Strategic Acquisition Enhances Safe & Green's Portfolio Growth
Safe & Green Holdings Corp. Welcomes New Opportunity
MIAMI -- Safe & Green Holdings Corp. (NASDAQ: SGBX), renowned for its innovative modular structures, is excited to announce a significant strategic move. The firm's wholly owned subsidiary, Olenox Corp., has recently acquired a controlling stake of 51% in Winchester Oil and Gas, LLC. This acquisition marks a pivotal milestone for our company, as we continue to expand our footprint in the oil and gas sector.
Winchester Oil and Gas: A Locale for Expansion
Winchester is a dynamic player in the oil industry, operating over 500 wells primarily located in areas rich in resources. Notably, it has reported a production level of around 50 barrels per day, with historical peaks reaching 200 barrels daily over the past four years. Winchester’s operational efficiency is supported by a $250,000 bond that facilitates unlimited well licenses in Texas, setting the stage for both expansion and optimization of underperforming properties.
Operational Enhancements Through Olenox
With this acquisition, Olenox is poised to take charge of existing wells, focusing on reactivation. Experts project that about 30-40% of these reactivations could attain production levels by mid-2025. This move not only increases our production capacity but also enhances our ability to foster sustainable practices in energy extraction.
Innovation at the Core of Our Strategy
CEO Michael McLaren emphasized the strategic importance of the Winchester acquisition. He stated, “This investment highlights Olenox's capabilities in revamping operations using proprietary downhole cleaning and stimulation technologies combined with modern service rigs. These innovations reduce equipment needs and fuel consumption, ultimately lowering servicing costs on a per well basis.” This focus on efficiency ensures both environmental responsibility and economic viability for our operations.
Leveraging Technology for Greater Output
Additionally, our end-to-end Machfu technology plays a critical role in enhancing our operational efficiency. By effectively reducing downtime and energy expenses, this technology fosters a lower lifting cost for each barrel of oil. In a volatile market, these advancements allow Olenox to remain competitive and profitable, even when facing challenging pricing conditions.
About Olenox Corp.
Olenox Corp. stands out in the energy sector, emphasizing oil and gas production alongside energy services and cutting-edge technologies. Focused on revitalizing underperforming energy assets, Olenox employs proprietary techniques to elevate production while actively minimizing ecological impacts.
About Safe & Green Holdings Corp.
Safe & Green Holdings Corp. dedicates itself to enhancing modular solutions, ensuring a focus on safe and environmentally friendly construction techniques across a multitude of sectors. By collaborating with third-party developers, architects, builders, and stakeholders, the company drives faster, greener construction practices, ensuring enhanced value in building developments.
Stay Connected with Safe & Green Holdings
For more insights and updates regarding our initiatives, please visit Safe & Green Holdings website and follow us @SGHcorp on Twitter.
Investor Relations
If you have further inquiries or need details about our corporate strategies and financial outlook, our Investor Relations team is here to assist you:
CORE IR
516 222 2560
investors@safeandgreenholdings.com
Frequently Asked Questions
What does the acquisition of Winchester Oil and Gas signify?
The acquisition enhances Safe & Green Holdings' portfolio, providing increased production capacity and operational efficiency in the oil and gas sector.
How does Olenox plan to maximize production from Winchester?
Olenox aims to reactivate existing wells, potentially achieving 30-40% production by the middle of 2025 with the implementation of advanced technologies.
What environmental strategies is Safe & Green Holdings employing?
We focus on minimizing environmental impacts through innovative production techniques and technologies that streamline processes while preserving natural resources.
What is the role of Machfu technology in operations?
Machfu technology reduces downtime and operational costs, allowing for efficient monitoring of wells, thus driving profitability even in fluctuating market conditions.
Where can investors find more information about Safe & Green Holdings?
Investors can visit our website or contact our Investor Relations team for detailed updates and financial information.
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