Torchlight Energy Resources, Inc. (NASDAQ: TRCH) is a high growth oil and gas Exploration and Production (E&P) company primarily focused on the acquisition and development of highly profitable domestic oil fields. Leveraging a diverse portfolio, carefully selected interests, and a strong management team are pillars of Torchlight’s broader success strategy.
The company maintains a diversified energy portfolio by holding interests in numerous projects in multiple established plays, and it currently holds interests in Texas, Oklahoma and Kansas, where its targets are established plays such as the Wolf Penn, Eagle Ford Shale, Mississippi Limestone and Hunton Limestone trends.
Torchlight is currently moving forward on the next phase of drilling on three new wells in its Orogrande Project in West Texas, where the company owns a 47.5% working interest on 168,000 acres alongside Founders Oil and Gas, LLC. Torchlight drilled the Rich A-11 well (6,091 feet) on the Orogrande Project in March last year and subsequently executed a $50 million JV farm-out agreement with Midland, Texas-based Founders Oil and Gas, who initiated frac work on the well in November.
The Marcelina Creek Project in South Texas, with its prime access to the Austin Chalk, Buda, and Eagle Ford formations, is surrounded on all four sides by leading Eagle Ford producers. Torchlight’s Johnson #4 well was recently re-entered and drilled laterally to approximately 2500 feet in the Austin Chalk Formation. With more than 20 additional drilling locations on its Marcelina Creek Asset, the project has the potential to positively impact cash flows and production sustainability.
Torchlight’s executive team and board of directors are led by CEO John Brda and COO Willard McAndrew III. Combined they have over 50 years of experience in the oil and gas industry as executives, investors and consultants to the industry. Their knowledge base includes all aspects of the business, including: operations, mid stream, capital formation, purchase and sale of assets, re-entries, investor relations and oil and gas consulting for public and private companies.
Key Investment Highlights:
- Defined strategy targets highly profitable oil fields in the United States
- Diversified energy portfolio enables projects in multiple established plays
- Primary focus on interest in major Orogrande Basin discovery in West Texas
- Strong management team with vast, relevant experience in energy industry
For more information on the company, visit www.TorchlightEnergy.com
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