Torchlight Energy Resources, Inc.
Under the Symbol:
Torchlight Provides Orogrande Basin Project Operational Update
Friday, December 20, 2019 8:00 AM
Announces Frac on Its A35 #1H Well and Finishes Drilling the A25 #2
PLANO, TX / ACCESSWIRE / December 20, 2019 / Torchlight Energy Resources, Inc. (NASDAQ:TRCH) ("Torchlight" or the "Company"), today announced that the completion of the Cactus A35 #1H lateral has been scheduled and will be delivered this week. The planned frac is an attempt to break through the dual porosity system and expand pore access in the oil window of the Pennsylvania Silt Zone encountered during drilling. The frac is designed to be a single stage and will deliver 9,500 Barrels of water with 3,000 pounds of sand per foot in a five cluster interval. A single-stage frac is being employed to show the potential for commercial oil production from the target zone. Results will be used to develop a production profile and assumptions for extended laterals with multi-stage frac deployment. The flowback of frac fluid will commence immediately following the procedure.
The Company has also finished the drilling phase of the Founders A25 #2 well and is currently running a full suite of drilling logs and sidewall cores. The A25 #2 well reached a total depth of ~7,250 feet and is currently classified as open hole, pending completion. Upon collection and analysis of gathered scientific data, a frac will be engineered to target one or more of formations encountered with expected delivery early in the new year.
"We are pleased with all aspects of our current operational endeavors," stated John Brda, Torchlight's CEO. "The single stage-frac being deployed on the A-35 1H is designed to validate our thesis for commercial liquid hydrocarbon production from the Pennsylvania Silt pay-zone. Results will allow for multi-stage completion and production modelling, a crucial and impactful component to the overall Orogrande basin profile and our ongoing marketing efforts. We are also optimistic about our progress in developing the vertical potential for this asset. Based on the success in the Helms and Barnett/Woodford sections to the east of us we expect to expand the project's unconventional potential and further deepen the value of this play."
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.
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SOURCE: Torchlight Energy Resources, Inc.