Verde Bio Holdings, Inc. Closes Acquisition of Mineral and Royalty Interests
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--Acquisition Includes Revenue Producing Portfolio of Diversified Oil and Gas Assets--
FRISCO,TEXAS, Feb. 02, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Verde Bio Holdings, Inc. (OTC: VBHI) today announced that it has closed the previously announced purchase of the revenue producing oil and natural gas mineral and royalty interests for a purchase price of five million common shares of Verde Bio Holdings. Verde is entitled to the cash flow from production attributable to the acquisition beginning on or after October 1, 2020.
Scott Cox, Director and Chief Executive Officer of Verde Bio Holdings, said: "This is an outstanding acquisition and addition to our portfolio of high-quality, revenue producing properties. All the properties have good, long lived, steady oil production which we estimate will continue for quite some time. Deals like this continue to confirm and highlight our business plan of acquiring diversified mineral and royalty assets in the downturn of oil and gas prices.”
“We believe we have acquired the right balance of oil and natural gas in the existing producing wells and future drilling locations as well as high quality operators. We remain focused on executing our business plan and creating long-term value for our shareholders. Through our first two acquisitions, we have successfully laid a great foundation for a highly diversified portfolio of interests and are excited to build on these through future strategic acquisitions.”
Brazos County, Texas highlights:
o Oil rich, Eastern Eagleford Mineral Interest in Brazos County, Texas operated by Hawkwood Energy
o 17 wells currently in production across the acquired acreage
o Oil rich, Anadarko Basin Mineral Interests in Alfalfa and Grant Counties, Oklahoma, operated by Sandridge.
o 8 wells currently producing across the acquired acreage
Mr. Cox continued: “We are excited about the growth opportunities with this package, both through the drill bit as well as through a rise in commodity prices and optimistic about the future development of these assets for many years to come. With acquisitions such as this, we believe strongly in the future success of Verde Bio Holdings as a leading consolidator in the highly fragmented minerals market."
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-probability, lower risk onshore oil and gas properties within the major oil and gas plays in the U.S. The Company’s dual-focused growth strategy relies primarily on leveraging management’s expertise to grow through the strategic acquisition of non-operated working interests and royalty interests.
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 2018 Annual Report on Form 10-K and quarterly reports on Form 10-Q.
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