PLANO, TX--(Marketwired - December 15, 2015) -
Torchlight Energy Resources, Inc. (NASDAQ: TRCH) today provided an update to operations for both its Orogrande and Marcelina Creek Projects.
In compliance with the Farm Out agreement with Founders Oil and Gas, the frac work on the Rich A-11 well commenced in late November. With over 1,400 feet of potential oil and gas bearing sections the operational plan is to start with the deepest completion interval and work up. Torchlight believes that we are dealing with a 700 feet interval of Siltstone. We divided that into two target intervals approximately 350 feet in the lower section and 350 feet in the upper section. The first of two planned fracs was performed on two clusters of perforations in the lower section. This lower zone will be tested over a measured period to collect data and observe the pay zone behavioral dynamics as well as production capabilities. Once the data covering the first interval has been established the Operator will isolate that zone and move up hole to repeat the process on the upper section. As test results are finalized for the combined section of pay zone further details will be announced.
Marcelina Creek Project:
A drilling rig is on location and operations have commenced in drilling two 2,400 foot lateral legs in the Johnson #4 project. Both horizontal legs will be targeting the prolific Austin Chalk formation and based on identified pressure and historical drilling techniques for the Austin Chalk, the operations will employ an underbalanced drilling. The Company expects drilling to take approximately two weeks at which time the Johnson #4 will be stimulated with a light acid job and brought into production.
"We are very excited to have made significant operational progress on both of these projects in calendar 2015," stated Will McAndrew, COO of Torchlight. "The impact to Torchlight from results on both are incredibly important as we look forward to 2016. Continued drilling and testing of the Orogrande Project with Founders Oil and Gas provides the platform for tremendous potential value creation while projects like Marcelina Creek impact cash flows and production sustainability. With our Capital Expenditure exposure covered 100% by our partners on both assets, we are in a great position and excited to see the operational results."
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)
(December 15, 2015 - 8:01 AM EST)
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