SOURCE: Torchlight Energy Resources, Inc.
HOUSTON, TX--(Marketwired - May 24, 2013) - Torchlight Energy Resources, Inc. (OTCQB: TRCH) ("Torchlight Energy" or "the Company") today announced that Edde Drilling, the drilling contractor on their Marcelina Creek Project in Wilson County, TX, will spud the Johnson #2H well within the next few days. Torchlight expects the drilling process to take under 30 days and will move directly into completion after analyzing the drilling results.
"We are excited to enter this stage of the development on our Macelina Creek Project," stated Tom Lapinski, CEO of Torchlight Energy. "With the drilling of the Johnson #2H we continue to execute on Torchlight's mission to develop highly probable oil assets where quick payout on proven reserves can be achieved. This horizontal well will be the first of six laterally extended locations identified for drilling for this project and target the Buda formation."
The Marcelina Creek Project is located in Wilson County, Texas. The play involves the upper cretaceous formations including Austin Chalk, Buda, and Eagle Ford formations. Torchlight currently has two wells producing on the lease, one from the Buda Formation and a second horizontal Austin Chalk well. The lease is completely surrounded on all four sides by Eagle Ford producers from well-known companies such as Hunt Oil and Clayton Williams. Torchlight Energy has a 75% Working Interest in the majority of the 1,080 acre block with 50% WI in a 280 acre section.
About Torchlight Energy
Torchlight Energy Resources, Inc. (OTCQB: TRCH), based in Houston, 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 Eagle Ford, Mississippian and Hunton trends. For additional information on the company, please visit www.torchlightenergy.com.
The information contained in this news release, other than historical information, consists of 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 may 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 Torchlight Energy'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 general and other factors that may 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.