Source: Streetwise Reports 04/15/2019
This energy company will use the “substantive update” to market itself and its assets.
Torchlight Energy Resources Inc. (TRCH:NASDAQ) received the final petrophysical report on its Orogrande Basin project, it announced in a news release.
The document, prepared by Stimulation Petrophysics Consulting in Denver, gives a range of potential recoverable reserves from the unconventional zones on Torchlight’s 134,000 acres. These figures are based on standard recovery factors.
The best case scenario is 15% recovery, equating to 4,975 million barrels of oil equivalent (4,975 MMboe). The mean case is 11% recovery, for 3,678 MMboe, “a significant revelation,” said CEO John Brda in the release. The low case is 7% recovery, or 2,321 MMboe.
“Torchlight’s board of directors and management feel that the third-party evaluation and resulting estimate of 3.7 billion barrels of potential recoverable oil at an 11% [recovery factor] is a significant revelation. Although the cost to acquire the voluminous amount of science needed for this third party evaluation was quite significant, we are obviously very pleased with the end results,” Brda stated.
“It is unique to find a new basin predominately owned by one exploration company and with agreeable lease terms such as those we have with University Lands. As we enter and continue discussions with suitors, Torchlight will better define the current market value for one of the largest virgin onshore oil and gas basin discoveries in the United States in recent history. We look forward to reporting the impact of such value to our shareholder’s ownership,” Brda added.
Torchlight “intends to provide subsequent updates regarding further analysis and additional data relating to its Orogrande Project marketing process in the near future.”
Read what other experts are saying about:
- Torchlight Energy Resources Inc.
Sign up for our FREE newsletter at: www.streetwisereports.com/get-news
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.
2) The following companies mentioned in this article are sponsors of Streetwise Reports: Torchlight Energy Resources. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with Torchlight Energy Resources. Please click here for more information.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Torchlight Energy Resources, a company mentioned in this article.
( Companies Mentioned: TRCH:NASDAQ,