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Torchlight Provides Operational Update

PLANO, TX--(Marketwired - August 23, 2016) - Torchlight Energy Resources, Inc. (NASDAQ: TRCH) ("Torchlight" or the "Company"), today provided an update regarding the Company's operational progress in their Orogrande and Hazel Projects.

Orogrande Project:

As previously announced, Torchlight and their operating partner, Founders Oil and Gas, drilled, logged, cored, and set pipe on the University Founders B-19#1 well, the first well to be spudded under their Joint Development Agreement. On August 5th, Founders delivered a 65,000 lb. frac to a small section of the upper zone which contains more than 600 feet of total pay. Founders then set production tubing and began swabbing the well in on August 11th. The process of removing the frac load fluid required the installation of a down-hole pump to move higher volumes of liquid and reduce hydrostatic pressure. The pump will provide a more efficient means to bring any oil and gas produced into the well bore and to surface. The pump has been installed and fluid volumes have increased, however, due to the road conditions on location created by heavy rainfall, the required hauling of water has been delayed. The Company expects to begin the pumping process again within a few days and will provide a further update on their progress in the coming weeks.

Hazel Project:

Torchlight along with operating partner, Maverick Oil and Gas, drilled, logged, cored and set pipe in late July on the Flying B Ranch #1 well, the first well on Torchlight's 12,000 gross acre position in the Midland Basin. The Company is currently acidizing and delivering a 210,000 lb. frac to test a 250 foot interval of pay in the Wolfcamp A & B zones. Once the frac is delivered, Torchlight will begin production testing and report the results.

"We continue to be encouraged by the progress made on both of our West Texas assets and look forward to measurable results," stated John Brda, Torchlight's CEO. "Although inclement weather has put us slightly behind schedule, we continue to move operations forward as planned and are optimistic about the results from both Projects. As always we remain committed to communicating the Company's milestones to our shareholders."

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 has assets focused in West and Central Texas where their targets are established plays such as the Permian Basin and Eagle Ford Shale. For additional information on the Company, please visit www.torchlightenergy.com.

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Torchlight Energy: Third-Party Analysis Of Schlumberger Testing Data Confirms Generational Upside Potential

Summary

ATLAS Consulting recently contracted with independent, third-party geologist George Pumphrey for the completion of a report regarding the analysis of Torchlight Energy’s University Founders B-19 #1 Well scientific data.

The University Founders B-19 #1 Well is the second drill-out operation successfully executed by Torchlight Energy and its farm-in partner, Founders Oil & Gas LLC.

This data, testing data initially provided by Schlumberger after a battery of tests were completed, has shown to be overwhelmingly positive and overwhelmingly indicative of substantial upside opportunity.

ATLAS Consulting wanted to confirm this data via an additional third-party, unbiased review and reports that it has with the completion of the George Pumphrey review.

Results have been confirmed as reflecting substantial upside potential. Results have also confirmed the Orogrande Project as being highly comparable to the Midland Basin.

ATLAS Consulting, an Austin-based enterprise consulting firm, recently contracted with independent, third-party geologist George Pumphrey for the completion of a report regarding the analysis of Torchlight Energy's (NASDAQ:TRCH) University Founders B-19 #1 Well scientific data. The University Founders B-19 #1 Well is the second drill-out operation successfully executed by Torchlight Energy and its farm-in partner, Founders Oil & Gas LLC, for the E&P's West Texas located Orogrande Project. This data, testing data initially provided by Schlumberger (NYSE:SLB) after a battery of tests were completed, has shown to be overwhelmingly positive and overwhelmingly indicative of substantial upside opportunity through the completion of initial review by Torchlight Energy consulting geologist Rich Masterson. Masterson, it should be noted, is a prospector who helped originate the now prolific Wolfbone play.

ATLAS Consulting wanted to confirm this data via an additional third-party, unbiased review and reports that it has with the completion of the George Pumphrey review; results have been confirmed as reflecting substantial upside potential. Results have also confirmed the Orogrande Project - a project in which Torchlight Energy lists assets of 172,000 largely contiguous acres (as of the filing of its last Form 10-Q with the U.S. Securities and Exchange Commission) - as being highly comparable to the Midland Basin. Finally, results have confirmed that current testing data warrants further exploration on a risk-adjusted basis.

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