Torchlight Energy Provides Update on Its Marcelina Creek Project in Wilson County, TX
Goldstone Energy GP, LLC to Participate in Well
PLANO, TX -- (Marketwired) -- 11/19/15 -- Torchlight Energy Resources, Inc. (NASDAQ: TRCH) ("Torchlight" or the "Company"), today announced that the drilling contract for the Johnson #4 Re-Entry has been approved and the Company is expecting the drilling rig to be on location during the first week of December. Additionally, Torchlight has entered into an agreement for Goldstone Energy GP, LLC ("Goldstone Energy" or "Goldstone") to participate in the project for 10% working interest. The 10% interest will be assigned by Torchlight from a 25% interest that was previously earmarked for industry partners. Torchlight will retain a 50% working interest in this well.
"We are very excited to announce that Goldstone Energy has elected to participate with us on this project," stated Will McAndrew III, COO of Torchlight. "The substantial level of interested we have seen from industry partners on our objective to target the Austin Chalk formation speaks to the industry's comprehension of the play's potential. Our Johnson #1 is an offset location and came in at 490 BOPD from the Austin Chalk. That well is still producing an average of ~50 BOPD three years later with a lateral leg that is ~2000 feet. Our Johnson #4 will be a re-entry where we will be drilling two horizontals and expect ~2400 feet from each or a ~4800 foot total lateral section. During the course of drilling the Johnson #4, we originally experienced shows in the Austin Chalk on our way to the lower completed and productive Buda formation. This gave us a defining look at the data needed to identify this structurally higher target zone."
About Torchlight Energy
Torchlight Energy Resources, Inc. (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, Kansas and Oklahoma where their targets are established plays such as the Wolf Penn, Eagle Ford Shale, Mississippi Limestone and Hunton Limestone trends. For additional information on the Company, please visit www.torchlightenergy.com.
About Goldstone Energy GP, LLC
Goldstone Energy GP, LLC and its affiliates specialize in oil and gas exploration, development and investment activities and in the ancillary businesses that the industry supports. Goldstone is based in Dallas, Texas.
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.