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Friday, August 12, 2022 11:47:52 AM
-On March 4, 2022, Banner successfully completed the drilling of an oil project on its 9,615 acre oil and gas mineral lease in the Blackhawk oil field in Concordia Parish, Louisiana on March 4, 2022. White River led the drilling effort in close partnership with a local energy services provider. The completed well was logged March 5, 2022 and had significant shows in the 3 different zones in the Frio sand formation.
-White River purchased an MD Cowan Super Single drilling rig for $351,813 to add to its three workover rigs it owns. This purchase is expected to enable White River to drill its own vertical wells at both shallow and deep levels. This purchase, together with the recent financing described below, will facilitate the expansion of the Company’s drilling program.
-We have acquired numerous oil and gas leases and oil and working interests in leases therein, as well as related personal property and equipment, beginning with our acquisition of Banner in March 2020. We also entered into a Participation Agreement with BlackBrush Oil & Gas, L.P. and GeoTerre, LLC, unrelated third parties, to conduct the drilling of wells in the Austin Chalk formation pursuant to which we have agreed to provide the capital investment of $5,746,941 (of which approximately $3,387,000 was expensed in fiscal year ended March 31, 2021 (“FY 2021”)) in the project in exchange for a majority working interest in and net revenue from the energy resources produced by the wells. Using proceeds from the recent preferred stock financing, Ecoark is commencing an extensive drilling plan which will include drilling projects at both shallow and deep levels across these oil and gas mineral leases.
https://www.otcmarkets.com/filing/html?id=15937719&guid=eA1-kpTaeC7fJth
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