Olenox enters non-binding deal for natural gas, Texas assets
CONROE, Texas – Olenox Industries Inc. (NASDAQ:OLOX) announced today that it has entered into a non-binding letter of intent to acquire Wildboy Holdings, Ltd. and IPD Industries, Inc. for approximately $20 million.
The proposed purchase price would consist primarily of Olenox preferred stock, along with common stock and cash consideration, according to a press release statement. The parties are targeting a closing on or before October 31, 2026.
Wildboy Holdings is a wholly owned subsidiary of Wildboy Industries, Ltd. The company’s assets include a natural gas plant with stated processing capacity of up to 144 MMcf per day and interests associated with more than 180,000 acres in northern British Columbia. Wildboy has represented that existing wells could provide access to up to approximately 18 MMcf per day of natural gas.
IPD Industries, Inc., a wholly owned subsidiary of Odin International, Inc., has developed commercial relationships and project interests near the Waha Hub outside Pecos, Texas. The sellers stated that IPD’s portfolio includes interests associated with more than 5,000 acres, natural-gas arrangements and development work involving electric infrastructure, substations, water infrastructure, on-site generation and merchant-power capabilities.
“Reliable access to energy, land and supporting infrastructure is becoming increasingly important to the development of data centers and other power-intensive operations,” said Michael McLaren, Chairman and Chief Executive Officer of Olenox.
The proposed transaction remains subject to satisfactory due diligence, negotiation and execution of definitive agreements, required corporate, stockholder, Nasdaq, regulatory and third-party approvals, and other customary closing conditions. The letter of intent is non-binding, and there is no assurance that definitive agreements will be executed or that the transaction will be completed.
Olenox operates as a vertically integrated energy company with business lines including oil and gas, energy services and energy technologies.