VIRGINIA BEACH, Va., July 15, 2026 (GLOBE NEWSWIRE) -- Bioforce Nanosciences Holdings, Inc. (OTC: BFNH) ("Bioforce" or the "Company") announces that the U.S. Bureau of Land Management (BLM) has approved the assignment of eleven (11) federal oil and gas leases covering approximately 20,000 acres in Nevada's White River Valley.
These leases have been the subject of extensive geological due diligence for more than ten years. Bioforce is extremely appreciative to have stewardship of these long‑studied assets under our leadership and believes the decade of technical work materially informs the Company's disciplined exploration approach.
Planned exploration and development activities
The Company intends to commence exploration and development activities on the Nevada leases, which may include, as warranted:
- Additional geological and geophysical studies, including possible 3D seismic surveys;
- Drilling of initial exploration and development wells;
- Completion and production testing of wells;
- Construction of gathering systems and production infrastructure; and
- Evaluation of strategic partnerships, joint ventures, or farm‑out arrangements to accelerate development and share capital and technical risk.
Independent technical and valuation work
On June 26, 2026, Bioforce engaged Ryder Scott, a leading independent petroleum engineering firm, to develop a resource calculation for these properties and to confirm the net present value (NPV) of any identified reserves. To date, preliminary data indicate potential for oil and gas; however, more intensive exploration and evaluation are required to confirm whether economic resources are present.
If Ryder Scott's evaluation confirms economic resources, the Company plans to retain a PCAOB‑registered auditor experienced in oil and gas valuations to quantify and report the accounting impact in accordance with generally accepted accounting principles.
Management comment
Richard Kaiser, Interim CEO and CFO, commented, "The Nevada leases represent a real opportunity for Bioforce. We are extremely appreciative to have these long‑studied leases under our leadership — years of geological due diligence give us a strong technical starting point. We look forward to working with Ryder Scott to develop resource estimates"
Caveat regarding reserves and viability
Acquiring these BLM leases underscores Bioforce's commitment to responsibly exploring and unlocking domestic energy potential on the property. While the Company is optimistic about the prospects, there can be no assurance that hydrocarbons exist on the leased properties or that any discovered resources will be economically viable. Exploration and development are subject to technical, commercial, regulatory, and market risks.