Corporate News Blog - Torchlight Energy Resources to Drill First Horizontal Well at the Hazel Project Location on its Midland Basin Position
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LONDON, UK / ACCESSWIRE / June 9, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Torchlight Energy Resources, Inc. (NASDAQ: TRCH). The Company announced on June 07, 2017, that it will move a rig on to a Hazel project location this week to start the drilling of Flying B Ranch #3H, which is the Company's first horizontal well to be drilled on its Permian Basin (Midland Basin) assets. In the Midland Basin, the Company holds about 12,000 gross acres (7,999 net acres), accounting for Wolfcamp A&B collectively, of which 100% will be operated. For immediate access to our complimentary reports, including today's coverage, register for free now at: http://protraderdaily.com/register/.
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About the Project
The drilling well is set to have a lateral leg length of 8,000 feet targeting the Wolfcamp A and will encounter multiple (stacked) pay zones. The drilling at the location is expected to commence by June 11, 2017, where the project is expected to conclude by the end of July, or early August, 2017. The Company additionally announced that it has scheduled the second and previously announced frac on the Flying B Ranch, #2 vertical test well for June 30 and will be targeting the Leonard formation under the procedure.
Torchlight Energy views this announcement as a step to deliver the first horizontal well on the Hazel project in the Permian (Eastern Midland Basin). The Company has drilled two test wells, gathered side wall cores, ran all necessary logs and production test of both vertical wells on opposite ends of the lease, and is now set to deliver on its horizontal thesis. Torchlight Energy will target Wolfcamp A formation, where tests have confirmed that it is feasible for horizontal development and employing the latest frac technology, the Company will ensure maximized formation exposure and ensure success. Relatively, the vertical wells expose 150 feet of pay per zone while this horizontal well will encounter up to 8000 feet of continuous pay in the Wolfcamp A zone.
Midland Basin Position
Torchlight Energy holds 75% of net revenue interest in its Midland Basin fixed assets. The asset consists of 19 contiguous sections with a potential of as many as 300 horizontal drilling locations targeting the Wolfcamp A and B formations. The Company finds the location highly prospective for horizontal development, where Wolfcamp ranges from 150 feet to 350 feet and requires multiple horizontal legs per bench to drain fully. Additionally, all field services are available in close proximity to the acreage including oil and gas pipeline infrastructure. The continuous drilling clause on the lease started in July 2016, under which the Company is legible to drill one well, either vertical or horizontal every six months, to hold the entire, 12,000-acre block.
Growth Prospects
Torchlight Energy is a Plano, Texas, based, high growth oil and gas Exploration Company where it primarily focuses on acquisition and development of highly profitable domestic oil fields. On April 24, 2017, the Company announced that it has successfully tested the Flying B Ranch #2 vertical well in the Lower Wolfcamp A and the Upper Wolfcamp B sections. The well was initially tested at ~20 barrels of oil per day with associated gas. The test delivered confirmation for the second horizontal bench in the Hazel project.
Last Close Stock Review
At the closing bell, on Thursday, June 08, 2017, Torchlight Energy Resources' stock declined 1.31%, ending the trading session at $1.51. A total volume of 122.16 thousand shares have exchanged hands. The Company's stock price skyrocketed 9.42% in the last three months, 27.97% in the past six months, and 115.71% in the previous twelve months. Moreover, the stock surged 27.97% since the start of the year. The stock currently has a market cap of $90.06 million.
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