The continued rise in the price of oil and gas has come as a major boost to many companies and one of those is Verde Bio Holdings Inc (OTCMKTS:VBHI). The company announced yesterday that due to the higher prices it has been possible for the company to see a steady rise in its well count.
Trading Data
On Wednesday, VBHI stock moved up 6.01% to $0.0075 with more than 5.43 million shares, compared to its average volume of 6.99 million shares. The stock moved within a range of $0.0072 – 0.0085 after opening trading at $0.0074.
Key Details
The announcement was a significant one and resulted in a rally in the Verde Bio stock, which went up by as much as 6% amidst heavy interest. Verde Bio announced that not too long ago it had got notices with regards to 15 new well-becoming operations.
However, that is not all. In addition to that, as many as 13 new permits have been submitted at the oil and gas properties that it controls.
The Chief Executive Officer of the company Scott Cox noted that since the price of oil has remained above $100 and gas has sold for $8 over a certain period, many experienced operators are filling the permits. That ultimately means more revenues for the company and went on to add that it would also unlock more value for those who are invested in Verde Bio.
Key Quote
“The experienced operators filing the permits are SEM, Ovintiv, and EOG as well as others,” said Scott Cox, Verde Bio Founder, and CEO. “With crude oil consistently trading above $100 and gas over $8, new oil and gas wells on our properties equates to more revenues for VBHI and its investors. These potential additional revenues do not require any additional investment by VBHI, or the mineral and royalty owner. We were very diligent in buying properties based on lower oil and gas prices, thus the Company and its investors stand to reap the benefits of the rise in commodity pricing.”
Technical Data
VBHI stock is trading below the 20-Day and 50-Day Moving averages of $0.0077 and $0.0088 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0112.
