BlockFuel Energy Advances Oklahoma Drilling Plans and Commences Initial Gas-To-Compute Operations
Key Highlights
- ➤Steinman #1-23 drilling expected in early December 2026, pending approvals and preparations
- ➤Initial gas-to-power computing and data mining equipment commenced operations near Stillwater
- ➤IBG (IBG) merger would rename company BlockFuel Energy Limited and target Nasdaq symbol BFE
- ➤BlockFuel controls approximately 35,000 Oklahoma acres with over 200 potential drilling locations
- ➤IBG owns approximately 51% of BlockFuel, which is evaluating staged oilfield and computing expansion
Expert Statements
Daniel Lanskey, President and Chief Executive Officer of BlockFuel Energy Inc.
“BlockFuel brings together an established oilfield asset base and a practical opportunity to use natural gas to power onsite computing”
Daniel Lanskey, President and Chief Executive Officer of BlockFuel Energy Inc.
“Our strategy starts with the resource: restore suitable wells, evaluate additional formations and drill new locations where the technical and economic case supports investment.”
Daniel Lanskey, President and Chief Executive Officer of BlockFuel Energy Inc.
“Alongside that work, we are assessing how gas produced from our acreage can support an additional business through onsite power generation and data mining.”
Daniel Lanskey, President and Chief Executive Officer of BlockFuel Energy Inc.
“We are working toward the completion of our merger with IBG, subject to required approvals, and we expect to commence drilling at Steinman #1-23 in early December.”
Daniel Lanskey, President and Chief Executive Officer of BlockFuel Energy Inc.
“Our initial computing installation is already operating, giving us a platform to measure performance and assess future expansion.”
Daniel Lanskey, President and Chief Executive Officer of BlockFuel Energy Inc.
“Our objective is to use the results from these activities to guide disciplined growth”
STILLWATER, OK / ACCESS Newswire / October 28, 2026 / BlockFuel Energy Inc. ("BlockFuel"), a U.S. oil and natural gas company majority owned by Innovation Beverage Group Limited (NASDAQ:IBG) ("IBG"), today announced progress in developing its Central Oklahoma energy assets. BlockFuel is advancing permitting for the proposed Steinman #1-23 well, with drilling expected to commence in early December 2026, and has installed and commenced operating its initial natural gas-powered computing and data mining equipment near Stillwater, Oklahoma.
These developments support BlockFuel's strategy to grow oil and natural gas production from established oilfields while using locally produced gas to generate electricity for onsite computing.
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