Torchlight Energy Set to Spud JV in Southwest Kansas
PLANO, TX -- (Marketwired) -- 01/29/14 -- Torchlight Energy Resources, Inc. (NASDAQ: TRCH) ("Torchlight Energy" or "the Company") today announced that the Company plans to commence drilling for its initial 5-well program in Southwest Kansas on or before Feb. 5, 2014. The Company expects to complete all five wells by the end of March and then evaluate before commencing with the second five well program.
"We are very excited to begin the drilling efforts on our previously announced Kansas Joint Venture," explained John Brda, President of Torchlight Energy, "This marks the start to development of one of our two Kansas assets. These vertical Mississippian targets should prove very complimentary to our existing producing wells and help grow us toward our 2014 production goals."
Torchlight Energy signed the JV agreement on October 17, 2013 to acquire a 50% working interest on 17,000 acres of highly prospective oil and gas fields in Gray, Haskell and Finney Counties in Southwest Kansas in the southern end of the Hugoton play.
About Torchlight Energy
Torchlight Energy Resources, Inc. (NASDAQ: TRCH), based in Houston, 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, Kansas and Oklahoma where their targets are established plays such as the Eagle Ford, Mississippian and Hunton trends. For additional information on the company, please visit www.torchlightenergy.com.
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.