Verde Bio Holdings has announced that it has terminated an agreement to purchase two biodiesel facilities, which the company first announced in December 2021.
The Texas-based company has been engaged in the acquisition and development of revenue producing assets in premier US basins.
Verde currently owns producing mineral, royalty and over-riding royalty interests in the Denver-Julesburg Basin of Colorado and Wyoming, the Haynesville Shale of Louisiana, the Anadarko Basin of Oklahoma, the Delaware and Permian Basin of Texas and the Marcellus and Utica shales in West Virginia and Ohio.
The company is focused on providing strong shareholder returns through asset growth generated by our acquisitions of revenue producing assets.
“Verde maintains a highly disciplined approach to the assessment of potential acquisition candidates. While we were excited by the potential of this transaction to move the company into the renewable energy space and to create significant stockholder value, we could not get comfortable with the level of debt, short and long-term capital needs, and time it would take to generate revenue.
“Towards that end, we have decided that terminating this previously announced transaction is prudent for the company and our shareholders. While we are growth focused through opportunistic acquisitions such as this, we take debt and the issuance of significant numbers of shares very seriously,” said Scott Cox, founder and CEO.
“We remain laser-focused on our strategy and execution of our current business model of continued acquisitions of oil and gas royalties and pursuing opportunistic investments or acquisitions into alternative assets in the new energy economy.
“With crude oil over $100/barrel and the strong level of deal activity we currently have, we are particularly excited about upcoming months of revenue and adding to our existing portfolio of great assets. We are proud to have built a Company which is creative and flexible enough to take advantage of these deals as they come to market. We remain focused on executing our business plan and creating long-term value for our shareholders.”
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