U.S. Vitality Corp. closed the sale of property positioned in East Texas it disclosed in December 2024, raking in $6,825,000 in an all-cash transaction. The corporate stated in a media launch that it’ll use the proceeds of the divestment to fund the continued improvement of its industrial fuel undertaking in Montana.
Divested property averaged roughly 1.0 million cubic ft per day of pure fuel and 149 barrels of oil per day for the quarter ending September 30, 2024, the corporate stated.
“We’re happy to announce the profitable closing of U.S. Vitality’s latest transaction, finishing the divestment of a good portion of our legacy East Texas property”, Ryan Smith, Chief Govt Officer of U.S. Vitality Corp. stated. “The proceeds from this sale can be strategically allotted to advancing our industrial fuel undertaking in Montana. With this milestone behind us, U.S. Vitality is now poised with better liquidity and a stronger steadiness sheet, enabling us to concentrate on our progress into a number one industrial fuel firm”.
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U.S. Vitality stated its East Texas property are positioned in Anderson, Chambers, Henderson, and Liberty Counties, holding a complete of 122 wells. The corporate offered the property to an undisclosed non-public purchaser.
Earlier in 2024, the corporate offered its South Texas property for $6.5 million in addition to its Kansas property for $1.2 million in money. The corporate stated the mixed proceeds have been allotted to assist its acquisition and improvement initiatives in addition to to completely repay all excellent debt.
In its third-quarter monetary and operational report, U.S. Vitality stated it has made important strides in creating the property in Montana.
“From September by October, we efficiently accomplished drilling operations on our preliminary effectively, uncovering a number of productive helium zones inside non-hydrocarbon-based fuel streams. Notably, the best helium concentrations had been recognized inside a nitrogen-based formation, with further helium reserves found in a carbon dioxide (CO2) primarily based formation”, the corporate stated within the report. “These findings strategically place us to capitalize on these property for future industrial fuel improvement and deliberate carbon sequestration initiatives, aligning with our broader imaginative and prescient for sustainable progress within the industrial fuel sector”, the report stated.
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