Budding oil and gas company drills new wells in Permian Basin, Haynesville shale

(WO) — Growing oil and gas company Verde Bio Holdings is drilling new wells on its shale properties amidst higher oil and gas prices. The company recently received notices that over eight new wells have been brought online. The main areas experiencing growth are on the company’s Permian Basin and Haynesville shale properties.

Verde Bio Holdings now has over 500 producing wells in its portfolio.

Scott Cox, Founder and CEO, stated, “We are seeing significant growth in our Haynesville Shale acreage, where Southwestern and Chesapeake continue development at a blistering pace. The Company recently received notices of multi-unit horizontal wells in Desoto Parish. The Permian Basin of Texas also continues to be active with SEM continuing to drill and bring new wells online in Crockett County as well as Ovintiv and their continued development of the Company’s Howard County acreage.”

According to Cox, Verde Bio Holdings will continue to purchase properties in prolific areas to capitalize on rising oil and gas commodity prices.