Torchlight Reaches Total Depth in Midland Basin Well
400 Feet of Continuous Pay Identified
PLANO, TX --(Marketwired - January 10, 2017) - Torchlight Energy Resources Inc. (NASDAQ: TRCH) ("Torchlight" or the "Company"), today announced that drilling of the Flying B Ranch #2 vertical well was completed to a total depth of 6,550 feet. The Company subsequently ran a full suite of logs including shale and imaging logs with 25 sidewalls cored and recovered. Preliminary analysis by Rich Masterson, the Project Geologist, has resulted in the identification of ~400 feet of continuous pay comprised of ~80 feet of Dean and ~320 feet of Wolfcamp A&B formations. Additionally, the existence of the Leonard formation was identified with ~165 feet of pay. Further shale log and detailed core analysis are underway.
Torchlight has planned a completion procedure to commence on January 18th with a scheduled fracing of the well which will target the 400' of pay identified in the Wolfcamp and Dean formations. The Company plans to perform a significantly larger multiple-stage frac than previously employed where they will utilize 600,000 lbs. of sand pumped at a fluid rate of 75-100 barrels per minute. Torchlight expects the well to be a vertical producer providing further confirmation for economic horizontal development potential.
"We are very excited to be moving the Flying B Ranch #2 into completion," stated John Brda, Torchlight's CEO. "Once again, our operating partner, Maverick Oil and Gas has drilled our well ahead of time and under budget. We have engineered a much larger frac for this second well and expect that it will maximize any production results that we encounter."
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.
Contact
Investor Relations Contact
Derek Gradwell
MZ Group
SVP Natural Resources
Phone: 512-270-6990
Email: dgradwell@mzgroup.us
Web: www.mzgroup.us
