Torchlight Provides Update on its Flying B Ranch #3H Well
PLANO, TX -- (Marketwired) -- 10/18/17 -- Torchlight Energy Resources, Inc. (TRCH) (NASDAQ: TRCH)("Torchlight" or the "Company"),today provided an update to the flowback process underway on its Flying B Ranch #3H well. The initial barrels of load water to be recovered measured 318,000 and while early flowback was achieved without the assistance of a pump, the Operator placed the well on artificial lift employing an electric submersible pump (ESP) to decrease the load water recovery time based on initial rates. Currently the Company is producing ~2500 barrels of fluid per day and is experiencing increasing oil cuts and gas production with ~260,000 barrels of frac fluid remaining to be removed. Most recent measurements reflected an oil cut of roughly 6% reaching ~150 BO/d and 30 MCF/d. Following the flowback/clean-up process, Torchlight will test daily production over a measured period and report the extrapolated 24-hour initial production (IP) figure.
"Our Operating Partner has done a terrific job in bringing this well to its current stage while preserving wellbore integrity," stated John Brda, CEO of Torchlight Energy. "We are very excited about the production measurements so far. The incremental increases during this clean-up phase are encouraging and we are exercising both patience and diligence in these efforts. We look forward to reporting initial production results in the near future. Our team will also be reviewing this data to solidify the development plans for our large Permian Basin acreage footprint and confirm the thesis put forth by our partners and expert consulting geologist, Rich Masterson."
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.