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MIAMI - Safe & Green Holdings Corp. (NASDAQ:SGBX) announced Friday that its subsidiary Olenox Energy has achieved significant production milestones following the acquisition of Sherman Oil & Gas refinery assets in Texas.
According to the company’s press release, Olenox has produced more than 3,000 barrels of oil and sold over 2,500 barrels to date. The subsidiary is reportedly on pace for a record production month, reaching peak rates of 55 barrels per day (bpd). This production news comes as the company faces challenging financial metrics, with revenue declining by nearly 50% over the last twelve months to $4.08 million.
The company stated that it has successfully transitioned operations in-house, which has reduced overall lease operating expenses. Olenox is planning workovers on select leases aimed at bringing an additional 25 to 30 bpd of production online.
"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," said Mike Mclaren, CEO of Safe & Green Holdings, in the statement.
The company reported that all equipment assets have been moved to Texas and are being implemented into the field operations. Olenox also claims to remain fully compliant with Texas Railroad Commission regulations.
Safe & Green Holdings, which trades on the Nasdaq, describes itself as a diversified holding company with interests across multiple sectors including real estate, construction, healthcare, and energy.
The information in this article is based on a press release issued by Safe & Green Holdings.
In other recent news, Safe & Green Holdings Corp. has received an extension from Nasdaq to regain compliance with continued listing requirements. The Nasdaq Hearings Panel has granted the company additional time to complete a reverse stock split, requiring Safe & Green to maintain a minimum bid price of at least $1.00 per share for ten consecutive trading sessions by September 22, 2025. Additionally, Safe & Green Holdings announced a restructuring of its private placement agreement with D. Boral Capital. This move significantly reduces potential shareholder dilution by approximately 70% by eliminating both Series A and Series B Common Stock Warrants. The restructuring addresses concerns raised by the Nasdaq Hearings Panel. The Series A Warrants were initially exercisable at $0.784 per share for five years, while the Series B Warrants were exercisable at $0.98 per share for 30 months, both of which have now been canceled. Safe & Green Holdings also received conditional approval to maintain its Nasdaq listing, contingent upon meeting all continued listing requirements by August 28, 2025.
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