Safe and Green Holdings Acquires 1,600 Acres of Oil Wells and Oil Leases
Safe & Green Holdings Corp. (NASDAQ: SGBX) has announced the acquisition of Sherman Oil Company's assets, encompassing 1,600 acres of oil wells and leases. The acquisition adds 111 additional wells to SGBX's existing Olenox assets, with current production averaging 45 barrels of oil per day. Only 10% of the newly acquired wells are currently active. The company plans to utilize its Olenox technology and expertise in well revitalization to increase production to 75+ barrels per day within four months through cleanouts and wellbore restimulations.
Safe & Green Holdings Corp. (NASDAQ: SGBX) ha annunciato l'acquisizione degli asset di Sherman Oil Company, che comprendono 1.600 acri di pozzi petroliferi e concessioni. L'acquisizione aggiunge 111 nuovi pozzi agli asset Olenox già in possesso di SGBX, con una produzione attuale di circa 45 barili di petrolio al giorno. Solo il 10% dei pozzi appena acquisiti è attualmente attivo. L'azienda prevede di utilizzare la propria tecnologia Olenox e la competenza nella rivitalizzazione dei pozzi per aumentare la produzione a oltre 75 barili al giorno entro quattro mesi tramite pulizie e restimolazioni del pozzo.
Safe & Green Holdings Corp. (NASDAQ: SGBX) ha anunciado la adquisición de los activos de Sherman Oil Company, que incluyen 1,600 acres de pozos y concesiones petroleras. La adquisición añade 111 pozos adicionales a los activos Olenox existentes de SGBX, con una producción actual promedio de 45 barriles de petróleo por día. Solo el 10% de los pozos recién adquiridos están activos actualmente. La empresa planea utilizar su tecnología Olenox y experiencia en revitalización de pozos para aumentar la producción a más de 75 barriles por día en cuatro meses mediante limpiezas y restimulación del pozo.
Safe & Green Holdings Corp. (NASDAQ: SGBX)는 Sherman Oil Company의 자산을 인수했다고 발표했습니다. 이 자산에는 1,600에이커의 유정 및 임대지가 포함되어 있습니다. 이번 인수로 SGBX는 기존 Olenox 자산에 111개의 추가 유정을 확보하게 되었으며, 현재 생산량은 하루 평균 45배럴의 원유입니다. 새로 인수한 유정 중 단 10%만이 현재 가동 중입니다. 회사는 Olenox 기술과 유정 재활성화 전문 지식을 활용하여 청소 및 유정 재자극을 통해 4개월 내에 하루 75배럴 이상으로 생산량을 늘릴 계획입니다.
Safe & Green Holdings Corp. (NASDAQ : SGBX) a annoncé l'acquisition des actifs de Sherman Oil Company, comprenant 1 600 acres de puits de pétrole et de concessions. Cette acquisition ajoute 111 puits supplémentaires aux actifs Olenox existants de SGBX, avec une production actuelle moyenne de 45 barils de pétrole par jour. Seulement 10 % des nouveaux puits acquis sont actuellement actifs. La société prévoit d'utiliser sa technologie Olenox et son expertise en revitalisation de puits pour augmenter la production à plus de 75 barils par jour d'ici quatre mois grâce à des nettoyages et des restimulations des puits.
Safe & Green Holdings Corp. (NASDAQ: SGBX) hat die Übernahme der Vermögenswerte von Sherman Oil Company bekannt gegeben, die 1.600 Acres an Ölquellen und Pachtflächen umfassen. Die Übernahme bringt 111 zusätzliche Bohrlöcher zu den bereits vorhandenen Olenox-Assets von SGBX hinzu, mit einer aktuellen Produktion von durchschnittlich 45 Barrel Öl pro Tag. Nur 10 % der neu erworbenen Bohrlöcher sind derzeit aktiv. Das Unternehmen plant, seine Olenox-Technologie und Expertise in der Wiederbelebung von Bohrlöchern zu nutzen, um die Produktion durch Reinigung und erneute Stimulation der Bohrlöcher innerhalb von vier Monaten auf über 75 Barrel pro Tag zu steigern.
- None.
- Only 10% of newly acquired wells are currently producing
- Purchase price and financial terms not disclosed
- Integration and well revitalization costs not specified
New acquisition significantly expands Safe & Green’s oil production holdings
MIAMI, FL, May 29, 2025 (GLOBE NEWSWIRE) -- Safe & Green Holdings Corp. (NASDAQ: SGBX) ("Safe & Green Holdings" or the "Company"), a leading developer, designer, and fabricator of modular structures diversified platform transforming critical infrastructure through sustainable modular innovation, announces the acquisition of certain assets of Sherman Oil Company, LLC and several affiliatendividuals and entities that total 1,600 acres of oil wells and leases. The newly acquired assets are are reported to be producing an average of 45 barrels of oil per day.
Mike McLaren, Safe and Green Holdings Chairman and CEO commented, “We continue to strengthen our portfolio of oil and gas assets as we endeavor to grow into a diversified oil producer and provider of services to the oil and gas industry. The acquisition of Sherman Oil and their partners adds 111 additional wells to the existing Olenox assets. Of these new wells, only
About Safe & Green Holdings Corp.
Safe & Green Holdings Corp., a leading modular solutions company, operates under core capabilities which include the development, design, and fabrication of modular structures, meeting the demand for safe and green solutions across various industries. The firm supports third-party and in-house developers, architects, builders, and owners in achieving faster execution, greener construction, and buildings of higher value. For more information, visit https://www.safeandgreenholdings.com/ and follow us at @SGHcorp on Twitter.
Safe Harbor Statement
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions and include statements regarding the acquisition of assets of Sherman Oil Company, LLC and several affiliate individuals and entities that total 1,600 acres of oil wells and leases. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company’s ability to successfully operate the oil wells acquired from Sherman Oil Company, LLC and its affiliates, the Company’s ability to successfully increase production of its oil wells, the effect of government regulation, the Company’s ability to maintain compliance with the NASDAQ listing requirements, and the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and its subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
Investor Relations:
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FAQ
What assets did Safe & Green Holdings (SGBX) acquire from Sherman Oil Company?
How many barrels of oil per day does SGBX expect to produce after the Sherman Oil acquisition?
What percentage of the newly acquired SGBX wells are currently producing?
How will SGBX increase production from the Sherman Oil wells?
