New Asia Holdings Inc (NAHD) Announces Shareholder Update Electra, Oct. 23, 2024 (GLOBE NEWSWIRE) -- New Asia Holdings Inc./Olenox Corp. (NAHD” or the Company) (OTCQB: NAHD), announces a shareholder update.
Corporate Developments
The company continues to work on its consolidated audited financials and expects to be completed and filed by the end of November and is on target to complete and file them by then.
New Asia has also been working in the background with its capital stock to meet the OTC market requirement of a 10% public float by reducing the outstanding shares. The company was removed from OTCQB in mid-August for not having 10% of its stock in the public float. The company now meets those requirements and currently has 12.7 percent of its outstanding shares in the float.
Olenox is a fully integrated energy company that produces responsible energy products both traditional and renewable. Our continued focus on carbon footprint reduction and streamlined oil and gas production not only benefits the environment and local communities but also add value to Olenox bottom line.
The company continues as well to work towards our green initiative to produce carbon-neutral products as well as integrate solar and other renewable technologies into our daily oil and gas production operations.
Acquisitions
On August 13th, 2024, New Asia announced it had purchased 162 miles of Texas pipeline from Taylor Consulting. The company is currently looking to bring the pipeline back into production and working with the anchor customer to renew takeoff agreements. An existing agreement is in place for 55,000 MCF per month and the company is looking at several other projects that could be attached to the pipeline including power generation and bitcoin mining operations.
On August 8th, 2024, New Asia/Olenox announced that its wholly owned Olenox Kansas has been selected to operate 181 natural gas wells in the Bradshaw portion of the Giant Hugoton Field in Kansas. The company continues to bring on production and is working towards the goal of having half the field in production by Q1 2025. The company to date has brought back 32 wells into production and is now working on abandoning 3 wells to meet the contract requirements for the year.
New Asia/Olenox continues to work on several other acquisitions and is in the final stages of purchase negotiations with 2 of the 4 currently under consideration.
Technology
Olenox continues to develop its technologies and is pushing its downhole tooling forward. Modifications were needed for both the Plasma pulse tool and the ultra-sonic tool to meet industry standards in Texas and the company will begin to use the technology in our field in the coming months.
https://www.globenewswire.com/en/news-release/2024/10/23/2967817/0/en/New-Asia-Holdings-Inc-NAHD-Announces-Shareholder-Update.html