New Asia Holdings Inc (NAHD) Announces Shareholder Update

Rhea-AI Summary

New Asia Holdings Inc (NAHD) provided a shareholder update highlighting several key developments. The company expects to complete consolidated audited financials by November end and has achieved the required 12.7% public float after being removed from OTCQB in August. Recent acquisitions include 162 miles of Texas pipeline with an existing agreement for 55,000 MCF monthly, and the operation of 181 natural gas wells in Kansas's Hugoton Field, with 32 wells already in production. The company is finalizing negotiations for 2 out of 4 potential acquisitions and advancing its downhole tooling technology, including Plasma pulse and ultra-sonic tools.

Positive

• Achieved 12.7% public float, meeting OTC market requirements
• Secured 162-mile Texas pipeline with 55,000 MCF monthly agreement
• Successfully brought 32 out of 181 natural gas wells into production in Kansas
• In final stages of negotiations for 2 additional acquisitions

Negative

• Removed from OTCQB in August due to insufficient public float
• Required modifications to downhole tooling to meet Texas industry standards
• Only 32 out of 181 wells currently in production
• 3 wells need abandonment to meet contract requirements

Electra, Oct. 23, 2024 (GLOBE NEWSWIRE) -- New Asia Holdings Inc./Olenox Corp. (NAHD” or the Company) (OTCQB: NAHD), announces a shareholder update.

Corporate Developments

The company continues to work on its consolidated audited financials and expects to be completed and filed by the end of November and is on target to complete and file them by then.

New Asia has also been working in the background with its capital stock to meet the OTC market requirement of a 10% public float by reducing the outstanding shares.  The company was removed from OTCQB in mid-August for not having 10% of its stock in the public float. The company now meets those requirements and currently has 12.7 percent of its outstanding shares in the float.

Olenox is a fully integrated energy company that produces responsible energy products both traditional and renewable.  Our continued focus on carbon footprint reduction and streamlined oil and gas production not only benefits the environment and local communities but also add value to Olenox bottom line.

The company continues as well to work towards our green initiative to produce carbon-neutral products as well as integrate solar and other renewable technologies into our daily oil and gas production operations.

Acquisitions

 

On August 13^th, 2024, New Asia announced it had purchased 162 miles of Texas pipeline from Taylor Consulting.  The company is currently looking to bring the pipeline back into production and working with the anchor customer to renew takeoff agreements.  An existing agreement is in place for 55,000 MCF per month and the company is looking at several other projects that could be attached to the pipeline including power generation and bitcoin mining operations.

On August 8^th, 2024, New Asia/Olenox announced that its wholly owned Olenox Kansas has been selected to operate 181 natural gas wells in the Bradshaw portion of the Giant Hugoton Field in Kansas.  The company continues to bring on production and is working towards the goal of having half the field in production by Q1 2025.   The company to date has brought back 32 wells into production and is now working on abandoning 3 wells to meet the contract requirements for the year.

New Asia/Olenox continues to work on several other acquisitions and is in the final stages of purchase negotiations with 2 of the 4 currently under consideration.

Technology

Olenox continues to develop its technologies and is pushing its downhole tooling forward.  Modifications were needed for both the Plasma pulse tool and the ultra-sonic tool to meet industry standards in Texas and the company will begin to use the technology in our field in the coming months.

About Olenox Corp.
Olenox Corp.is a diversified energy company based in the state of Texas that currently operates three vertically integrated business units – Oil and Gas, Energy Services and Energy Technologies.

• Oil and Gas: focuses on acquiring and optimizing underdeveloped oil and gas assets in Texas, Kansas and Oklahoma. It employs both internally developed and third party-licensed technologies to increase production, optimize performance and reduce costs. Olenox currently operates several oil and gas properties in Texas and Kansas.
• Energy Services: This business unit supports Olenox’s overall exploration and production efforts with “well services” and “end of life reclamation.” Olenox Energy Services owns and operates a combination of customized service-wireline rigs and HydroVac units. This specialized equipment allows for faster “rig in” and “rig out” times. Overall, Olenox Energy Services’ equipment and experience combination seeks to reduce the amount of time and fuel burned to complete an abandonment or workover thus reducing costs.
• Energy Technologies: This business provides both R&D and existing technology to enable increased production in the field. Olenox flagship intellectual property is its downhole enhanced recovery plasma pulse tooling and ultrasonic cleaning tools.

Each of Olenox’s three vertically integrated business units operate in tandem to help Olenox capture unique opportunities that often go untapped by the Company's competitors.

Safe Harbor Statement: Certain statements and information included in this release may constitute "forward-looking statements" as defined in the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied in such statements. Additional discussion of factors that could cause actual results to differ materially from management's projections, estimates and expectations is contained in the Company's SEC filings. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by federal securities laws.

FAQ

When will NAHD complete its consolidated audited financials?

NAHD expects to complete and file its consolidated audited financials by the end of November 2024.

How many miles of Texas pipeline did NAHD acquire in August 2024?

NAHD acquired 162 miles of Texas pipeline from Taylor Consulting on August 13th, 2024.

What is the current public float percentage for NAHD stock?

NAHD currently has 12.7 percent of its outstanding shares in the public float.

How many natural gas wells has NAHD brought back into production in Kansas?

NAHD has brought 32 wells back into production out of the 181 natural gas wells in the Bradshaw portion of the Giant Hugoton Field.