Torchlight Completes the Drilling Phase of its A39 #1 Well in the Company’s Orogrande Basin Project
14 Diciembre 2018 - 7:00AM
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.
Investor Relations Contact Derek Gradwell MZ
Group SVP Natural Resources Phone: 512-270-6990
Email: dgradwell@mzgroup.us Web: www.mzgroup.us
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