PLANO, TX--(Marketwired - June 02, 2016) - Torchlight Energy Resources, Inc. (NASDAQ: TRCH) ("Torchlight" or the "Company"), today announced that they have reached total depth on their University Founders B-19 #1 drilled to 6105 feet. The well has been logged and 25 sidewall cores were taken from the target intervals of the pay zone(s). The well has been cased and cemented in preparation for a frac job which is expected to be performed following data analysis.
"We are encouraged with the initial scientific data from the logs as it correlates with the University Rich Well and Cactus well from a pay, porosity, and resistivity perspective," commented Rich Masterson, consulting geologist. "In addition, we have some preliminary data from the core analysis and, as expected, the results show us that the rock qualities in this Founders B-19 well are very similar to the University Rich Well that we previously drilled."
"We will have all data evaluated and determine the optimal zone(s) and best design for the frac job that comes next," stated Will McAndrew III, COO of Torchlight. "We are encouraged by what we are seeing and expect to achieve the next step result in our Orogrande development which is to produce oil. Once we have viable production proven, we will map out our plan for additional vertical control wells and developmental horizontal locations."
About Torchlight Energy
Torchlight Energy Resources, Inc. (NASDAQ: TRCH), based in Plano, Texas, is a high growth oil and gas Exploration and Production (E&P) company with a primary focus on acquisition and development of highly profitable domestic oil fields. The company currently holds interests in Texas and Kansas where their targets are established plays such as the Austin Chalk, Eagle Ford, Morrow, Wolfcamp A&B, and WolfPenn formations. For additional information on the Company, please visit www.torchlightenergy.com.