Safe and Green Holdings Acquires 1,600 Acres of Oil Wells and Oil Leases
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 10% are currently actively producing. By using our Olenox technology and expertise in well revitalization, we expect to ramp production rapidly to 75+ barrels per day within the next four months through a series of cleanouts and restimulations of wellbores. We look forward to continuing to find opportunities to provide our shareholders with additional value.'
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:
CORE IR
516 222 2560
[email protected]
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
15 minutes ago
- Bloomberg
Stocks Will Rally Despite Extended Dollar Declines, MLIV Pulse Survey Finds
US equities will put the worst of this year's trade-war turmoil behind them and rally to fresh highs in 2025, according to a survey of Bloomberg subscribers who attended a panel discussion on macro trends. The S&P 500 will climb to 6,500 — a better than 9% increase from Thursday's close — by year-end, according to 44% of the 27 responses in a Markets Live Pulse survey. The index was seen reaching that level by the first half of next year by 26% of participants, with 11% saying it would happen in the second half and the remainder estimating 2027 or later.
CBS News
15 minutes ago
- CBS News
Philadelphia's Teenshop, a college prep and mentorship organization, celebrates 40 years of "Girls with Goals"
Twenty-four years after graduating, the impact of Teenshop still brings Nadia Frazier to tears. "No one understands the power of Teenshop if you utilize it the right way," Frazier says. Now her own daughter, 14-year-old Diana, is a part of the non-profit program that's helped mold thousands of girls from our region for four decades. "I'm usually the shy kid, just me, meeting people who look like me, it made me feel more comfortable," says Diana. "She's doing so much, she's learning so much," her mom added. It's all about exposure for Teenshop members. From college prep, to mentorship, trips, and life skills, it's all because of the work of Elleanor Jean Hendley. "She's amazing, I love her so much," Diana said of Hendley. "She's so persistent in what she does." CBS Philadelphia CBS Philadelphia CBS Philadelphia Hendley worked as a reporter and host at CBS Philadelphia for 25 years. Hendley started Teenshop in 1985 in her free time to give back. "There's just no better feeling than when you see how they blossom and how they grow," Hendley told us. "Forty years later, three chapters, 3,500 alumnae, 100% college acceptance. I'm still amazed by it all," she said. "They not only survive, but they thrive and can really aim high as they're reaching for their dreams." As the organization embarks on the next 40 years, Diana — who plans to become a pediatric nurse — vows to remain part of the sisterhood, with her mom by her side. "I'm so excited for her, I'm so excited for her future, and it starts now," Nadia said. "I just can't put it into words," Diana continued. "I'm very grateful for this opportunity."
Wall Street Journal
16 minutes ago
- Wall Street Journal
Why Would Musk Pick This Fight with Trump?
They were powerful together. But now the clash between the president and the world's richest man threatens to tear their ambitions apart—if they can't find a way to detente.
