Safe & Green Holdings (SGBX) said Tuesday that its Olenox Corp. unit has acquired a 51% stake in Winchester Oil and Gas LLC, which operates more than 500 wells in Texas with leases centered in Milam and Parker counties.
Winchester also holds a $250,000 bond, which allows Olenox unlimited well licenses in Texas, the company said.
Financial terms of the deal were not disclosed.
Safe & Green, through Olenox, plans to operate the existing wells and perform reactivation, for which it expects 30% to 40% to be complete and creating production in the second quarter of 2025, the company said.
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