FRISCO, TX, Dec. 16, 2022 (GLOBE NEWSWIRE) — via

NewMediaWire

– Verde Bio Holdings, Inc. (OTCQB: VBHI), a growing oil and gas company, today issued its second quarter shareholder update, along with its 10-Q filing with the highlights of the Quarter and what is in store for the future.

The Company remains very bullish on oil and gas and the growth and acquisition opportunities ahead. Verde has built an excellent portfolio and as commodity prices continue to rise, so does its revenue on a relative basis with no increased cost to Verde.

Commenting on the results, CEO Scott Cox said:

“I’m pleased to report another quarter of consistent execution towards our growth initiatives driven by the strategic expansion of our low-risk, long-life, low-decline asset acquisition model into complementary acquisitions. Looking forward, we are focused on the growth of our portfolio and revenues as well as overall profitability. Our differentiated and value focused business model continues to deliver exceptional results and as the Company transitions into a more traditional E&P company which holds a significant portfolio of revenue production royalties, we are very excited about the future.”

Second Quarter Key Highlights

The Company remains laser focused on the consistent execution of our business model and is pleased to share the below highlights:

• Total Reserves as of 10/31/2022 were up significantly to $3.47 million PV-10 value based upon SEC required pricing at $92.01/bbl oil and $6.19/MMBTU/ of Natural Gas.
• Total Adjusted Revenue up ~188% to $414,356 compared to revenues of $143,413 for the three months ended October 31, 2021. Further, as part of the revenues generated from the oil and gas properties, the Company recorded depletion expense of $166,095 during the three months ended October 31, 2022, compared to depletion expense of $85,323 during the period ended October 31, 2021, which represents the proportionate use of the produced units in the properties relative to proven and probable reserves.  The overall increase in depletion expense is reflective of the overall increase in investment in royalty properties and the increased production from associated wells.
• The Company continues to make great strides toward its goal of profitability. Net loss for the quarter was $129k after cutting expenses and non-core properties and when items such as non-cash depletion expense is factored in, the net loss is even closer to breakeven.

Portfolio Highlights and Acquisition Activity

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To date, we have made over 19 acquisitions of revenue producing properties. The Company currently has revenue producing royalty interests in over 400 wells under operators such as, SWN Energy, EOG, Civitas, Ovintiv, Aethon, Ascent, Chesapeake, Petro Operating and others.

We continue to have a healthy pipeline of new deal-flow and are evaluating potential acquisitions which complement our portfolio, as well as seeking opportunistic divestments in which we can make large profits, while actively managing the portfolio to maximize revenue based on current commodity environments. Active management also includes seeking divestment of low-performing assets to free up needed cash for reinvestment into better performing and higher growth potential assets.

Corporate Highlights

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On a Corporate note, the Company is currently working through plans for a name and ticker symbol change to further define the company as an oil and gas Company. We also plan to add at least 2 new Board Members in the near future.

We hope to file the application to uplist to the NYSE American Exchange in the first quarter of 2023 and believe we meet the majority of the requirements at this time. Along with these transformative plans to move to a National Exchange, we are working to finalize an agreement with an Investment Bank for advisement on the uplist and a follow-on capital raise once trading on NYSE American.

The Company plans to make all filings related to name change and potential uplist together in the near future.

Further, as previously mentioned, we continue to work with our IR/PR and Marketing teams to increase market awareness and to attract new long-term growth investors who believe in a company being built on fundamentals.

In summary, we remain focused on execution and are prudently investing in our continued growth, with an emphasis on creating a dynamic and profitable company and focusing on delivering exceptional results for all shareholders.

About Verde Bio Holdings, Inc.

Verde Bio Holdings, Inc. (OTCQB: VBHI) is an Energy Company based in Frisco, Texas, engaged in the acquisition and management of Mineral and Royalty interests in 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 revenue producing royalty interest and strategic and opportunistic non-operated working interests.

www.verdebh.com

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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 2022 Annual Report on Form 10-K and quarterly reports on Form 10-Q.

Contact:


Kirin Smith, President

PCG Advisory, Inc.


[email protected]