Ault Alliance’s Subsidiary, Ault Energy, LLC, Strikes Oil on First Two Joint Drilling Projects, Suggesting a Bright Future With More Wells in the Pipeline

Rhea-AI Summary

Ault Alliance, Inc. (NYSE American: AULT) announces that its subsidiary, Ault Energy, LLC, has successfully drilled two economically viable oil wells in partnership with White River Energy Corp.. The first well, Harry O’Neil 20-9, produced at a depth of 9,000 feet, with Ault Energy holding a 40% working interest. The second, Peabody AMI 12-18, reached 13,500 feet, where Ault Energy owns a 37.5% interest. A third well, Denmiss LLC No. 1, is set to begin drilling by March 31, 2023. The company anticipates further updates on production and cash flow within 60 days.

Positive

• Initial wells deemed economically viable, indicating strong potential for revenue generation.
• Ault Energy's ownership of significant working interests (40% and 37.5%) in both wells enhances its revenue prospects.
• Commencement of a third well drilling indicates ongoing growth in Ault Energy's operations.

Negative

• None.

Both initial wells deemed economically viable as production begins, with more drilling plans underway

LAS VEGAS--(BUSINESS WIRE)-- Ault Alliance, Inc. (NYSE American: AULT), a diversified holding company (“Ault Alliance” or the “Company”), announces that its subsidiary, Ault Energy, LLC (“Ault Energy”), has successfully drilled and established the economic viability of its first two oil wells in partnership with White River Energy Corp. Ault Energy’s drilling projects mark a significant milestone in the Company’s energy segment, setting the stage for continued growth and prosperity.

The first well, the Harry O’Neil 20-9, was drilled to a depth of 9,000 feet and has commenced production. Ault Energy owns a 40% working interest in this well. The second well, the Peabody AMI 12-18, was drilled to a depth of 13,500 feet, and industry experts have declared it economically viable, paving the way for additional revenue generation. Ault Energy owns a 37.5% working interest in this well.

Ault Energy’s third well, the Denmiss LLC No. 1, is scheduled to commence drilling on or before March 31, 2023, with Ault Energy holding a 20% working interest in the well.

“We are thrilled with the results from these initial wells, which reflect the hard work and dedication of our team. Their economic viability is a testament to our commitment to excellence, and we look forward to seeing how this production will strengthen our bottom line,” said Milton “Todd” Ault III, Founder and Executive Chairman of Ault Alliance.

The Company expects to update the market within the next 60 days on the production progress of these two wells, offering further insight into the anticipated cash flow generated.

For more information on Ault Alliance and its subsidiaries, the Company recommends that stockholders, investors and any other interested parties read the Company’s public filings and press releases available under the Investor Relations section at www.ault.com or available at www.sec.gov.

About Ault Alliance, Inc.

Ault Alliance, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, Ault Alliance owns and operates a data center at which it mines Bitcoin and provides mission-critical products that support a diverse range of industries, including metaverse platform, oil exploration, crane services, defense/aerospace, industrial, automotive, medical/biopharma, consumer electronics, hotel operations and textiles. In addition, Ault Alliance extends credit to select entrepreneurial businesses through a licensed lending subsidiary. Ault Alliance’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.ault.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at www.ault.com.

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IR@Ault.com or 1-888-753-2235

Source: Ault Alliance, Inc.

FAQ

What are the details of Ault Alliance's new oil wells?

Ault Alliance's subsidiary Ault Energy has successfully drilled two oil wells, Harry O’Neil 20-9 and Peabody AMI 12-18, establishing their economic viability.

What is the working interest Ault Energy holds in its new oil wells?

Ault Energy holds a 40% working interest in the Harry O’Neil 20-9 well and a 37.5% working interest in the Peabody AMI 12-18 well.

When is the third well for Ault Energy scheduled to begin drilling?

The Denmiss LLC No. 1 well is scheduled to commence drilling on or before March 31, 2023.

What updates can investors expect from Ault Alliance?

Ault Alliance expects to provide updates on the production progress of the new wells within the next 60 days.

What is the significance of these wells for Ault Alliance's future?

The drilling of economically viable wells is a significant milestone that signals potential revenue growth for Ault Alliance.