NILE - BitNile Fortium commence drilling project in Mississippi

• BitNile ( NYSE: NILE ) shares gained ~2% pre-market on Wednesday after its subsidiary Ault Energy commenced a drilling project in Mississippi with Fortium's ( OTCPK:FRTM ) White River subsidiary.
• White River began drilling a 9,800' well, the Harry O' Neal 20-9 No. 1, on its oil and gas mineral lease in Holmes County, Mississippi. The well, in which Ault Energy holds a 40% working interest, will be drilled across multiple potential pay-zones in the Upper Dolomite, Lower Dolomite, and Smackover formations.
• In June, BitNile ( NILE ) secured participation rights with respect to future oil wells when it invested $12M in Ecoark Holdings ( ZEST ). Ecoark beneficially owns ~ 83% of Fortium's capital stock. When Ecoark subsequently sold White River to Fortium, it transferred the participation rights to BitNile ( NILE ).
• White River plans to complete the well and commence production in late Sep. 2022, assuming doing so would be economically viable.

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