Torchlight Announces Drilling of its Next Midland Basin Well
PLANO, TX -- (Marketwired) -- 12/20/16 -- Torchlight Energy Resources, Inc. (NASDAQ: TRCH) ("Torchlight" or the "Company"),today announced that drilling activities will commence on its next Midland Basin, Hazel Project well, the Flying B Ranch #2, on or about December 28, 2016.
The well will be a vertical test similar to the Company's first project well, the Flying B Ranch #1. The well location was selected to identify the Wolfcamp A&B and Leonard and Dean formations on the Eastern portion of the Company's 12,000 gross acre block. Following drilling, Torchlight and the project operator, Maverick Oil and Gas, will run a battery of tests, including side wall cores, imaging logs, shale logs, and expect to frac up to four zones to further their plans for field development. The new well will fulfill the next outlined step in the joint plan of development with Maverick.
"We are excited to begin drilling of the Flying B Ranch #2 well, marking the next step in our Hazel Project endeavors," stated John Brda, CEO of Torchlight. "Drilling this well will help to delineate acreage and provide us with necessary data in validating the play and our plan of development. Our principal strategy here is to create control data through strategically placed wells across the acreage while building a horizontal development thesis for our entire 12,000 gross acre position. Proving up this play will be extremely accretive to Torchlight as the Permian Basin continues to see increased activity and at increased prices."
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.
Source: Torchlight Energy Resources, Inc.