PLANO, TX / ACCESSWIRE / January 8, 2020 / Torchlight Energy Resources, Inc. (NASDAQ:TRCH) ("Torchlight" or the "Company"), today announced that the Company is flowing back frac fluid on the recently completed Cactus A35 #1H well and is seeing an initial positive oil and gas result early in the process.
Following a discontinuous contractor schedule during the holidays, Maverick Operating installed tubing and an electric submersible pump in the last four days and has begun pumping back frac fluid load on the Cactus A35 #1H well. This pump is designed to move 500 barrels of liquid per day. Fracture stimulation load water was 9,900 barrels used in the single stage short lateral. A smaller pump is being utilized based on the frac size and a variable speed drive is also installed allowing for the increase or decrease in production volumes based on well conditions. The well is currently producing 160 to 180 barrels of fluid per day with approximately 15% load recovery. Intake pressure remains over 1000 psi and the Company is anticipating increased hydrocarbon content as the frac load and intake pressure both decline.
"We are very encouraged to be seeing oil and gas shows from this well early in the frac flowback process," stated John Brda, Torchlight's CEO. "With the frac size and design used, we have stimulated both the matrix and fracture system in the Penn formation's dual porosity composition. Once we establish an Initial Potential (IP) production rate we will have necessary data to both estimate initial production potential and reserves from extended length laterals using multi-stage fracture stimulation techniques. The stimulation of this 100-foot lateral interval should provide us the evidence required to prove commercial viability in the oil window of the Pennsylvanian formation, which is critical to project marketability."
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
Investor Relations Consultant
Phone: 512-270-6990
Email: [email protected]
SOURCE: Torchlight Energy Resources, Inc.