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.
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.
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.
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.