PLANO, TX–(Marketwired – July 13, 2015) – Torchlight Energy Resources, Inc. (NASDAQ: TRCH) (“Torchlight” or the “Company”), today confirmed it has received and reviewed results from scientific testing on the Company’s University Rich A-11 Well. All initial tests were performed by third parties, including Haliburton for most log suites and SCAL for sidewall core test and analysis. To develop the geostatistical model for the Orogrande Prospect, Torchlight’s management and consulting scientific team have created the following checklist of unique characteristics. The presence of these keys combined with specific knowledge of the depositional system and subsurface structure outline the characteristics of a potential new field discovery. This scientific model will be employed for future reservoir simulation and wellbore correlation.
“Although previously encouraged by initial test results, we now have a scientific model developed to further identify and confirm our Orogrande play and we are elated with the results,” stated Will McAndrew III, Torchlight’s Chief Operating Officer. “All scientific data has been fully analyzed and we believe that we have identified a significant new oil field discovery in the State of Texas. The next phase of testing will be to drill additional vertical wells to measure the extent of the play as well as horizontal wells to determine flow rates and reserve potential for our 95% Working Interest in the 168,000 acres. This will require additional capital and we are speaking to potential Joint Venture partners who are using cutting edge drilling and completion technology in the Permian Basin. The similarities to the Midland Basin portion of the Permian and in particular the Spraberry/Wolfcamp zones is unmistakable. This makes the larger E&P companies who are active in that play a natural fit for JV participation and expertise.”
To view logs and core analysis for the Orogrande, please visit Torchlight’s website at http://www.torchlightenergy.com/current-projects/orogrande-project.
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 currently holds interests in Texas, Kansas and Oklahoma where their targets are established plays such as the Wolf Penn, Eagle Ford Shale, Mississippi Limestone and Hunton Limestone trends. 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.
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Investor Relations Contact
Derek Gradwell
MZ Group
SVP Natural Resources
Phone: 512-270-6990
Email: dgradwell@mzgroup.us
Web: www.mzgroup.us
