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Oil Driller Hits Milestone in the Permian Basin

Source: Streetwise Reports

 

December 31, 2018 (Investorideas.com Newswire) Oil and gas drilling company hits a milestone at its 133,000 acre position in the Permian Basin in Texas. On the heels of a $6 million financing deal, the company has been releasing drill results and continues to drill.


Torchlight Energy Resources Inc. (TRCH:NASDAQ) completed the drilling phase of the A39 #1 well in addition to the A11 #2 well, both located in the Orogrande Basin in Hudspeth County, Texas. Torchlight owns 72.5% working interest in full of the 133,000 net acre unit.

Earlier this month, the company announced its that in conjunction with drill partner Wolfbone Properties and operator Maverick Operating, Torchlight has drilled A39 #1 to a vertical depth of 4,035 feet, and casing was set.

The company noted that "electric logs show excellent hydrocarbon potential in multiple intervals which is representative of economical conventional and unconventional productive formations."

This was preceded by an announcement in late November that well A11 #2 was drilled to a depth of 4,009 feet and casing was set.

Both wells will be "perforated and stimulated to commence testing of each well. Fracture stimulation will be employed at a later time as needed after results are measured," the company noted.

"We are making tremendous headway in our core project, the Orogrande,” stated John Brda, Torchlight's CEO. "Each well we drill gives us further scientific conformation with the last two wells demonstrating our pioneering effort to prove up a new pay zones within a newly discovered hydrocarbon system."

"We have proof positive of the existence of additional potential pay zones including an exciting San Andres look alike. As each well is drilled and completed it is important to remember that our results are proving viability for a much larger developmental effort and will accelerate our ongoing discussions with larger independents who have expressed interest in the project as a partner or acquirer," Brda added.

The next location to be drilled will be the University maverick A24 #1, where Torchlight plans to commence drilling after the holidays. Torchlight will be "testing a structural high that it expects will prove eight potential zones below the unconventional Penn formation that was previously discovered in the A25 #1 horizontal well."

The Orogrande Basin isn't Torchlight Energy's only focus.

$6 Million Financing for All Three Projects

Torchlight Energy currently has three ongoing projects: Orogrande Basin, Delaware Basin and Midland Basin. The company announced its $6 million financing in late October for all three projects.


Source: Torchlight Energy

The funds were used for the expansive drilling at Orogrande Basin. Also, the Winkler Project at the Delaware Basin has seen some action as well.

Located in Winkler County, Texas, the project includes 640 gross (67.2 net) acres. (10.72% of the property will not be operated on.) Torchlight Energy has a net revenue (NRI) of 75%.

Torchlight's operating partner, MECO IV, recently stimulated the well using 9.2 million pounds of proppant in 358,000 barrels of fluid over 30 stages. The UL 21 War-Wink 47 2H is currently producing 260 MCFPD, and all streams are hooked up to sales. "The well is trending up nicely on a daily basis," according to management.

Lastly, the Midland Basin project—the Hazel Project—is composed of the Wolfcamp A & B area, covering 12,000 gross acres (9,600 net acres). All of the land will be operated (100%). The company has a 75% NRI.

There are a total of 70 million shares outstanding, with about 27% being held closely. Torchlight shares currently sit at $0.56.

Disclosure:

1) Nikia Wade compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.

2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Torchlight Energy Resources. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with Torchlight Energy Resources. Please click herehere for more information.

3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.

4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Torchlight Energy Resources, a company mentioned in this article.


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