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.
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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