以 560 万美元的价格完成井筒工作权益的出售
石油总产量超过 1,000 桶/日

Equus Total Return, Inc. 宣布，Equus 的全资子公司 Morgan E&P, LLC（“摩根”）已于北达科他州比林斯县、Baranko 1-28H 和 Obrigewitch 1-33H。摩根于 2023 年 9 月获得北达科他州工业委员会 (“DIC”) 的钻探许可证，并于 10 月成功完成钻探。这两口井以及生产设施的建设均于 11 月底完成。

Morgan 将这两口井钻探至巴肯中部的目标区域，其中 Baranko 井的总深度为 19,920 英尺，Obrigewitch 的总深度为 21,356 英尺。这些井通过 60 级压裂增产完成。

该井于2023年12月3日开始返排程序。为了加速返排过程，井内安装了电子潜水泵（ESP）。安装于 2024 年 1 月 26 日完成。ESP 仍在清除用于压裂地层的水，导致含油量增加。目前，这两口油井的日产量合计超过 1,000 桶石油。摩根预计，随着油井在未来几周继续回流，产量将进一步增加。摩根预计将在 2024 年第一季度末公布其初始 IP 30 利率。

摩根已完成一项购买和销售协议 (“SA”)，将其某些工作权益剥离给 Bakken Partners I, LLC (“PI”) ”）金额为 560 万美元。出售工作权益为 BPI 提供了平均约 37% 的工作权益（不包括前两口水平井的特许权使用费和其他工作权益负担以及运营费用）。所得款项将用于过去和未来与摩根前两口井的钻探和完井相关的资本支出。这将减少摩根的总体资本支出。

PSA 为 BPI 提供了参与未来油井最多 15.0% 的选择权，仅限于前两个钻井空间单元 (“DSU”)，摩根选择在这些 DSU 中钻探更多油井。

Completes Sale of Wellbore Working Interest For $5.6 Million
Gross Oil Production Over 1,000 Barrels Per Day

Equus Total Return, Inc. announced that Morgan E&P, LLC ("Morgan"), a wholly-owned subsidiary of Equus, has completed its first two wells in Billings County, North Dakota, the Baranko 1-28H and the Obrigewitch 1-33H. Morgan received its drilling permits from the North Dakota Industrial Commission (“NDIC”) in September 2023 and successfully completed drilling in October. Both wells, along with construction of production facilities, were completed by the end of November.

Morgan drilled both wells into their target zones of the Middle Bakken, with the Baranko achieving a total depth of 19,920 feet and the Obrigewitch achieving a total depth of 21,356 feet. The wells were completed with 60-stage fracture stimulations.

The wells began flowback procedures on December 3, 2023. To accelerate the flowback process, Electronic Submersible Pumps (ESPs) were installed in the wells. The installation was completed on January 26, 2024. The ESPs are still removing water used to fracture the formation, resulting in an increasing oil cut. Currently, the two wells are producing at a combined rate over 1,000 barrels of oil per day. Morgan anticipates further increases as the wells continue flowback for the next few weeks. Morgan expects to publish its initial IP 30 rate towards the end of Q1 2024.

Morgan has completed a Purchase and Sale Agreement (“PSA”) for the divestiture of certain of its working interests to Bakken Partners I, LLC (“BPI”) in the amount of $5.6 million. The sale of working interests provides BPI an average of approximately 37% working interest prior to royalty and other working interest burdens and operating expenses in these first two horizontal wells. The proceeds will be utilized for past and future capital expenditures related to the drilling and completion of Morgan’s first two wells. This will reduce the overall capital expenditure for Morgan.

The PSA provides BPI with an option to participate up to 15.0% in future wells, within the first two Drilling Space Units (“DSUs”) only, upon Morgan’s election to drill additional wells in these DSUs.