Torchlight and Founders Reach Total Depth on Their University Founders B19 #1 Well
PLANO, TX -- (Marketwired) -- 06/02/16 -- Torchlight Energy Resources, Inc. (NASDAQ: TRCH) ("Torchlight" or the "Company"), today announced that they have reached total depth on their University Founders B-19 #1 drilled to 6105 feet. The well has been logged and 25 sidewall cores were taken from the target intervals of the pay zone(s). The well has been cased and cemented in preparation for a frac job which is expected to be performed following data analysis.
"We are encouraged with the initial scientific data from the logs as it correlates with the University Rich Well and Cactus well from a pay, porosity, and resistivity perspective," commented Rich Masterson, consulting geologist. "In addition, we have some preliminary data from the core analysis and, as expected, the results show us that the rock qualities in this Founders B-19 well are very similar to the University Rich Well that we previously drilled."
"We will have all data evaluated and determine the optimal zone(s) and best design for the frac job that comes next," stated Will McAndrew III, COO of Torchlight. "We are encouraged by what we are seeing and expect to achieve the next step result in our Orogrande development which is to produce oil. Once we have viable production proven, we will map out our plan for additional vertical control wells and developmental horizontal locations."
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 currently holds interests in Texas and Kansas where their targets are established plays such as the Austin Chalk, Eagle Ford, Morrow, Wolfcamp A&B, and WolfPenn formations. 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.
Source: Torchlight Energy Resources, Inc.