Increase of Over 225% During First Half of 2014 From Oklahoma Assets
PLANO, TX -- (Marketwired) -- 08/27/14 -- Torchlight Energy Resources, Inc. (NASDAQ: TRCH) ("Torchlight Energy" or "the Company"), a rapidly growing mid-continent oil and gas company, today received an updated mid-year 2014 reserve report for its oil and gas assets in the Hunton Play in Central Oklahoma. The report from Wright & Company, Inc. ("Wright"), a third party reserve engineering firm, indicated that the total project reserves increased from $21.5 million at December 31, 2013 to approximately $70 million at July 1, 2014.
- Total P1 reserves increased from $21.5 million at Year End 2013 to $35 million at July 1, 2014
- Total P2 reserves increased from zero at Year End 2013 to $35 million at July 1, 2014
- PV-10 reserves, from Torchlight's Hunton and Marcelina Creek assets were $92.56 million at July 1, 2014 vs. $43.83 million at December 31, 2013
"We are very pleased with the updated reserve numbers on our Hunton assets. Encouraging results by mid-year further validate the play as well as the expertise of the Husky Venture's operating team," stated John Brda, President of Torchlight Energy. "These increases display how we are moving forward in an aggressive and deliberate manner, achieving the reserves and production growth that we have forecasted in previous communications. Tripling our Hunton reserves in the first six months has been a significant accomplishment. We look forward to adding reserves from our other projects while continuing to develop our Hunton assets between now and the end of 2014."
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, Kansas and Oklahoma where their targets are established plays such as the Eagle Ford Shale, Mississippi Limestone and Hunton Limestone trends. 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 August 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 August 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.