Ecoark Holdings, Inc., a diversified holding company recently declared that its 100% owned subsidiary, Banner Midstream Corp. has been successful in completing the drilling of an oil project on its 9,615-acre oil and gas mineral lease in the Blackhawk oil field in Concordia Parish, located in Louisiana, on March 4th, 2022.
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Banner’s 100% owned subsidiary, White River Operating LLC headed the drilling effort in close collaboration with a local energy services provider.
After completion, the well was logged on March 5th, 2022, and had considerable results in the three different zones in the Frio sand formation. White River anticipates perforating, completing and bringing the oil well to production in the forthcoming weeks.
We are pleased to announce this successful oil project. We began planning and permitting this project during a period of significant lower oil prices and are proud to be in a position to turn on production at a critical time for the country’s domestic energy supply.
Randy May, Chairman and CEO, Ecoark Holdings Inc.
“We are proud of the value we continue to generate for Ecoark stakeholders via strategic investments in oil assets under our Banner subsidiary,” stated Brad Hoagland, Chief Financial Officer of Ecoark.
The capital we deployed during a dramatically different commodity price environment in 2020 evidences our ability to invest for the long-term, including the acquisition of energy assets out of bankruptcy from Sanchez Energy Corporation at a very opportune time.
Brad Hoagland, Chief Financial Officer, Ecoark Holdings, Inc
Mr. May added, “We have several new drilling projects as well as re-entry projects to access oil behind pipe that we plan to execute in the coming months. These projects are considered lower risk and higher reward, so we can mitigate dry hole risk across a series of multiple projects. We look forward to keeping our investors informed on future developments across our energy subsidiaries.”