EnerBlock Capital is proud to announce the incubation of BITEX 66 Power Corp, a pioneering entity that integrates the strategic synergies of oil & gas production, distributed power generation, and Bitcoin compute centers. This groundbreaking move positions BITEX 66 as a first mover in this innovative convergence, aiming to redefine the value proposition of energy assets in the digital age.
BITEX 66 Oil & Gas, LLC, the upstream oil and gas exploration and production subsidiary of BITEX 66 Power Corp, operates extensively in Texas and Oklahoma. As the foundational project for the BITEX 66 Corporate Group, BITEX 66 Oil & Gas has recently acquired 4,138 held-by-production acres in the North Texas Fort Worth Basin/Barnett Shale region. This strategic acquisition includes over 100 miles of gas gathering pipelines, multiple compressor stations, 10+ acres of surface leases, and 20 producing gas wells. With estimated P1 reserves of over 4 billion cubic feet of natural gas and more than 120,000 barrels of oil, this acquisition significantly boosts the firm’s North Texas and Oklahoma holdings to over 6,000 acres of 99.5% operated working interest.
The firm plans to execute a conservative rework/re-completion program targeting behind-pipe opportunities, alongside a new drilling program aimed at the Marble Falls and Barnett formations in its western Jack County leasehold. These initiatives are expected to increase current gas production to 1,000 Mcfpd and generate 50-60 barrels of oil per day. The oil revenues will play an integral role in BITEX 66’s maximal Bitcoin hodle strategy by providing a foundation of robust USD-denominated cash flow.
The initial project is designed to support approximately 4 MW of power and 220,000+ TH/s of Bitcoin compute, enhancing the gross margin $/MMBtu value of gas to $11-$15. This represents an impressive 1,100% value enhancement of wellhead economics compared to traditional pipeline markets.
Derek S. Evans, CEO of EnerBlock Capital and BITEX 66 Power Corp, commented on the significant milestone: “We couldn’t be more pleased with our debut acquisition that serves as the foundational upstream energy assets to execute our Eb3 Firm Thesis—the Wellhead Spark Convergence. This strategy focuses on consolidating undervalued mature oil and natural gas fields through a targeted acquisition campaign, and then arbitraging the value difference between hydrocarbon energy valued in dollars versus Bitcoin. We believe this strategy has enormous implications for P1 reserve valuations. By containerizing our produced gas reserves in Bitcoin and adding a truly scarce and accretive asset to the balance sheet, it will have a profound effect in offsetting the nature of wasting or depleting assets like oil and gas reserves—solving one of the inherent challenges and weaknesses of an oil and gas E&P from an economic and financial standpoint.”
Evans added, “Our ambitious goal over the next five years is to aggressively acquire PDP acreage targeting a 100,000+ acre goal by 2030, thereby securing long-term electricity generation for well under $0.01, which will provide us with an incredible advantage over 80-90% of the global Bitcoin mining network. We truly believe our activities here at EnerBlock and BITEX 66 will pioneer a new energy industry segment that represents the convergence of upstream energy production and power generation, collapsing downstream economics up to the wellhead. This will lead to new enterprise valuation standards that resemble a hybrid between utilities, power generators, and oil & gas E&Ps. At the end of the day, BITEX 66 is investing in the three most important aspects of modern human life—oil, power, and Bitcoin.”
EnerBlock and BITEX 66’s innovative approach to energy and digital asset integration sets a new benchmark in the industry, showcasing a transformative model that leverages the strengths of both traditional and digital economies. The future of energy investments is being reshaped by this pioneering vision, heralding a new era of economic efficiency and value creation.