Page 13 - NorthAmOil Week 26 2022

NorthAmOil NEWS IN BRIEF NorthAmOil

including all related and ancillary equipment CAD18.2mn to complete upgrades and Level Capturing and recycling natural gas into
and inventory for total cash consideration IV recertifications on the three acquired energy has two main benefits: Saves grid
of $7.4mn (approximately CAD9.6mn). The drilling rigs to properly put them back into power from burning fossil fuels by utilising
acquisition further expands CWC’s presence active service. gas that would otherwise have been flared
in the US increasing the company’s active CWC ENERGY SERVICES, June 24, 2022 into the atmosphere – recycles approximately
drilling fleet to 22 drilling rigs comprised of 82mn cubic feet (82,000 mcf) of natural
seven conventional heavy double drilling rigs gas per megawatt; reduces methane venting
in Canada and eight AC triple, five DC triple MOVES into the atmosphere from inefficient flares
and two conventional heavy double drilling – by using NGON processes, White Rock’s
rigs in the US. White Rock Management operation prevents an estimated 4mn
Duncan Au, president and chief executive cubic feet (5,000 mcf) per megawatt of
officer of CWC, stated: “The acquisition of launches first US bitcoin environmentally harmful methane from being
these three high-spec AC triple drilling rigs vented annually.
will build upon CWC’s growing presence in mining operation “The Brazos Valley mine is the first of
the US by expanding our 12 active drilling several grid independent facilities we are
rigs in the US to fifteen active drilling rigs. White Rock Management, a global digital planning in Texas that will utilise by-product
These high-spec AC triple drilling rigs will asset mining company, today announced the natural gas from active oil wells, turning
build upon our platform for meaningful deployment of its first US bitcoin mining waste into a reliable, non-grid energy
shareholder value creation and growth operation in Texas’ Brazos Valley region. source,” said Andy Long, CEO of White Rock
opportunities by servicing our existing and Located north of Houston, the company’s Management. “The launch of our first US
future E&P customers with the most relevant initial operation will be powered through mining operation strengthens our position as
fleet of environmentally friendly, high-spec by-product natural gas from active oil wells an emerging player in the global digital asset
drilling equipment for the longer depths and located onsite. White Rock is partnering mining industry.”
horizontal reaches of select US basins utilising with NGON, a green energy services and Headquartered in Switzerland, White Rock
the highest quality people in the industry, technology company, to capture the gas is focused on building and operating modern
delivering the highest quality service to our through environmentally friendly mitigation facilities in reliable geographies around the
customers.” services and divert the energy to produce world. Its bitcoin mines feature the newest
In conjunction with the purchase of bitcoin. generation ASIC chips supplied by partner
these three AC triple drilling rigs, the board By utilising NGON’s facilities, White Rock’s and industry leader Bitmain, which will
of directors have approved an expansion new operation in Texas cements the firm’s increase productivity and profitability for the
of the 2022 capital expenditures budget commitment to environmentally responsible company.
by an additional CAD8.3mn to a total of bitcoin mining. WHITE ROCK MANAGEMENT, June 28, 2022

Week 26 30•June•2022 www. NEWSBASE .com P13