PLANO, TX–(Marketwired – September 15, 2015) – Torchlight Energy Resources, Inc. (
“We are very excited about this agreement with PetroBridge and the continued development of our Marcelina Creek assets,” stated Will McAndrew III, COO of Torchlight. “We believe they are the right partner to join us in developing the Austin Chalk potential here which will further unlock value across our asset base. The Johnson #1, also on this lease had a reported initial production of 438 Bop/d from one lateral leg completed in the Austin Chalk and is still producing ~50 Bop/d three years later. The Johnson #1 horizontal section is 2000 feet where the Johnson #4 re-entry will provide for two horizontal legs up to 2400 feet each, providing us with what we expect will be a greatly increased target for completion. This most recent agreement is another example of our ability to extract value from our assets while eliminating Torchlight’s Capex requirements.”
About Torchlight Energy
Torchlight Energy Resources, Inc. (
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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