PLANO, TX--(Marketwired - January 17, 2018) - Torchlight Energy Resources Inc. (NASDAQ: TRCH) ("Torchlight" or the "Company"), is pleased to announce the pilot hole of the University Founders A25 well in Orogrande has reached a vertical total depth of 5900 feet. Imaging, rock properties and reservoir evaluation logs have been successfully run and the results of those logs have indicated excellent potential pay in approximately 300 feet of the Pennsylvanian formation, the Company's primary target. Torchlight obtained rotary sidewall cores as well that are being analyzed. The overall Pennsylvanian zone is approximately 700 feet and the Company will focus on a 300 foot section that was high-grade.
Rich Masterson, Torchlight's project geologist, has identified the horizontal target, which is at a depth of approximately 5540 feet. Torchlight is planning on drilling the horizontal leg to a distance necessary to test the lateral potential and then will set casing, design and prepare stimulation process for the well.
"I have had a chance to review all of the logs and have identified excellent potential pay in the Pennsylvanian formation in this well," stated Rich Masterson, renowned geologist. "The logs and cuttings showed oil along with background gas as expected. In addition, the imaging log we ran showed us the orientation of the rock, the depth of our target zone for the horizontal and best direction to drill that horizontal leg. This is the first time we have been able to get this information in the Orogrande and its extremely important in identifying potential gremlins that may be present down hole. We are looking forward to getting the horizontal section drilled and cased and subsequently preparing for stimulation."
"This is a very important step in the progression of the Orogrande Project," stated John Brda, CEO of Torchlight. "We have about 300 feet in our primary target zone with extremely promising rock qualities, approaching reservoir quality rock, with very high permeability and porosity. This will be our target zone for the lateral leg of the A25 well. Once we get the lateral drilled and casing set, we will release the rig and plan out the stimulation of the well."
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.
