BitNile Holdings, Inc. and White River Energy Corp. reported that Ault Energy, LLC, a fully owned subsidiary of BitNile, and White River Operating LLC, a completely owned subsidiary of White River, completed the drilling of a 9,531 foot well, the Harry O'Neal 20-9 No. 1, on White River’s oil and gas mineral lease in Holmes County, Mississippi.
An independent Fortune 500 oilfield services company logged the O'Neal No. 1 Well on Tuesday, October 4, 2022, and produced productive oil returns across numerous pay zones in the Smackover formation.
WR Ops has begun the completion process on the O'Neal No. 1 Well and expects to pump the O'Neal No. 1 Well as an economically feasible oil well in mid-October 2022. White River and BitNile will publish a future press release to inform their investors of the early production data in addition to an estimate of oil reserves within the reservoir of the O'Neal No. 1 Well.
When BitNile invested $12 million in Ecoark Holdings, Inc. (Ecoark) on June 8th, 2022, it received participation rights to the O'Neal No. 1 Well and future oil wells. Ecoark beneficially possesses roughly 83 percent (83%) of White River’s capital stock.
BitNile executed its participation right and procured a forty percent (40%) working interest in the O'Neal No. 1 well, the first project in an anticipated long-term alliance between White River and BitNile, which was announced earlier in July 2022 to drill approximately 100 oil wells over five years.
The recent success of our development drilling strategy at Horseshoe Lake in Holmes County, MS via our vertically integrated business model is an exciting first step in our relationship with Ault Energy.
Randy May, Executive Chairman, White River Energy Corp.
Milton “Todd” Ault, III, Founder and Executive Chairman of BitNile, who also serves as the Manager of Ault Energy, says, “We are pleased to announce the successful drilling of an economically viable producing oil well. My team and I conducted a site visit to the in-progress drilling project in September 2022, and we were very impressed with White River’s drilling operations, management, and geological capabilities.”
Milton “Todd” Ault III adds, “We look forward to participating in additional drilling projects with White River over the next several months.”
White River’s next drilling project is anticipated to be a 14,000′ deep vertical oil well in the Coochie Oil Field in Concordia Parish, LA, in the Wilcox, Austin Chalk, and Tuscaloosa Marine Shale formations. White River also intends to drill three successive deep vertical drilling projects in the Rodessa and Hosston sand formations on the Pisgah Field Lease in Rankin County, Mississippi.