PLANO, TX--(Marketwired - July 22, 2016) - Torchlight Energy Resources, Inc. (NASDAQ: TRCH) ("Torchlight" or the "Company"), today announced that the Flying B Ranch #1 has been drilled to a total depth of 6470 feet. The well has been logged and 25 sidewall cores were taken from the different pay zones. The well has been cased and cemented in preparation for a near term fracing and completion.
"We are encouraged with the initial scientific data from the logs as it correlates very well with the offset Davis Bros. Harris Est. #1 well from a pay, porosity, and resistivity perspective," stated Rich Masterson, Torchlight's Consulting Geologist. "In addition, we have some preliminary data from the CMR and Lithoscanner log analysis and as expected, the results are showing that the rock qualities in this Flying B Ranch #1 well are very similar to the wells drilled in the Wolfberry formation (a name coined to indicate the Permian Basin Shale play including comingled production from the Wolfcamp, Dean and Spraberry formations). We encountered over 400 feet of pay zone and have identified at least two horizontal targets. The Wolfcamp A&B, the Dean, the Leonard, and the Spraberry formations are all present and showing as potential completion targets. The zones have low clay content and high organic content."
"Next steps are to evaluate all of the scientific data gathered and determine which intervals to frac and the best frac design to stimulate optimal production results," stated Will McAndrew III, COO of Torchlight. "We are excited to begin this phase of our Hazel Project development. Once we have established oil production, we will plan additional vertical wells for control purposes and a horizontal development plan."
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 and Kansas where their targets are established plays such as the Austin Chalk, Eagle Ford, Morrow, Wolfcamp A&B, and WolfPenn formations. 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.