Company Announces Sale of Certain Working Interest in Hunton Assets
PLANO, TX -- (Marketwired) -- 03/18/15 -- Torchlight Energy Resources, Inc. (NASDAQ: TRCH)("Torchlight" or the "Company") today announced that it will commence drilling operations on March 28, 2015 to test the first well in its Orogrande Project in Hudspeth County, Texas.
The University Rich A11 well will be a vertical test well drilled to approximately 6,000 feet. The Company will be testing multiple zones, targeting the WolfPenn formation and expects to encounter pay thickness of 1,300 to 2,000 feet over different intervals. Being the first of four planned test wells in the Project, Torchlight will run a full suite of logs including sonic log, sidewall core analysis and imaging logs over all pertinent oil and gas intervals. After drilling and casing the well and evaluating all test data, horizontal potential and appropriate completion methods will be determined. The Company expects the review process to take 45 to 60 days and will employ the expertise of Rich Masterson, expert geologist and originator of the Orogrande Project.
"We are excited to enter this phase of our Orogrande Project and begin drilling our first well before the end of March," stated John Brda, Torchlight's CEO. "The greatest value creation in oil and gas history has been made through discoveries and we believe that the Orogrande provides Torchlight with a discovery opportunity platform and our test wells will prove it."
Additionally, Torchlight Energy has sold certain non-operated working interests in its Hunton assets to Breitling Energy Corporation for $600,000.The first tranche in the transaction was completed on March 10, 2015. A second tranche is planned for closing over the next few weeks, subject to certain terms and conditions.
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 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.