Yesterday, Verde Bio Holdings (OTCMKTS:VBHI) was in the news after the company made a major new announcement with regards to its operations. The company announced that due to the continued high prices of natural gas and oil, it has continued to raise its well count as well.
Trading Data
On Thursday, VBHI stock ended flat at $0.0027 with 7.89 million shares, compared to volume of 6.98 million shares. The stock moved within a range of $0.0025 – 0.0027 after opening trade at $0.0026.
Verde Bio Holdings Announces New Drilling Occurring on its Properties
Verde Bio announced yesterday that not too long ago it had got the notice with regards to six more drilled well that had been brought online at the Permian Basin acreage, where it holds interests. However, that is not all. It was also announced that it had also filed new permits at its Haynesville Shale acreage for huge multi-unit horizontal wells.
The announcements from the company were significant and it is going to be interesting to see if the Verde Bio stock manages to find any traction in the markets or not. Scott Cox, who is the Chief Executive Officer and Founder of the company, spoke about the development as well. He stated that as a company Verde Bio is quite diligent when it comes to acquiring properties. This is so because the company is almost always looking to acquire properties in the right areas and for the right price.
Key Quote
“The experienced operators filing the permits are SEM, Chesapeake and others. With oil and gas commodity prices still trending high, new oil and gas wells on our properties equate to more revenues for VBHI and for its investors. These potential revenues do not require any additional investment by VBHI, the mineral and royalty owner,” said Scott Cox, Verde Bio Founder and CEO. “We have been and continue to be diligent in buying properties at the right price and in the right areas, thus the Company and its investors reap the benefits of the rise in commodity pricing as well as new wells being drilled on our acreage.
Technical Data
VBHI stock is below the 20-Day and 50-Day Moving averages of $0.0029 and $0.0038 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0083. The stock is down 73% over the past 6-month.
