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FRISCO, TX, March 17, 2022 (GLOBE NEWSWIRE) — via NewMediaWire — Verde Bio Holdings, Inc. (OTCQB:VBHI), https://www.verdebh.com/ a growing oil, gas and alternative energy Company, today filed its 10-Q for the three-month period November 2021 through January 2022. Mineral and Royalty income totaled $301,567.
“This is a significant increase in revenue but less than the Company was expecting. Verde Bio begins receiving revenue after a transfer process, which is not in our control. While we are in pay status on the majority of our properties, some have suspended revenue during this quarter due to consolidations, which causes a month or two delay as accounting is updated,” said Scott Cox, VBHI founder and CEO. “We can count on receiving back revenues in the current quarter and year-end.
“The revenue in our third quarter was based on an average of $72/bbl of crude oil and $4/mcf for natural gas. These prices have since increased, which will mean an additional increase in revenue for VBHI in the future,” Mr. Cox explained.
“There have been historic increases in commodity pricing from when we originally bought our properties. Most of our original acquisitions from 2021 were bought at a basis of $45-$55/bbl oil, which means we can forecast almost a significant …
Full story available on Benzinga.com
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