Business
Ecoark Holdings, Inc. Completes Acquisition of Energy Assets
Ecoark Holdings, Inc. Completes Acquisition of Energy Assets.
About this update from Riskon International, Inc.
[{"type":"text","content":"\n Acquired assets expected to deliver attractive payback and achieve a production rate of 1,000 barrels of oil per day by the end of the third quarter of 2020 Reiterating commitment to value creation and growing via multi-industry holding company strategy Exploring a potential near-term uplist to a national exchange FRISCO, Texas, June 11, 2020 (GLOBE NEWSWIRE) -- Ecoark Holdings, Inc. (\"Ecoark\") (OTC: ZEST), announced that it has completed an acquisition of certain energy assets from an energy company, whose identity will be released in the future, in the process of bankruptcy reorganization.  The all-cash transaction, with a projected short-term payback, includes the transfer of 262 total wells in Mississippi and Louisiana, approximately 9,000 acres of active mineral leases, and significant drilling and production materials and equipment.  The 262 total wells include 57 active producing wells, 19 active disposal wells, 136 shut-in with future utility wells, and 50 shut-in pending plugging wells.  Included in the assignment are four wells in the Tuscaloosa Marine Shale (“TMS”) formation.  The acquired assets are expected to achieve a production rate of 1,000 barrels of oil per day (“BOPD”) by the end of the third quarter of 2020 when considering the acquired asset’s current production, planned production, and planned re-entry projects. “We are excited to complete this highly opportunistic transaction as we grow our asset portfolio and extend our industry diversification strategy while maintaining a consistent and intense focus on value creation,” said Randy May, Chairman Chief Executive of Ecoark. “This transaction is a continuation of our recent acquisition of the energy assets of Banner Midstream and our ongoing focus on growing through select energy investments to further strengthen our position as a holding company and support our long-term success. The current energy landscape is providing resourceful companies like Ecoark with access to deal flow and unique prospects to selectively invest in the long-term success of domestic energy markets at a highly opportunistic time. We remain committed to expanding Ecoark’s energy portfolio and are currently evaluating the potential acquisition of other high-quality assets under bank or credit owne...