BitNile Holdings, Inc. ("BitNile") and White River Energy Corp. ("White River") announced that the successful drilling project by Ault Energy, LLC a wholly owned subsidiary of BitNile, and White River Operating LLC ("WRO"), a wholly owned subsidiary of White River, has begun producing at a rate of 78 flowing barrels of oil per day ("BOPD"). The Harry O'Neal 20-9 No.

1 is currently producing from the Smackover formation.BitNile 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. Additionally, Ault Energy has committed to acquire a thirty-seven and one half (37.5%) working interest in the Peabody AMI 12 A No.

18 drilling project in the Coochie field, Concordia Parish, Louisiana. The Peabody No. 18 Well is a 14,000 foot deep vertical test well with potential pay zones in the Frio, Wilcox, Lower Tuscaloosa, Austin Chalk, and Tuscaloosa Marine Shale formations.

WRO has currently drilled to a depth of 5,000 feet and expects to reach the total depth in mid-December. The Peabody No. 18 Well has already had significant oil shows logged in the Frio formation between the depths of 2,970 feet and 3,043 feet.

Based on these early indications, WRO believes that this drilling project will result in a commercial oil well and several shallow Frio developmental drilling opportunities.