02:13 PM EDT, 05/29/2025 (MT Newswires) -- Safe & Green Holdings ( SGBX ) said Thursday that it has acquired some assets of Sherman Oil Company and related parties totaling 1,600 acres of oil wells and leases.

"The acquisition...adds 111 additional wells to the existing Olenox assets," said CEO Mike McLaren. "Of these new wells, only 10% are currently actively producing."

McLaren said the company could ramp production with its technology and expertise in well revitalization.

Shares of Safe & Green ( SGBX ) were down over 9% in recent trading.

Price: 1.12, Change: -0.12, Percent Change: -9.68