PLANO, Texas, Dec. 14, 2018 (GLOBE NEWSWIRE) -- Torchlight Energy Resources, Inc. (TRCH) ("Torchlight" or the "Company"), today announced that the Company has completed the drilling phase of the A39 #1 well in its Orogrande Basin drilling program with operator Maverick Operating and drilling partner Wolfbone Properties.
The A39 #1 was drilled to a vertical depth of 4,035 feet and casing was set. Well logs and core samples were taken prior to casing the well and are currently being analyzed. Electric logs show excellent hydrocarbon potential in multiple intervals which is representative of economical conventional and unconventional productive formations. The Company’s primary target is a Wolfcamp conventional dolomite pay-zone that appears to have net thickness of 75 feet at approximately 3,800 feet. This zone correlates to similar zones appearing in the A25 #1 well and the offset Cactus well which the Company believes demonstrates a greater arial extent of the target.
To confirm the viability of movable hydrocarbons, Torchlight will complete the well in this 75-foot Wolfcamp interval employing conventional methodology. Upon successful completion the Company will have confirmed vertical (conventional) development potential aggregating the prior successful unconventional completion.
Both the A39 #1 and the previously drilled A11 #2 well will be perforated and stimulated to commence testing of each well. Fracture stimulation will be employed at a later time as needed after results are measured.
The drilling rig will now move to the Company’s next well location, the University Maverick A24 #1. Drilling will commence after the holidays and Torchlight will be testing a structural high that it expects will prove eight potential zones below the unconventional Penn formation that was previously discovered in the A25 #1 horizontal well.
Rich Masterson, Project Geologist, stated, “From the preliminary core and log evaluation on the A39 #1 well, there are three potential pay cycles of sedimentation with good oil cuts in cores and samples on all of them. These cycles are composed of conventional and unconventional pay. Preliminary core evaluations along with electric logs show a mixture of siltstones and dolomites with oil saturation calculations, pore throat sizes and porosities typically present in productive intervals. We are most excited about a conventional San Andres 'look a like' that shows up for 75 feet at 3,800 feet. Sample, cores and logs taken from this interval show it to be an oil bearing zone with excellent fluorescents, good permeability, porosity and oil saturation.”
“We are making tremendous headway in our core Project, the Orogrande,” stated John Brda, Torchlight’s CEO. “Each well we drill gives us further scientific conformation with the last two wells demonstrating our pioneering effort to prove up a new pay zones within a newly discovered hydrocarbon system. We have proof positive of the existence of additional potential pay zones including an exciting San Andres look alike. As each well is drilled and completed it is important to remember that our results are proving viability for a much larger developmental effort and will accelerate our ongoing discussions with larger independents who have expressed interest in the Project as a partner or acquirer.”
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.