$ VBHI. Verde Bio Holdings, Inc. Announces New Acquisition of Mineral and Royalty Interest 8:00 am ET May 5, 2021
--Acquisition Doubles Down on Revenue Producing Interests in DJ Basin of Wyoming Under Best-In-Class Operator EOG--
Verde Bio Holdings, Inc. (OTC: VBHI), a growing oil and gas company, today announced that it continues to execute on its business plan of acquiring revenue-producing property by adding additional mineral and royalty interests held by a private seller for a purchase price of $431,425 in cash. The interest acquired by Verde is additional interest in the same property the Company previously announced and currently produces approximately $7,000 per month in revenue. Verde is entitled to the cash flow from production attributable to the acquisition beginning on or after May 1, 2021.
The interest being acquired covers approximately 38 royalty acres in a 1600-acre drilling unit located in Laramie County, Wyoming, and is operated by best-in-class EOG Resources. Currently, there are eight wells producing out of laterals ranging from 10,260 feet to 12,640 in stacked pay from the Niobrara and Codell formations. The transaction represents Verde's sixth acquisition in the prolific DJ Basin.
The Company continues to build a diversified, revenue-producing portfolio of high-quality assets. The Company has holdings in Wyoming, Texas, Colorado, West Virginia, Louisiana, and Oklahoma. Today's announcement brings the total number of acquisitions to 14. The current expected combined revenue from the acquisitions is approximately $58,000 per month or approximately $696,000 on an annualized basis once Verde is in pay status on all properties.
Scott Cox, CEO of Verde, said, "We are excited about adding to the interests already acquired through this acquisition. EOG considers this a premium play and is active in the area with drilling and completion with stacked pay production. This is a great oil-producing addition to our portfolio. GO > $ VBHI
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