Source: Streetwise Reports 11/26/2018
A ROTH Capital Partners report reviewed the implications of these preliminary results.
In a Nov. 20, 2018, research note, ROTH Capital Partners analyst John White reported that Torchlight Energy Resources Inc. (TRCH:NASDAQ) completed drilling of its A11 #2 well in the Orogrande Basin. “It is important to note this is the company’s first well to test the Wolfcamp formation and potentially opens up a new oil and gas play separate from the previously tested Pennsylvanian,” he added.
White relayed the well findings and the next step for the energy company.
The A11 #2 was drilled to a vertical depth of 4,009 feet, and casing was set. Electric logs show excellent oil and gas potential in multiple intervals with the presence of both oil and gas,” White highlighted. “These intervals represent potentially economical formations.” Core samples are currently being analyzed.
The primary zone that was targeted was a Wolfcamp unconventional, 190-feet thick from 3,800 feet down to about 3,990 feet. The company will complete this 190-foot interval using cutting edge stimulation technology “to show the viability of movable hydrocarbons,” explained White.
Next for Torchlight, White noted, will be drilling of University Hueco A39 #1 vertically beyond 3,200 feet to test for additional Wolfcamp intervals previously encountered in Rich A11 #2.
ROTH has a Buy rating and a $1.75 per share target price on Torchlight. This represents more than a potential double as the stock is currently trading at around $0.67 per share.
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- Torchlight Energy Resources Inc.
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1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
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Disclosures from ROTH Capital Partners, Torchlight Energy Resources Inc., Flash Note, November 20, 2018
Regulation Analyst Certification (“Reg AC”): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.
Within the last twelve months, ROTH has received compensation for investment banking services from Torchlight Energy Resources, Inc.
ROTH makes a market in shares of Torchlight Energy Resources, Inc. and as such, buys and sells from customers on a principal basis.
A Research Analyst and/or a member of the Analyst’s household own(s) debt or equity securities of Torchlight Energy Resources, Inc. stock.
Shares of Torchlight Energy Resources, Inc. may be subject to the Securities and Exchange Commission’s Penny Stock Rules, which may set forth sales practice requirements for certain low-priced securities.
Within the last twelve months, ROTH has managed or co-managed a public offering for Torchlight Energy Resources, Inc.
ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months.
( Companies Mentioned: TRCH:NASDAQ,