Page 11 - NorthAmOil Week 34 2022

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM of McDaniel & Associates Consultants Ltd. commenced initial drilling on the well
(McDaniel) effective as of December 31, 2021. on August 22, 2022, using its MD Cowan
Kiwetinohk consolidates The acquired assets are in the Company’s Super Single drilling rig purchased in April
2022. White River intends to complete the
Montney and Duvernay core area near Fox
Montney assets and plans Creek, Alberta. Following the Acquisition well and commence production in late
Kiwetinohk is now 45% weighted to the
September 2022, assuming doing so would be
increased Montney drilling Montney on current production and 43% economically viable.
on TPP reserves as reported in McDaniel’s
BitNile obtained participation rights with
programme independent report at year end 2021. respect to future oil wells when it invested
$12mn in Ecoark Holdings on June 8, 2022.
The acquisition will be funded through
Kiwetinohk Energy has entered into an Kiwetinohk’s bank facilities and is accretive on Ecoark beneficially owns approximately 83%
agreement to acquire an additional 28.5% all per share metrics. With ample borrowing of Fortium’s capital stock. When Ecoark
average working interest in Kiwetinohk- capacity, a lending facility redetermination subsequently sold White River to Fortium
operated Montney assets in the Placid area was not required to undertake this it transferred the participation rights to
for total cash consideration of CAD61.4mn transaction. Kiwetinohk’s next routine lending BitNile. BitNile’s subsidiary Ault Energy has
(purchase price net of adjustments is redetermination is scheduled for the fourth exercised its participation right and acquired
approximately CAD59mn). The acquisition quarter. On closing, Kiwetinohk is expected a 40% working interest in the Harry O’Neal
includes 1,200 boepd (45% oil and liquids) to have CAD210.0mn of available borrowing 20-9 No. 1 well. The Harry O’Neal 20-9
of current Montney production and capacity, 56% of its current CAD375mn bank No. 1 well is the first project in an expected
increases Kiwetinohk’s Placid area natural facility. long-term partnership with White River that
gas processing and condensate handling KIWETINOHK ENERGY, August 24, 2022 Ault Energy announced in July 2022 with the
capacity to 100 mmcf per day and 5,000 bpd intention to drill approximately 100 oil wells
respectively (an increase of 30 mmcf per BitNile and Fortium over the next 60 months. BitNile founder
day and 1,750 bpd. Kiwetinohk will obtain and executive chairman Milton “Todd” Ault,
an incremental 14.12% ownership in the Announce that a Fortium III, who also serves as the manager of Ault
14-28 Bigstone sweet natural gas processing Energy, stated “We are excited to kick off
facility, bringing its total working interest subsidiary, White River, this partnership with White River with a
to 39.31%. Total owned processing capacity vertical drilling project in an oilfield with a
at the Bigstone sweet natural gas processing commences drilling project long history of successful drilling projects. I
facility increases from 20 mmcf per day to 31 will be conducting a site visit in September
mmcf per day. The acquisition is expected to with a BitNile subsidiary, 2022 to monitor the progress of the drilling
close on or about September 15, 2022, with an operations, and scope out additional oilfields
effective date of July 1, 2022. Ault Energy for future drilling projects.”
With this Acquisition, Kiwetinohk has BITNILE HOLDINGS AND FORTIUM HOLDINGS,
now increased its working interest to 100% BitNile Holdings and Fortium Holdings August 24, 2022
in 53,000 Montney acres in the area where all today announced that Fortium’s wholly
its new Montney drilling has occurred in the owned subsidiary, White River Holdings,
past two years. The Acquisition consolidates has commenced drilling a 9,800’ well, SERVICES
Kiwetinohk’s position in the Placid Montney the Harry O’Neal 20-9 No. 1, on White
area and increases its average working interest River’s oil and gas mineral lease in Holmes ProPetro announces
over 79,000 acres in the region to 88.2%. County, Mississippi. The well will be drilled
Grossing up Kiwetinohk’s Montney reserves across multiple potential pay-zones in the electric fleet orders and
for the Acquisition adds 12.9mn boe of Upper Dolomite, Lower Dolomite, and
total proved plus probable (TPP) reserves, Smackover formations. White River’s wholly lease agreement
based on the independent reserves report owned subsidiary, White River Operating
ProPetro Holding today announced it has
executed a long-term lease agreement for two
electric frack fleets with expected delivery in
the third quarter of 2023.
Sam Sledge, chief executive officer,
commented: “As part of our fleet transition
strategy initiated last year, we have executed
an order to acquire two electric frac fleets
from a leading manufacturer. These new
electric fleets utilise conventional pumping
equipment and proven technologies that are
well-known across our industry. As demand
for electric solutions continues to gain
momentum, ProPetro is playing a significant
role in bringing new technologies and
more efficient, environmentally responsible
solutions to the Permian Basin.”

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