Ecoark Holdings, Inc. (OTC: ZEST) announced a significant legal victory after a jury in Little Rock, Arkansas, awarded $115 million in damages against Walmart for misappropriation of trade secrets. The jury found Walmart liable for breaching contract terms and acting willfully and maliciously. The award includes $65 million in compensatory damages and $50 million in punitive damages. Zest Labs, a subsidiary of Ecoark, accused Walmart of using trade secrets related to reducing food waste. Ecoark plans to seek additional damages and pursue an appeal regarding certain pre-trial rulings.
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Ecoark Holdings has successfully completed its first project within its joint drilling venture with BlackBrush Oil & Gas and GeoTerre, drilling the Deshotels 24 No.1-H well in Avoyelles Parish, LA. The well reached impressive production rates of 1,000 to 1,250 BOPD and has begun flowing oil and gas efficiently. The company anticipates further projects, benefiting from lower costs compared to competitors and potential tax credits in Louisiana. This progress aligns with Ecoark's strategic plan to enhance its oil and gas portfolio.
Ecoark Holdings appoints Julia Olguin as CEO of its subsidiary, White River Holdings Corp, effective February 18, 2021. Olguin, a seasoned energy executive with a history in major firms like BP and NextEra Energy, will focus on strategic growth within traditional and renewable energy, including launching an energy trading desk. The company aims to expand its board with an independent director by mid-2021, positioning Ecoark for growth in energy markets, particularly in Texas, Louisiana, and Mississippi.
Ecoark Holdings (OTC: ZEST) has successfully completed its inaugural joint drilling venture (JV) project in collaboration with BlackBrush Oil & Gas and GeoTerre. The project began drilling a directional oil well on January 15, 2021, achieving significant milestones, including a lateral distance of 2,500 feet and a vertical section of 4,046 feet. The JV anticipates cost savings of about 50% compared to traditional hydraulic fracturing. Ecoark expects to earn a 50-70% working interest in the JV and plans a second drilling project in the Austin Chalk formation.
Ecoark Holdings (OTC: ZEST) announced a joint drilling venture with BlackBrush Oil & Gas on October 9, 2020. Ecoark’s subsidiary, White River SPV 3 LLC, purchased two oil and gas mineral leases for $2.1 million in total. Ecoark will fund 100% of the drilling costs for a planned deep horizontal well in the Austin Chalk formation, expected to begin by January 2021. BlackBrush will provide expertise and seismic data, contributing to a risk-mitigated venture. This partnership aims to enhance Ecoark's oil and gas development strategy.