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
April 03 2023 - 6:45AM
Business Wire
Both initial wells deemed economically viable as production
begins, with more drilling plans underway
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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