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Fortium Holdings Corp. (OTC: FRTM) announces a groundbreaking 500% increase in oil production at the Deshotel Well in Louisiana following a successful workover project by its subsidiary, White River Operating LLC. The procedure involved removing paraffin blockages and installing artificial lift, resulting in initial production rates of 30 barrels per hour. Fortium plans to expand its drilling capabilities with new rigs and ongoing monitoring of existing wells. Additionally, Ecoark Holdings is set to spin off Fortium's common stock to its shareholders, enhancing growth potential.
Ecoark Holdings (NASDAQ: ZEST) has announced a definitive agreement to divest its subsidiary, Banner Midstream Corp, through a reverse merger with Enviro Technologies US (OTC: EVTN). The deal involves Enviro issuing 12,996,958 shares to Ecoark for 100% ownership of Banner, resulting in 70% retained ownership for Ecoark. The merger requires regulatory approvals and will be followed by a 4:1 forward stock split of Enviro shares. Banner reported $18.75 million in revenue for the year ending March 31, 2022. This acquisition is positioned as a strategic move to enhance shareholder value.
BitNile Holdings, Inc. (NYSE: NILE) and Fortium Holdings Corp (OTC: FRTM) announced the commencement of drilling the Harry O’Neal 20-9 No. 1 well in Holmes County, Mississippi. The well will penetrate multiple pay-zones in various formations, with an initial drilling start on August 22, 2022. BitNile's subsidiary, Ault Energy, holds a 40% working interest in the project. Fortium recently acquired White River Holdings Corp for $30 million in non-voting preferred stock. The company is expanding operations with two additional drilling rigs.
BitNile Holdings (NYSE: NILE) and Fortium Holdings (OTC: FRTM) announced the commencement of drilling for the Harry O’Neal 20-9 No. 1 well in Holmes County, Mississippi. The well, targeting multiple pay zones, began on August 22, 2022. White River, a subsidiary of Fortium, plans to utilize newly acquired drilling rigs for in-house projects up to 30,000 feet. BitNile has invested $12 million in Ecoark Holdings (NASDAQ: ZEST), retaining oil well participation rights. White River aims to drill 100 wells over five years, bolstering its operational capacity.
Ecoark Holdings announced a strategic plan to spin off its non-core subsidiaries, aiming to enhance shareholder value. The company executed agreements to sell its exploration and production business, White River, for $30 million in stock and its cryptocurrency mining business, Agora Digital, for $60 million, both expected to close in August 2022. Additionally, Ecoark intends to divest its oilfield services business, Banner Midstream. The total expected closing value for these transactions is around $100 million, with plans for a stock dividend to shareholders.
BitNile Holdings has launched Ault Energy, a subsidiary aimed at oil and gas drilling projects across 30,000 acres in Texas, Louisiana, and Mississippi. The formation follows a $12 million investment in Ecoark Holdings, allowing Ault Energy up to a 25% stake in drilling ventures managed by White River Holdings. The partnership targets the drilling of at least 100 wells over the next five years. Future plans include acquiring additional drilling rigs and significant capital allocation for these projects.
BitNile Holdings, Inc. (NYSE American: NILE) announced a strategic investment of $12 million in Ecoark Holdings, Inc. (NASDAQ: ZEST) through its subsidiary Digital Power Lending. This investment will support Ecoark's oil drilling projects via its subsidiary White River and enable Agora Digital to provide up to 78 megawatts of power for BitNile's cryptocurrency mining efforts in Texas. The partnership aims to enhance shareholder value and expedite growth in both companies' operations. Details will follow in SEC filings.
BitNile's subsidiary, Digital Power Lending, has agreed to purchase
Ecoark Holdings, Inc. (ZEST) announced that a Nevada state judge denied Deloitte's motion to dismiss its complaint alleging violations of the Nevada Uniform Trade Secrets Act. The court ruling allows Ecoark and its subsidiary, Zest Labs, to proceed with their claims, seeking compensatory damages, attorney’s fees, and punitive damages. Chairman and CEO Randy May expressed confidence in the merits of their case against Deloitte, emphasizing the importance of confidentiality in business dealings. The case number is A-21-841379-B, filed in Clark County, Nevada.
Ecoark Holdings (NASDAQ: ZEST) announced the successful drilling of an oil project at its 9,615-acre mineral lease in Louisiana's Blackhawk field. The drilling, led by its subsidiary Banner Midstream Corp, was completed on March 4, 2022, with significant oil shows identified in three zones of the Frio sand formation. The company plans to perforate and bring the well into production soon. CEO Randy May highlighted the strategic timing for production given the current domestic energy needs.
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