PLANO, TX--(Marketwired - February 01, 2016) -
Torchlight Energy Resources, Inc. (NASDAQ: TRCH) ("Torchlight" or the "Company"), today announced that the Company's Johnson #4 well has been re-entered and drilled laterally to approximately 2500 feet in the Austin Chalk Formation. Subsequently the Company set a liner into place, acidized the well, and has begun swabbing tests. The swabbing procedures are being performed on an 8-hour basis and have produced increasing fluid entry with 540 Barrels of Oil measured over three recent 8-hour days. After each swab the well has shown excellent gas entry with fluid measuring ~75% to 80% oil cut per run. The fluid level has remained constant at ~800 feet which correlates to excellent entry into the well bore and the shut in tubing pressure is holding at over 470 PSI.
"Torchlight is very excited to bring the Johnson #4 back into production," stated Will McAndrew III, the Company's COO. "The preliminary swabbing results are very encouraging and we expect to have an Initial Production (IP) figure in the coming weeks. Our next step is to prepare the well bore for rods and pump and monitor the various completion stages of the well for cleanup and IP testing. As indicative of numerous opportunities across our asset base, we have taken a marginal well that was making ten barrels of oil per day and unlocked the behind pipe potential. This well is extremely beneficial to Torchlight as well as our shareholders and partners. It will provide a nice increase to cash flow for the Company and further proves the exploitation thesis we are implementing across much of our acreage."
Torchlight Energy reports having over 20 additional drilling locations on its Marcelina Creek Asset in South Texas.
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, Kansas and Oklahoma where their targets are established plays such as the Wolf Penn, Eagle Ford Shale, Mississippi Limestone and Hunton Limestone trends. For additional information on the Company, please visit www.torchlightenergy.com.
Forward Looking Statement
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Such forward-looking statements involve known and unknown risks and uncertainties, including risks associated with the Company's ability to obtain additional capital in the future to fund planned expansion, the demand for oil and natural gas, general economic factors, competition in the industry and other factors that could cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. The Company is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
Source: Marketwired (Canada)
(February 1, 2016 - 8:00 AM EST)
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