BitNile Holdings, Inc. and White River Energy Corp. announced that Ault Energy, LLC and White River Operating LLC have successfully completed drilling a 9,531 foot well, the Harry O'Neal 20-9 No. 1, on White River's oil and gas mineral lease in Holmes County, Mississippi.

The O'Neal No. 1 Well was logged on October 4, 2022, by an independent Fortune 500 oilfield services company and had productive oil results across multiple pay-zones in the Smackover formation. WR Ops has commenced the completion process on the O'Neal No.

1 Well and anticipates pumping the O'Neal No. 1 Well in mid-October 2022 as an economically viable oil well. White River and BitNile will issue a subsequent press release to communicate to their investors the initial production results as well as an estimate of oil reserves within the O'Neal No.

1 Well's reservoir.BitNile obtained participation rights with respect to the O'Neal No. 1 Well and future oil wells when it invested $12 million in Ecoark Holdings, Inc. on June 8, 2022. Ecoark beneficially owns approximately 83% of White River's capital stock.

BitNile, through Ault Energy, exercised its participation right and acquired a 40% working interest in the O'Neal No. 1 well, which is the first project in an expected long-term partnership between White River and BitNile, which was previously announced in July 2022 with the intention to drill approximately 100 oil wells over five years.