PLANO, TX -- (Marketwired) -- 06/07/17 -- Torchlight Energy Resources, Inc. (NASDAQ: TRCH) ("Torchlight" or the "Company"), today announced that it will move a rig onto location this week to commence drilling the Flying B Ranch #3H, the Company's first horizontal well to be drilled on its Permian Basin (Midland Basin) assets. The well is expected to encounter multiple (stacked) pay zones and is planned to have a lateral leg length of 8000 feet targeting the Wolfcamp A formation. Drilling is expected to begin by Sunday and completion procedures including a multi-stage frac are scheduled for late July or Early August. Additionally, Torchlight has scheduled the second and previously announced frac on the Flying B Ranch #2 vertical test well for June 30th and will be targeting the Leonard formation with that procedure.
"We are very excited to get started on our first horizontal well on the Hazel Project in the Permian (Eastern Midland) Basin and ahead of schedule," stated John Brda, CEO of Torchlight. "After drilling two test wells, gathering side wall cores, running all necessary logs and production testing both vertical wells on opposite ends of our lease, it is now time to prove up our horizontal thesis. The location of this well is closer to our Flying B Ranch #1 well on the western side of the lease block. We will target the prolific Wolfcamp A formation which tests have confirmed is potential for horizontal development and employ the latest frac technology to maximize formation exposure and ensure success. By comparison, vertical wells expose ~150 feet of pay per zone where this well will encounter up to 8000 feet of continuous pay in the Wolfcamp A zone by drilling horizontally."
Orogrande Project Update:
The horizontal permit for the University Founders A25 #1 well has been issued. Torchlight's operating partner is preparing site work and contacting vendors. As soon as the specialized rig (capable of drilling with air and mud) is available, the Company will provide an update with definitive spud date for the first horizontal well in Torchlight's Orogrande Project.
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. 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: Torchlight Energy Resources, Inc.