Safe & Green provides update on Olenox Energy progress

Safe & Green provided an update on the progress achieved by its subsidiary, Olenox Energy, following the purchase of the Sherman Oil & Gas refinery assets in Texas. Since the acquisition, Olenox has executed by demonstrating operational efficiency, increased production, and a clear strategy for growth. Olenox has produced more than 3,000 barrels of oil, selling over 2,500 barrels to date. The Company is currently on pace to achieve a record production month, reaching peak rates of 55bpd. The team has successfully transitioned operations in-house, reducing overall lease operating expenses. Olenox is actively planning a series of workovers on select leases, with the goal of bringing an additional 25 to 30 barrels per day of production online. All equipment assets have been mobilized to Texas and are being implemented into the field unit by unit. Olenox remains fully compliant with the Texas Railroad Commission and continues to focus on reducing its environmental footprint across existing leases. “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,” commented Mike Mclaren, CEO. “Early production results, combined with operational improvements and effectively executing, position Olenox for sustained growth while aligning with our long-term vision to build value for our shareholders.”