21 Stage Frack Successfully Completed and Flowback Has Commenced
PLANO, TX--(Marketwired - August 05, 2013) - Torchlight Energy Resources, Inc. (
Torchlight and its partners in the Cimarron Project, have successfully completed a 21 stage frack, after which the well began to flowback on July 24th, 2013. The productive reservoir is the Hunton Formation where a gas lifting mechanism will be employed by the Company at the wellhead, increasing productivity and reducing the well operating costs. This is the 19th well drilled and operated in this area by Husky Ventures, the operator of the project.
"We are very encouraged by the completion results on Boeckman 1-14H," said Tom Lapinski, CEO of Torchlight Energy. "As historically seen on wells in the area, we expect this well will reach peak production within 30 to 60 days. The gas lift is in place as on analogous wells in the field and we are seeing the types of results we have expected to encounter. We look forward to announcing an update for Boeckman 1-14H as soon as production and revenue stabilizes."
Torchlight Energy has a 15% working interest in the Cimarron Project, located in Central, Oklahoma and spanning approximately 3,500 acres. Husky Ventures has successfully drilled 19 wells in this region with IPs between 500 and 1,100 BOEPD per well. The Boeckman 1-14H, drilled to a total depth of 7,800 feet with a 4,200 foot lateral targeting the Hunton formation, is a direct offset to an existing producing well drilled by Husky Ventures. Torchlight Energy plans to participate in the drilling of three to four additional wells out of their 20+ targets in 2013.
About Torchlight Energy
Torchlight Energy Resources, Inc. (
Forward Looking Statement
The information contained in this news release, other than historical information, consists of 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 may 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 Torchlight Energy'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 general and other factors that may 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.