Olenox Industries Inc. (NASDAQ: OLOX) has signed a non-binding letter of intent to acquire 100% of the capital stock of Wildboy Holdings, Ltd. and IPD Industries, Inc. for an aggregate stated purchase price of approximately $20 million, consisting primarily of Olenox preferred stock along with common stock and cash consideration, according to a press release.

Wildboy Holdings is a wholly owned subsidiary of Wildboy Industries, Ltd., while IPD Industries is a wholly owned subsidiary of Odin International, Inc. The proposed transaction would be completed by Olenox or a wholly owned acquisition subsidiary.

Based on information provided by the sellers and subject to due diligence, Wildboy's assets include a natural gas plant with stated processing capacity of up to 144 MMcf per day and interests associated with more than 180,000 acres in northern British Columbia. Existing wells could provide access to up to approximately 18 MMcf per day of natural gas, which management estimates could support approximately 90 MW of gas-fired generation, subject to various conditions.

IPD has developed commercial relationships and project interests near the Waha Hub outside Pecos, Texas, in the Delaware Basin's Wolfbone trend area. IPD's portfolio includes interests associated with more than 5,000 acres, natural-gas arrangements and development work involving electric infrastructure, substations, water infrastructure, on-site generation and merchant-power capabilities.

The parties are targeting a closing on or before October 31, 2026. The proposed transaction remains subject to satisfactory due diligence, execution of definitive agreements, and required corporate, stockholder, Nasdaq, regulatory and third-party approvals. The LOI is non-binding, and there is no assurance that definitive agreements will be executed or that the transaction will close.