Emerging oil and gas firm Verde Bio Holdings (OTCMKTS:VBHI) saw its stock trade within a range on Tuesday but at the same time it ought to be noted that the company had also made a key announcement yesterday.
Market Reaction
On Tuesday, VBHI stock ended flat at $0.0082 with more than 2.41 million shares, compared to its average volume of 7.16 million shares. The stock moved within a range of $0.0080 – 0.0084 after opening trade at $0.0082.
Verde Bio Holdings, Inc. Announces Acquisition of Haynesville Shale Mineral and Royalty Interest
Stocks trading within a range can often take off and hence, it may be a good idea to take a look at the development from yesterday. The company announced on Tuesday that it had reached an agreement for the purpose of acquiring mineral and royalty interests in Haynesville Shale located in Northern Louisiana. It ought to be noted that the property is prolific and is a revenue producing entity already.
The company agreed to pick up the interests for a payment of $3.2 million from a private entity. Verde Bio also noted that it was focussed on building up a portfolio of high class assets that were all revenues producing in nature.
In addition to that, it is also necessary to point out that the latest acquisition is going to be the 19th one from the company until date. At this point in time, it may be a good idea for investors to consider keeping an eye on the Verde Bio stock.
Key Quote
Scott Cox, CEO of Verde, said, “We are excited about the interests being acquired through this acquisition. Deals like this with large well count and gross acreage exposure are difficult to find at fair prices. This is a great natural gas addition to our portfolio and we are proud to have built a Company which is creative and flexible enough to take advantage of these deals when they become available.”
