Safe & Green Holdings Provides Update on Olenox Progress Following Sherman Oil & Gas Acquisition in Texas
Rhea-AI Summary
Safe & Green Holdings (NASDAQ:SGBX) has reported significant progress through its subsidiary Olenox Energy following the Sherman Oil & Gas refinery assets acquisition in Texas. The company has demonstrated strong operational performance, producing over 3,000 barrels of oil and selling more than 2,500 barrels to date.
Key achievements include reaching peak production rates of 55 bpd, reducing lease operating expenses through in-house operations, and planning strategic workovers expected to add 25-30 bpd of additional production. The company has successfully mobilized equipment assets to Texas and maintains full compliance with the Texas Railroad Commission while focusing on environmental responsibility.
Positive
- Production of over 3,000 barrels of oil with 2,500 barrels sold to date
- Peak production rates reaching 55 barrels per day
- Reduction in lease operating expenses (LOE) through operational streamlining
- Planned workovers expected to add 25-30 barrels per day of production
- Successful equipment asset integration and regulatory compliance
Negative
- Significant portion of produced oil (approximately 500 barrels) remains unsold
- Integration and implementation of equipment assets still ongoing
News Market Reaction – SGBX
On the day this news was published, SGBX declined 6.36%, reflecting a notable negative market reaction. Argus tracked a peak move of +14.5% during that session. Our momentum scanner triggered 6 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $281K from the company's valuation, bringing the market cap to $4M at that time.
Data tracked by StockTitan Argus on the day of publication.
Demonstrating strong early production, operational efficiencies, and expansion plans
MIAMI, FLORIDA / ACCESS Newswire / September 5, 2025 / Safe & Green Holdings Corp. (NASDAQ:SGBX) ("Safe & Green" or the "Company"), today provided an update on the progress achieved by its subsidiary, Olenox Energy, following the purchase of the Sherman Oil & Gas refinery assets in Texas.
Since the acquisition, Olenox has executed by demonstrating operational efficiency, increased production, and a clear strategy for growth.
Key Milestones Since Acquisition:
Strong Production - Olenox has produced more than 3,000 barrels of oil, selling over 2,500 barrels to date. The Company is currently on pace to achieve a record production month, reaching peak rates of 55bpd.
Operational Streamlining -The team has successfully transitioned operations in-house, reducing overall lease operating expenses (LOE).
Strategic Workovers - Olenox is actively planning a series of workovers on select leases, with the goal of bringing an additional 25 to 30 barrels per day (bpd) of production online.
Asset Integration - All equipment assets have been mobilized to Texas and are being implemented into the field unit by unit.
Regulatory & Environmental Commitment - Olenox remains fully compliant with the Texas Railroad Commission and continues to focus on reducing its environmental footprint across existing leases.
"The Sherman Oil & Gas acquisition is proving to be a pivotal step forward for Safe & Green Holdings as we expand our footprint into the energy sector through Olenox," commented Mike Mclaren, CEO of Safe & Green Holdings. "Early production results, combined with operational improvements and effectively executing, position Olenox for sustained growth while aligning with our long-term vision to build value for our shareholders.
Safe & Green Holdings remains committed to supporting Olenox as it drives expansion within the U.S. energy sector, complementing the Company's diversified portfolio.
About Safe & Green Holdings
Safe & Green Holdings (NASDAQ:SGBX) is a diversified holding company engaged in innovative solutions across multiple sectors, including real estate, construction, healthcare, and energy. Through its subsidiaries, the Company leverages expertise and resources to create long-term value for its shareholders while maintaining a commitment to sustainability and regulatory compliance For more information, please visit www.safeandgreenholdings.com
About Olenox Energy
Olenox Energy, a subsidiary of Safe & Green Holdings, is focused on responsible energy production and development in the U.S. Leveraging advanced equipment, operational expertise, and a commitment to environmental stewardship, Olenox is positioned to deliver efficient and sustainable growth in the oil and gas sector.
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. 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 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.
Investors:
Investors@safeandgreenholdings.com
SOURCE: Safe & Green Holdings Corp
View the original press release on ACCESS Newswire
FAQ
What are the key achievements of SGBX's Olenox Energy since acquiring Sherman Oil & Gas?
How many barrels of oil has SGBX's Olenox Energy sold since the Sherman acquisition?
What is SGBX's current oil production rate at the Sherman facility?
How will SGBX's planned workovers impact oil production?
What operational improvements has SGBX implemented at the Sherman facility?
