Torchlight and Founders Commence Drilling of Their Next Orogrande Well
PLANO, TX -- (Marketwired) -- 04/25/16 -- Torchlight Energy Resources, Inc. (NASDAQ: TRCH) ("Torchlight" or the "Company"), today announced that the rig has moved in and drilling commenced on the next well in the Orogrande Project, the University Founders B-19 #1. The new well will be drilled and tested vertically in Section 19 near the center of the lease acreage. The well location was selected to further identify the 1300+ feet of net pay seen in the Cactus well. The operator will employ sufficient casing size to prepare for future lateral entry into encountered pay zones. Following drilling, Torchlight and the project operator, Founders Oil and Gas will run their battery of tests to further identify plans for field development. The Company expects testing will further identify pay zones seen in the Rich A-11 well and five wells drilled by Texaco and others. The well fulfills the next step outlined in the joint plan of development with Founder's.
"We are pleased to be underway with drilling of the University Founders B-19 #1 well, the next step in evaluating our Orogrande Project," stated Will McAndrew III, COO of Torchlight. "Drilling the next test wells will help us delineate acreage and provide the necessary data to validate this play and plan of development for the 168,000 acre project. Our principal strategy continues to be creating control data through strategically placed wells across the acreage while building a development thesis for the entire basin. The capital and expertise provided by Founders continues to create value for Torchlight and our shareholders."
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 Eagle Ford, Morrow, Wolfcamp A&B, and WolfPenn formations. For additional information on the Company, please visit www.torchlightenergy.com.
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.