Torchlight Energy recently updated investors as to scientific information returned from third-party providers who performed testing on its University Founders B-19 #1 well. Results were overwhelmingly positive and reflect the substantial upside opportunity in the wildcatter-stage E&P.
The University Founders B-19 #1 well is the second drill-out operation successfully executed by Torchlight Energy and its farm-in partner Founders Oil & Gas LLC for the E&P’s West Texas located Orogrande Project.
For those unfamiliar with Torchlight Energy, a largely preproduction, venture-level oil & natural gas company, the E&P has been acutely focused on the development of its Orogrande Project, a concept-level, potentially oil-heavy resource play that to date is entirely undeveloped, dating back to securing a massive acreage position in late 2014. Torchlight Energy, as of the filing of its last Form 10-Q with the U.S. Securities and Exchange Commission, lists assets in the Orogrande of 172,000 largely contiguous acres. Torchlight Energy, also via its Form 10-Q, has secured a multiyear commitment from development partner Founders Oil & Gas for $50 million in total exploration and development funding – essentially fully funding concept prove-out of its contiguous acreage position in the Orogrande Project.
In addition to having secured a funding and development partner in Founders Oil & Gas LLC Torchlight Energy also claims an impressive equity ownership fraternity – something made highly unusual by its maturation profile and largely wildcatter level of development. Torchlight Energy disclosed greater than 5% shareholders via recent SEC filings that included Anthion Management Founder, Managing Member, and Portfolio Manager David Moradi as well as McCabe Ventures President Greg McCabe. Torchlight Energy is also consulted by highly decorated geologist Rich Masterson. Masterson, a prospector who helped originate the prolific Wolfbone play, is using the same application of logic and parameters of evaluation …read more