PLANO, TX -- (Marketwired) -- 03/31/15 -- Torchlight Energy Resources, Inc. (NASDAQ: TRCH) ("Torchlight" or the "Company"), today announced that they have begun to drill the first test well in the Orogrande project, The University Rich A11.
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.
"Per the purchase agreement of the Orogrande acreage, we have spudded this first well by March 31, 2015," stated Will McAndrew, COO of Torchlight Energy. "It is extremely important to protect our assets in the Orogrande basin, a discovery opportunity that is secured by the spudding of this first well. We are encouraged by the prospect that this well provides Torchlight shareholders. We look forward to providing a further update when the proper completion method is chosen and we have preliminary production results," continued Mr. McAndrew.
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.