Torchlight Provides Update on Midland Basin Well
Delivers First of Two Stage Frac on Flying B Ranch #2
PLANO, TX -- (Marketwired) -- 02/21/17 -- Torchlight Energy Resources, Inc. (NASDAQ: TRCH) ("Torchlight" or the "Company"), today announced that it has completed the first of a two-stage frac in the lower interval of the Wolfcamp formation using 200,000 lbs. of sand.
The frac procedure, originally planned for January, was pending delivery and subsequent review of well logs generated during drilling. A workover rig is being moved in to clean out any remaining sand in the casing and place a bridge plug above the first stage lower Wolfcamp interval. The upper Wolfcamp zone will then be perforated, acidized and prepared for the second and final stage of the frac. The service company performing the procedure will return to frac the upper Wolfcamp interval by the end of February. Following completion of the procedure, the wellbore will be cleaned out and enter the testing phase.
"We are glad to report a successful delivery of the first stage frac on our next Midland Basin well," stated John Brda, Torchlight's CEO. "The completion work being executed will allow for delivery of the second stage and put us into cleanup and testing phase by March. Employing the frac profile we have used on this next Hazel Project vertical test well will provide valuable data including how the formation responds. Results here will help us design future fracs and potentially provide Torchlight with production indications needed as we fine tune our horizontal development thesis for the play."
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.