Page 13 - NorthAmOil Week 06 2022

NorthAmOil NEWS IN BRIEF NorthAmOil

states: “This is exactly the type of ongoing MOVES three rigs running in the area. The acquired
acquisition we are currently focusing on interests, six wells, currently produce revenue
to build the operational capacity of Emco. Verde Bio Holdings of approximately $5,500 per month and Verde
By structuring our oilfield service asset is entitled to the cash flow from production
acquisitions in this manner (e.g., placing announces acquisition in attributable to the acquisition beginning on or
them under one operational entity), Emco after January 1, 2022.
will be able to negotiate and sign larger oil-rich Permian Basin “With oil hovering around $90/barrel and
Master Service Agreements (MSA) for oilfield the strong level of activity in the Permian
services.” Verde Bio Holdings, with revenue producing Basin, we are particularly excited about
Defender is an oilfield services company mineral and royalty interests in more than 400 this acquisition and adding to our existing
which mainly operates in the Permian Basin wells across the most active areas in the US, portfolio of great assets in the Permian
of West Texas and southeastern New Mexico today announced that it has acquired mineral Basin. We are proud to have built a Company
since 2013. Over the last three fiscal years, and royalty interests held by a private seller which is creative and flexible enough to take
Defender has produced top line revenue of for a purchase price of $325,000 in cash. The advantage of these deals as they come to
approximately $4.6mn. Defender specialised interests are in Howard County, Texas, and market,” Mr. Cox said.
in bulk transportation services (e.g., asset- are operated by Ovintiv, f/k/a Encana, which “Deals like this continue to highlight our
based trucking, chemical hauling, plant to holds a significant acreage in the region. business plan of acquiring minerals and
plant transfers, etc.), oil and gas services (e.g., “We continue to execute on our business royalties and building a diversified, revenue
water hauling, drilling and frac site hauling, plan of acquiring a portfolio of diversified, producing portfolio. We remain focused on
drilling fluids and kill mud, freshwater and revenue producing, high-quality assets,” said executing our business plan and creating long-
kill mud, and frack tank rental and transport, Scott Cox, Verde Bio Holdings Founder and term value for our shareholders. Through
etc.), and environmental services (e.g., tank CEO. our balanced approach of capital raising
cleaning, hydrocarbon and salt clean-up and Ovintiv’s primary focus is on the and acquisitions, we are building a dynamic
remediation, site construction, and hazardous development of the Spraberry and Wolfcamp Company with significant revenue and assets
and non-hazardous waste transport). formations in the Midland Basin, where and look forward to continuing to build on
NEXTMART, February 09, 2022 Ovintiv holds a large position and is a this through future strategic acquisitions,” Mr.
leader in cycle times and water management Cox said.
operational practices. Ovintiv currently has VERDE BIO HOLDINGS, February 09, 2022

Week 06 10•February•2022 www. NEWSBASE .com P13