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Ecoark Completes Austin Chalk Oil Well with Initial Production to Exceed 1,000 BOPD
Ecoark Completes Austin Chalk Oil Well with Initial Production to Exceed 1,000 BOPD.
About this update from Riskon International, Inc.
[{"type":"text","content":"\n SAN ANTONIO, March 16, 2021 (GLOBE NEWSWIRE) -- Ecoark Holdings, Inc. (\"Ecoark\" or the “Company”) (OTC: ZEST), is providing the following updates regarding the Company’s joint drilling venture (the “JV”) with BlackBrush Oil & Gas, L.P. (“BlackBrush”) and GeoTerre, LLC (“GeoTerre”). The JV previously announced that it concluded the drilling of the Deshotels 24 No.1-H, a horizontal Austin Chalk well located in Avoyelles Parish, LA. The well has a total vertical section length of 4,046 feet with a lateral length of 3,799 feet positioned in the most prolific interval of the naturally fractured Austin Chalk formation. Once the lateral target was achieved, the JV successfully set a production packer and tubing and began flowing the well through existing facilities as a conventional open hole oil and gas well. On March 11, 2021, the JV began flowback to the well through a temporarily well test setup and immediately realized strong oil and gas production. After 3 days of flowing back through the test setup, the well was turned to the permanent production facility. The well is exhibiting significant downhole pressure, and the Company has recorded initial production test rates as high as 1,000 to 1,250 BOPD. The well is also expected to produce a significant volume of natural gas of good composition, so the JV has already engaged a midstream carrier to connect to an existing gas pipeline near the well site. Ecoark will continue to analyze the initial production of this well and will provide an update in future disclosures of the forecasted timing and rate of future decline. “We are extremely pleased with the initial results of this project and are excited that our expected investment returns greatly exceed our initial estimates,” said Randy May, Chairman and CEO of Ecoark. “This project evidences the significant value associated with our joint drilling venture, and we look forward to partnering on additional projects in the near future.” “We are extremely proud of the collective team for their ongoing efforts in making the JV’s inaugural project a success and achieving production levels of greater than 1,000 BOPD,” said Julia Olguin, Chief Executive Officer of White River Holdings Corp. “We are continuing to monitor the flowback ...