of acquiring
minerals and royalties and building a diversified, revenue-producing
portfolio. 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. (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 E & E Communications
pknopick@eandecommunications.com
940.262.3584

(https://www.globenewswire.com/NewsRoom/AttachmentNg/66851c2f-ea03-44a1-a79e-7daf581423c1)



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