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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 Closing of Previously Announced Acquisition of Tri-Shale Portfolio of Mineral and Royalty Interest

Wed 19th May, 2021 1:30pm
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--Massive Acquisition includes Diversified Portfolio with Excellent Current
Revenue--

--Huge Upside Potential including Drilled But Uncompleted Wells and Shut In
Wells in DJ Basin, Piceance Basin and the Utica Shale--

FRISCO, TEXAS, May 19, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire
(https://www.globenewswire.com/Tracker?data=pPBdhKGPackSDkR9RJA5pEP1l4GrbII0oVjMWnwUPp0LQgSkKPfMP2Ma56un35N5vBnmvMDmrADmgLWqgqr0Oc8ctEgGU32RyQMa5bc5CYc=)
-- Verde Bio Holdings, Inc. (OTC: VBHI), an oil and gas Company, today
announced that it has closed on the previously announced portfolio of mineral
and royalty interests held by a private seller for a purchase price
of $1,100,000 in cash. The interests to be acquired by Verde currently
produces combined excellent revenues of approximately $24,000 per month and
Verde is entitled to the cash flow from production attributable to the
acquisition beginning on or after May 1, 2021.

Acquisition Highlights:
DJ Basin highlights:
* * Oil rich Mineral Interest in Larimer County, Colorado operated by Petro
Operating and Extraction Oil and Gas, which just announced a $2.6 Billion
merger with dynamic DJ Basin pureplay operator, Bonanza Creek, to become
Colorado’s first Net-Zero Oil and Gas Producer.
* 13 wells currently in production across the acquired acreage producing
approximately $20,000 per month in revenue.
* Significant upside of expected untapped revenue with two wells currently
shut-in.
Utica Shale highlights:
* * Utica Shale producing Mineral Interest in Belmont and Monroe Counties in
Eastern Ohio, operated by Gulfport Oil and Gas which has more than 205,000 net
acres in the Utica.
* Nine wells currently producing revenue of approximately $1500 per month with
significant upside of three drilled uncompleted wells (DUC’s).
Piceance Basin highlights:
* * Natural Gas rich Piceance Basin Overriding Royalty Interest in Garfield
County in NW Colorado operated by Terra Energy Partners.
* Thirteen wells currently in production across the acquired acreage producing
approximately $2,500 per month in revenue.
Verde continues to build a diversified, revenue producing portfolio of
high-quality assets. Today’s announcement brings the total number of
acquisitions to 15.  Current expected combined revenue from the acquisitions
is approximately $82,000 per month or approximately $984,000 on an annualized
basis once Verde is in pay status on all properties. 

Scott Cox, CEO of Verde, said, “We are very excited to get these properties
closed and rolled up into our portfolio.  This is a great well-balanced
portfolio of diversified interests, which adds significant revenue to Verde as
well as adding a high level of assets to our balance sheet. We are proud to
have built a Company which is creative and flexible enough to take advantage
of these significant deals as they come to market,” Mr. Cox added.

“Deals like this continue to confirm our business plan of acquiring
diversified minerals and royalties and building a diversified portfolio while
taking advantage of the historic buyer’s market in the industry currently.
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 have begun to build 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

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



GlobeNewswire, Inc. 2021
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