PLANO, April 30, 2018 - Torchlight Energy Resources Inc.
(NASDAQ: TRCH) ("Torchlight" or the "Company"), today announced that stimulation of the Penn formation has been successfully completed on the University Founders A25 #1H horizontal well in the Orogrande Project. A total of six stages were fracture stimulated using 1.6MM pounds of sand at 60 bpm. Average stage breakdown pressure was 4,500 psi. The stage plugs have now been drilled and the flow testing phase has begun.
"We are very pleased that all six stages of the stimulation were delivered according to plan," stated John Brda, CEO of Torchlight Energy. "The well treated as expected and the entire proppant package of each stage was placed as designed. Matrix fracture stimulation was accomplished, and we believe this to be a first in the Orogrande Basin. Flow-back, testing and evaluation of the ~1000' lateral interval in the Pennsylvanian formation has begun. It certainly is exciting to be at this point in the project and we look forward to updating our shareholders in the coming weeks, as we know more information. Based on all technical data we have acquired through the drilling and completion phase of the project our expectations are high we will see oil production, but only after at least some load recovery. Having Maverick Operating on location to supervise the stimulation process delivered by CUDD Energy Services went very smoothly. Both did an excellent job."
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.
Investor Relations Contact
SVP Natural Resources