Verde Bio Holdings acquires Utica wells in acquisition of tri-shale portfolio
Wednesday, May 19, 2021
Verde Bio Holdings, Inc. recently agreed to a deal that includes oil and natural gas assets in the DJ Basin of Colorado, the Piceance Basin of northwest Colorado and the Utica Shale of eastern Ohio, according to Yahoo Finance.
The company has agreed to purchase the portfolio of mineral and royalty interests held by a private seller for $1,097,000 in cash. The combined revenue of the interests totals $24,000 per month and Verde is entitled to cash flow from production beginning on or after May 1.
Included in the transaction were producing mineral interest in Belmont and Monroe counties in eastern Ohio, which are operated by Gulfport Oil and Gas. Nine wells are currently producing revenue of around $1,500 per month. Additionally, there are three drilled uncompleted wells.
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