Verde Bio Acquires Revenue Producing Natural Gas Interests in Louisiana
Mineral acquisitions company, Verde Bio Holdings (OTCQB: VBHI) has entered into an agreement to acquire revenue producing mineral and royalty interests in the prolific Haynesville Shale of Northern Louisiana.
The company will acquire the assets, which includes natural gas interests, from a private seller for a purchase price of $425,000 in cash.
- The interest being acquired covers approximately 1,200 gross acres in Desoto Parish, LA.
- The property has eight wells producing from the Haynesville formation and a number of inactive wells, which the company expects to be reworked and brought online in the near future.
- The interest is being operated by Southwestern Energy, which has an aggressive drilling schedule and well performance in the immediate area of the acreage being acquired.
- The property currently produces approximately $10,000 per month in revenue and Verde is entitled to the cash flow from production attributable to the acquisition beginning on or after February 1, 2023.
This acquisition is the company’s 19th to date and is expected to close on or before April 15, 2023.