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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