Total reserves as of 10/31/2021, increased ~96% from year-end 4/30/2021 with an associated PV-10 value of $2,309,620 at SEC Pricing, ~90% of which is proved developed
SEC Pricing as of October 31, 2021, was $60.79 per barrel of oil and $3.27 per MMbtu of natural gas which reflects tremendous upside value to still be unlocked due to current oil and gas prices of more than $80 oil and $6 natural gas.
FRISCO, Tex. – (NewMediaWire) – November 02, 2021 – Verde Bio Holdings, Inc. (OTCQB: VBHI) today announced its total proved reserves at October 31, 2021, increased 96% from year-end with an associated PV-10 value of $2.3 million at U.S. Securities & Exchange Commission pricing. These amounts are calculated under SEC guidelines relating to both commodity price assumptions and strict drilling schedule requirements.
“This reserve report highlights the strength of Verde’s assets, as reserves grew 96% due to organic growth and acquisitions,” said Verde’s CEO Scott Cox. “As a non-operator, we book limited future PUD locations, and our reserve report does not take into account our active portfolio management and anticipated future acquisitions. We believe this makes our reserve report significantly conservative relative to our development plan over the coming years.”
VBHI has revenue producing royalty interests in approximately 400 wells across the most active areas of the United States.
Table 1: Total Reserves and PV-10 at SEC Pricing (as of October 31, 2021)
“After a difficult pricing environment in early 2021, we have seen a strong recovery in crude oil and natural gas prices that has positively impacted our reserves and the PV-10 value of our reserves. We remain confident in our strong asset base which is evident in our mid-year 2021 reserve report,” Mr. Cox said.
“With our clean balance sheet and strong projected cash flow generation, we have positioned Verde to actively pursue opportunities and continue to deliver on our strategic vision,” concluded Mr. Cox.
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 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.
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 2019 Annual Report on Form 10-K and quarterly reports on Form 10-Q.
Paul Knopick E & E Communications