# EDGAR Filing Document

**Accession Number:** 0001589361
**File Stem:** 0000000000-23-002213
**Filing Date:** 2023-3
**Character Count:** 20023
**Document Hash:** 2e3b3c3eead1f59eba7518e90b2020fb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-002213.hdr.sgml**: 20231031

**ACCESSION NUMBER**: 0000000000-23-002213

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230306

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** White River Energy Corp.
- **CENTRAL INDEX KEY:** 0001589361
- **STANDARD INDUSTRIAL CLASSIFICATION:** TRANSPORTATION SERVICES [4700]
- **IRS NUMBER:** 453797537
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** UPLOAD

**BUSINESS ADDRESS:**
- **STREET 1:** 609 W/ DICKSON ST., SUITE 102 G
- **CITY:** FAYETTEVILLE
- **STATE:** AR
- **ZIP:** 72701
- **BUSINESS PHONE:** (800) 203-5610

**MAIL ADDRESS:**
- **STREET 1:** 609 W/ DICKSON ST., SUITE 102 G
- **CITY:** FAYETTEVILLE
- **STATE:** AR
- **ZIP:** 72701

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Fortium Holdings Corp.
- **DATE OF NAME CHANGE:** 20210519

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Banner Energy Services Corp.
- **DATE OF NAME CHANGE:** 20200218

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MTB Corp.
- **DATE OF NAME CHANGE:** 20191205
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001493152-22-034786

## Text-Extract

```

United States securities and exchange commission logo

                              March 6, 2023

       Jay Puchir
       Chief Executive Officer
       White River Energy Corp.
       609 W/ Dickson St., Suite 102 G
       Fayetteville, AR 72701

                                                        Re: White River Energy
Corp.
                                                            Amendment No. 2 to
Registration Statement on Form S-1
                                                            Filed February 17,
2023
                                                            File No. 333-268707

       Dear Jay Puchir:

             We have reviewed your amended registration statement and have the
following
       comments. In some of our comments, we may ask you to provide us with
information so we
       may better understand your disclosure.

              Please respond to this letter by amending your registration
statement and providing the
       requested information. If you do not believe our comments apply to your
facts and
       circumstances or do not believe an amendment is appropriate, please tell
us why in your
       response.

              After reviewing any amendment to your registration statement and
the information you
       provide in response to these comments, we may have additional comments.
Unless we note
       otherwise, our references to prior comments are to comments in our
January 19, 2023 letter.

       Amendment No. 2 to Registration Statement on Form S-1 filed February 17,
2023

       Prospectus Summary
       Planned Acquisition of a Broker-Dealer, page 1

   1.                                                   We note your revised
disclosure in response to prior comment 1 indicates that your
                                                        acquisition of a
broker-dealer may result in a change of control. Please revise to discuss
                                                        whether the acquisition
and any related transactions will result in a change of control and
                                                        the potential material
consequences and implications of any such event for shareholders.
 Jay Puchir
FirstName
White RiverLastNameJay
             Energy Corp.Puchir
Comapany
March      NameWhite River Energy Corp.
       6, 2023
March2 6, 2023 Page 2
Page
FirstName LastName
Risk Factors
We have significant ongoing capital requirements that could affect our
operations if we are
unable to generate sufficient cash..., page 7

2.       We note your response to prior comment 2. Please revise your
disclosure to clarify that
         "vertically integrated" means that your exploration and drilling
initiatives are primarily
         conducted in-house, other than (i) wire line services to obtain
exploratory data, (ii)
         concrete procurement and installation at well sites, and (iii) seismic
and geophysical
         service.
Pro Forma Financial Statements
Other Transaction Adjustments, page 33

3.       We note that you have revised your disclosures in response to prior
comment 7 although
         plans concerning the conversion of the Series A preferred shares
remain unclear. Please
         further expand your disclosure to include your expectation regarding
the date these shares
         will be converted to common shares and a description of any
uncertainties, as may include
         conditions or approvals that have not been met or received.
Management Adjustments, page 34

4.       We note that you have revised your disclosures under this section in
response to prior
         comment 8, although have retained one management adjustment, although
it is unclear
         how the item meets the criteria of representing the effect of
synergies or dis-synergies of
         the acquisition, i.e. having conducted a reverse merger with a shell
entity.

         If you are able to demonstrate compliance in this regard, you would
need to expand your
         disclosures on page 35 to include, for each period presented,
reconciliations of pro forma
         earnings per share, giving effect to your management adjustment, to
comply with Rule 11-
         02(a)(7)(ii)(A) of Regulation S-X. Otherwise, tell us how you
considered the item relative
         to the guidance pertaining to autonomous entity adjustments, as
described in Rule 11-
         02(a)(6)(ii) of Regulation S-X, and if you believe this would be an
appropriate
         characterization, revise to follow the applicable presentation
guidance.

         If the item does not meet either criteria, you may retain a discussion
of the arrangement
         though should remove the associated pro forma illustration.

The Spin-Off, page 37

5.       We note your response to prior comment 9. Please expand your
disclosure here and
         elsewhere to disclose that you currently do not anticipate entering
into any agreements in
         connection with the spin-off. In addition, please include risk factor
disclosure discussing
         potential risks related to the fact that you may not have any
agreement governing the
         relationship and respective rights and obligation between you and
White River after the
 Jay Puchir
FirstName
White RiverLastNameJay
             Energy Corp.Puchir
Comapany
March      NameWhite River Energy Corp.
       6, 2023
March3 6, 2023 Page 3
Page
FirstName LastName
         spin-off.
Selling Stockholders, page 46

6.       We note your response to prior comment 10 and reissue it in part.
Please revise
         the selling stockholder table to disclose the number of warrants owned
by
         each selling stockholder prior to the offering and the number of
warrants to be offered by
         each selling stockholder in the offering, or advise.
Business
Key Developments, page 50

7.       We note that you provided incremental disclosures in response to prior
comment 22
         although you did not fully address the disclosure request. Please
further expand your
         disclosures under Key Developments to include details responsive to
the following points.

                Describe the circumstances under which White River Holdings
Corp. was acquired
              by Fortium Holdings Corp. on March 20, 2020, along with Shamrock
Upstream
              Energy LLC, in exchange for $8 million; and the circumstances
under which both
              entities were in turn, on the same date, sold by Fortium Holdings
Corp., along its
              subsidiaries Banner Midstream Corp., Pinnacle Frac Transport LLC,
and Capstone
              Equipment Leasing LLC, to Ecoark Holdings Corp., as reported on
page F-6 of your
              Form 10-K for the fiscal year ended December 31, 2021.

                Describe the nature and extent of operations of White River
Holdings Corp. when
              previously acquired and sold, the rationale for the March 2020
purchase by Fortium
              Holdings Corp., the nature of its activities while held by Ecoark
Holdings Corp., its
              significance relative to the other subsidiaries in the earlier
transaction, and the
              reasons that shares of Ecoark Holdings Corp. received in exchange
were distributed
              to the former owners of Banner Midstream Corp.
Properties
Oil and Natural Gas Reserves, page 58

8.       Your presentation on this page incudes a total of $4,849,323 that is
labeled as both
         Standardized Measure of Discounted Future Net Cash Flows and PV-10. If
your
         calculations of the standardized measure and PV-10 are the same, add a
footnote to your
         presentation to clarify this and to explain why this is the case.
Alternatively, if your
         calculations of the standardized measure and PV-10 are different,
revise your presentation
         to include both values, together with a reconciliation and explanation
of the reason for the
         difference between them. Note that this comment also applies to the
presentation as of
         March 31, 2022 appearing on page 59.
9.       The amounts presented as estimated future net cash flows, 10% annual
discount for
         estimated timing of cash flows and standardized measure of discounted
future net cash
 Jay Puchir
White River Energy Corp.
March 6, 2023
Page 4
         flows on page 58 do not appear to agree to corresponding amounts
appearing on page F-
         22. Revise your presentation to resolve these discrepancies or to
clearly explain the
         reasons for the differences. Note that this comment also applies to
the presentation as of
         March 31, 2021 appearing on page 59.
Drilling and Other Exploratory Activities, page 61

10.      We have read your response to prior comment 17 and note the additional
disclosure on
         page 61 of Amendment No. 2 of two net productive wells drilled in
FY2022 and three net
         productive wells drilled in FY 2021; however, these wells should be
further categorized as
         either exploratory or development wells. We also note in your response
to prior comment
         36 that the Company incurred exploration costs in FY 2022 and
development costs in FY
         2021. Please revise your disclosure according to the requirements in
Item 1205 of
         Regulation S-K.
Productive Wells, page 61

11.      We note your response to prior comment 19 provided additional
disclosure of your
         gross/net developed and undeveloped acreage, but the Well Category
table on page 61 of
         Amendment No. 2 was not revised to provide a gross and net break-out
of your productive
         oil and gas wells. Please expand this table according to the
requirements in Item 1208 of
         Regulation S-K.
12.      We have read your response to prior comment 21 and note the added
statement on page 61
         of Amendment No. 2    All of the wells, with the exception of the
plugged and abandoned
         wells and the inactive dry-hole well, are mechanically capable of
producing.    Please
         expand this sentence to include wording which qualifies how the wells
are capable of
         production, e.g.    with additional capital expenditures.
Description of Our Securities, page 84

13.      Please expand to discuss whether your exclusive forum provision
applies to actions
         arising under the Exchange Act. In that regard, we note that Section
7(a) of your Articles
         of Incorporation and your disclosure on page 27 reflect that your
exclusive forum
         provision excludes claims under the Exchange Act.
Audit Opinion, page F-2

14.    We note that although you made substantive changes to the audited
financial statement in
FirstName LastNameJay Puchir
       response to prior comments, the audit opinion continues to be dated
October 28, 2022, as
Comapany
       in theNameWhite    River Energy
              prior amendment.          Corp.
                                  You will  need to obtain an audit of the
restated financial
       statements  or
March 6, 2023 Page 4  the corrections and file a corresponding updated or
dual-dated audit opinion.
FirstName LastName
 Jay Puchir
FirstName
White RiverLastNameJay
             Energy Corp.Puchir
Comapany
March      NameWhite River Energy Corp.
       6, 2023
March5 6, 2023 Page 5
Page
FirstName LastName
Annual Financial Statements
Note 14 - Related Party Transactions, page F-19

15.      Please expand your disclosure to clarify the nature of the $13.2
million operating cash
         inflow from the parent that you report on F-6, including details as
necessary to understand
         how your classification is consistent with the guidance in FASB ASC
230-10-45-16.
16.      Please expand your disclosure stating that "Ecoark issued 1,789,041
shares of its common
         stock to the Company and assumed approximately $11,774,455 in debt
and lease
         liabilities of the Company" to explain how the transaction was
reflected in your financial
         statements, also to include the reasons for issuing the shares and to
explain how you have
         accounted for the shares in subsequent periods.
Estimated Quantities of Proved Reserves (MBbl), page F-21

17.      We have read your response to prior comment 34 and reviewed the
expanded table of
         Estimated Quantities of Net Proved Reserves     Proved Developed,
Producing on page F-
         22 of Amendment No. 2. We note Production for both FY 2022 and FY 2021
are included
         as positive volumes. Please revise the table to include production as
negative and to
         address any additional changes necessary to reconcile the year to year
ending volumes.
Results of Operations, page F-21

18.      We have read your response to prior comment 36 and reviewed the
revised table of costs
         incurred on page F-22 of Amendment No. 2. Please further revise the
table to include the
         appropriate units, e.g. $.
Supplemental Information on Oil and Gas Producing Activities (Unaudited)
Change in Standardized Measure of Discounted Future Net Cash Flows, page F-22

19.      The amounts included in the line item Revisions of Previous Quantity
Estimates in your
         presentation of changes in standardized measure of discounted future
net cash flows
         appear to reverse the entire prior year ending standardized measure.
Note that this line
         item should reflect only the net change due to revisions in quantity
estimates during the
         year, stated at prices used in estimating proved oil and gas reserves
and year-end costs.
         See FASB ASC paragraph 932-235-50-35.
Interim Financial Statements
Note 14 - Related Party Transactions, page F-48

20.      We note that you have revised your equity presentation in response to
prior comments 39
         and 40, although you now include disclosure on page F-48 stating that
  all amounts due to
         Ecoark were exchanged for 1,200 Series A preferred shares and
classified as a capital
         transaction with the adjustment to additional paid in capital as they
were from a related
         party. The total reclassified to additional paid in capital was
$28,953,510, effective with
         issuance of the 1,200 Series A.    We note similar disclosures on
pages F-3, F-5, F-23 and
 Jay Puchir
FirstName
White RiverLastNameJay
             Energy Corp.Puchir
Comapany
March      NameWhite River Energy Corp.
       6, 2023
March6 6, 2023 Page 6
Page
FirstName LastName
         F-25 stating that       amounts due to Ecoark Holdings, Inc. were
exchanged for the Series
         A Preferred shares   .

         Please revise your disclosures to differentiate between the exchange
that occurred in
         completing the reverse merger, and the revisions that were necessary
to reclassify the
         intercompany accounts in the carve-out presentation in preparation for
the spin-off, to
         resolve the apparent inconsistencies with the disclosures referenced
above. Please also
         revise your annual and interim financial statements to include the
error correction
         disclosures prescribed by FASB ASC 250-10-50-7, concerning the
revisions that are
         reflected in the more recent financial statements, in contrast to the
financial statements
         covering the same periods that were previously filed.
21.      We note that you continue to refer to the 1,200 Series A preferred
shares as having a value
         of $30,000,000 on page 32, in a manner that is not consistent with
having applied reverse
         merger accounting. Please revise this disclosure and any similar
commentary elsewhere
         in the filing as necessary to clarify that the Series A shares are
reflected in your historical
         financial statements in place of the equity instruments held by Ecoark
Holdings, Inc. on a
         historical cost basis.

         Also expand your disclosure to quantify the historical cost basis on
the date of the merger
         and to describe the various intercompany accounts that you have
reclassified in deriving
         that amount, including specifying any amounts that are deemed to have
been permanently
         contributed by Ecoark Holdings, Inc.
Exhibits

22.      Please file an executed version of Exhibit 5.1.
General

23.      We note your reference on page ii to the Private Securities Litigation
Reform Act of
         1995. Please note that the safe harbors provided by the Private
Securities Litigation
         Reform Act of 1995 are not available for issuers of penny stock. In
that regard, we note
         you disclose on page 24 that your common stock is a    penny stock.
Please revise or
         advise.
24.      We note your response to prior comment 49, including revisions to your
fee table. We
         further note that there still appear to be inconsistencies as between
your prospectus, legal
         opinion, and fee table with regard to the total number of shares of
common stock being
         registered, and the total number of shares of common stock issuable
upon conversion of
         outstanding shares of the Company   s Series C Convertible Preferred
Stock held by the
         Selling Stockholders. Please revise or advise.
25.      We note your response to prior comment 51 states that you do not
believe the exclusive
         forum provision in the securities purchase agreement filed as Exhibit
10.8 applies to
         claims under the Securities Act or the Exchange Act. Please revise
your disclosure to
 Jay Puchir
White River Energy Corp.
March 6, 2023
Page 7
      explicitly state that this provision does not apply to actions arising
under the Securities
      Act or Exchange Act.
26.   We continue to assess your response to prior comment 53 and may have
further
      comments.
        You may contact Lily Dang, Staff Accountant, at (202) 551-3867 or Karl
Hiller,
Accounting Branch Chief, at (202) 551-3686 if you have questions regarding
comments on the
financial statements and related matters. You may contact Sandra Wall,
Petroleum Engineer, at
(202) 551-4727 with questions regarding the engineering comments. Please
contact Liz
Packebusch, Staff Attorney, at (202) 551-8749 or Karina Dorin, Staff Attorney,
at (202) 551-
3763 with any other questions.

                                                             Sincerely,
FirstName LastNameJay Puchir
                                                             Division of
Corporation Finance
Comapany NameWhite River Energy Corp.
                                                             Office of Energy &
Transportation
March 6, 2023 Page 7
cc:       Michael D. Harris, Esq.
FirstName LastName

```

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