Safe & Green’s Olenox Hits 3,000-Barrel Milestone Post-Texas Acquisition, Retail Chatter Surges 850%

Safe & Green Holdings Corp (SGBX) announced on Friday that its subsidiary, Olenox Energy, has produced over 3,000 barrels of oil, with sales exceeding 2,500 barrels to date, following the acquisition of the Sherman Oil & Gas refinery assets in Texas.

The retail user message count on Safe & Green increased by 850% in the last 24 hours on Stocktwits, as of Thursday morning. Shares of the company were down 4% in early trading.

Safe & Green said Olenox was currently on pace to achieve a record production month, reaching peak rates of 55 barrels per day (bpd). The company added that it has successfully transitioned operations in-house, reducing overall lease operating expenses.

A bullish user on Stocktwits commented, “When you find a good stock, hold it.”

Retail sentiment on Safe & Green remained unchanged in the ‘bearish’ territory, with message volumes at ‘extremely low’ levels, according to data from Stocktwits.

In May, Safe & Green announced the acquisition of certain assets of Sherman Oil Company, along with several affiliated individuals and entities, totaling 1,600 acres of oil wells and leases. The newly acquired assets were reported to be producing an average of 45 barrels of oil per day.

Safe & Green CEO Mike McLaren had then stated that by utilizing Olenox technology and expertise in well revitalization, the company expects to rapidly ramp up production to over 75 bpd within the next four months through a series of cleanouts and restimulations of wellbores.

Shares of Safe & Green have declined over 73% this year and lost nearly 86% of its value in the last 12 months.

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