Safe & Green Holdings Corp. Announces 51% Purchase of Winchester Oil and Gas by Wholly Owned Subsidiary Olenox Corp.
MIAMI, April 08, 2025 (GLOBE NEWSWIRE) -- Safe & Green Holdings Corp. (NASDAQ: SGBX) ('Safe & Green Holdings' or the 'Company'), a leading developer, designer, and fabricator of modular structures, announces its wholly owned subsidiary, Olenox Corp. ('Olenox'), has purchased a 51% stake in Winchester Oil and Gas, LLC ('Winchester').
Winchester operates more than 500 wells in Texas with leases centered in Milam and Parker counties. It recently reported production of approximately 50 barrels a day, with peak production reaching 200 barrels in the last four years. It also holds a $250,000 bond, which allows Olenox unlimited well licenses in Texas, which is ideal for expansion while also utilizes cleanup of underperforming properties. Through Olenox, the Company will operate the existing wells and perform reactivation, for which it expects 30-40% to be complete and creating production in the second quarter of 2025.
Michael McLaren, Safe & Green Holdings CEO commented, 'The Winchester acquisition is a prime example of the capability of our subsidiary Olenox to create turnaround utilizing its patented down hole cleaning and stimulation technologies combined with state-of-the-art combo service rigs that reduce the amount of equipment and fuel, resulting in lower servicing costs per well. We believe this investment is an important addition to our holdings and look forward to providing production updates as they develop.
'Further, our Machfu technology allows us to reduce downtime, operator and energy costs with its integrated bidirectional well monitoring systems. Reduced costs mean reduced lifting costs per barrel and in volatile markets allows Olenox to remain profitable even at historically low pricing per barrel,' Mr. McLaren concluded.
About Olenox Corp.
Olenox Corp. is an advanced energy company focused on oil and gas production, energy services, and energy technologies. Olenox specializes in acquiring and revitalizing distressed energy assets, leveraging proprietary technologies to enhance production while minimizing environmental impact.
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. 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 integrate Winchester into Olenox's pipeline, the Company's ability to successfully reactivate Winchester's oil wells to increase production, 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.
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