Apr 03, 2023 6:45 AM
Both initial wells deemed economically viable as production begins, with more drilling plans underway
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
“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
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.
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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
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