AZURE HOLDING GROUP CANCELS 15.6 Million Restricted Shares Out of 55.5 Million Outstanding Shares Issued, Resulting in 28% Total Shares Outstanding Reduction
Rhea-AI Summary
Azure Holding Group (OTCID:AZRH) has announced the cancellation of 15.6 million restricted shares from its total of 55.525 million outstanding shares, resulting in a 28% reduction in total shares outstanding. The new share count will be 39.925 million common shares.
The share cancellation follows the discontinued operations and sale of Freedom Well Testing back to its original owner, Eric Kuritz. The company cited vendor obligations, legal issues, and Trump's Tariffs as factors leading to this decision. Azure is now focusing on becoming a Later Life Operator in West Texas, with current production of 120-135 barrels of oil per day and plans to reach 1,000 barrels per day.
The company aims to create 40 new jobs in 2026 and expand to 200 jobs by 2027 in the Lubbock, Levelland, and Whiteface, Texas areas.
Positive
- 28% reduction in total shares outstanding, improving shareholder value
- Current stable production of 120-135 barrels of oil per day
- Clear growth path targeting 1,000 barrels per day production
- Strategic focus on Secondary and Tertiary Enhanced Oil Recovery in West Texas
- Plans to create 200 local jobs by 2027
Negative
- Discontinued operations and sale of Freedom Well Testing due to business challenges
- Unresolved vendor obligations and legal issues at Freedom Well Testing
- Negative impact from Trump's Tariffs on operations
News Market Reaction – AZRH
In the Sep 5 session, AZRH gained 26.53%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
AZURE HOLDING GROUP CANCELS 15.6 Million Restricted Shares out of 55.525 Million Outstanding Shares Issued, Resulting in
LUBBOCK, TX / ACCESS Newswire / September 5, 2025 / Azure Holding Group (OTCID:$AZRH) announed this morning that it will be canceling 15.6 Million outstanding restricted shares of it's current 55.525 Million shares outstanding, constituting a
The cancellation is a result of the Discontinued Operations and sale back of Freedom Well Testing to it's original owner, Eric Kuritz.
"We will always put our shareholders and the value that we create for them first. Business conditions at Freedom Well Testing were different, and when things took an unexpected turn as a result of outstanding Vendor obligations and the legal ramifications which we disclosed in our footnotes in combination with Trump's Tariffs, it put the company in an unrecoverable position. As sad as this was, it allowed us to accelerate our Long Term goals of becoming a Later Life Operator in West Texas, focusing on Secondary and Teriatary Enhanced Oil Recovery initiatives with an appetite to Explore and Exploit the Deep rights of our Acreage Position. I couldn't be more proud of our team, and our agility to prevail when times got tough for us there. I can proudly say that we not only made it out of the mud, but we've got an asset base that allows us to form an annuitized business model, as we stabilize our production at 120 to 135 Barrels of Oil per Day, while maintaining an outlook and clear path to be producing 1,000 barrels per day. I am grateful for our team, I am grateful for the Oil & Gas community, I am grateful for all of our partners and for the city of Lubbock, TEXAS and the towns of Levelland, TEXAS and Whiteface, TEXAS for not only welcoming us, but embracing us with open arms. Our goal for 2026 is to create 40 new jobs for the area, with an ultimate goal of creating 200 jobs by 2027," said CEO of Azure Holding Group Josh Cohen.
For further information, please visit the companies website at www.oilfieldservices.ai or reach out to Josh Cohen at (917) 584-7042 or by email at jcohen@visionoilandgas.com.
About Azure Holding Group
Azure Holding Group Corp. is an acquisition corporation focused on Oil Field Services, Oil Field Construction, and Oil & Gas Exploration & Production. The Company is currently evaluating further mergers and acquisitions, outside of it's capital program to enable organic growth.
SOURCE: Azure Holding Group Corp.
View the original press release on ACCESS Newswire