PLANO, TX / ACCESSWIRE / February 19, 2020 / Torchlight Energy Resources, Inc. (NASDAQ:TRCH) ("Torchlight" or the "Company"), today provided an update on its recent drilling and logging activity on the A25 #2 well in the Company's Orogrande Basin Project.
The well reached total depth at 7623 feet and encountered several conventional pay zones as well as drilling through the unconventional Wolfcamp, Penn, Barnett and Woodford zones. Torchlight previously had confirmation on the Wolfcamp and Penn formations but this is the first time the Company and its operator Maverick Operating have drilled through and confirmed the presence of the Barnett and Woodford formations directly on its lease. The Barnett and Woodford zones have been produced locally, just off Torchlight's lease line from vertical wells drilled by Trail Mountain years ago. The Trail Mountain wells tested at 43 barrels of oil per day and another at 1,000 mcfpd, confirming productivity from these zones. The Company believes the logs confirm that there are multiple targets to test on the A25 #2 well. Potential conventional zones were encountered in various Atoka and Morrow zones.
Mike Zebrowski, G and G Science lead on the project, stated, "The A25 #2 is an important deep exploration well, which confirms the unconventional Barnett and Woodford near the center of Torchlight's 134,000 acres. The test encountered these zones at around 7,000 foot depth and significantly deeper than wells which produced oil and gas on tests to the East. These zones being deeper should provide added reservoir pressure and add a bit more thermal maturity resulting in good quality oil and gas. It is exciting to confirm that deeper and widespread zones with this well now provide four major zones of unconventional targets."
About Torchlight Energy Resources, Inc.
Torchlight Energy Resources, Inc. (NASDAQ:TRCH), based in Plano, Texas, is a high growth oil and gas Exploration and Production (E&P) company with a primary focus on acquisition and development of highly profitable domestic oil fields. The company has assets focused in West and Central Texas where their targets are established plays such as the Permian Basin. For additional information on the Company, please visit www.torchlightenergy.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this press release are forward-looking statements, including, but not limited to, the company's proposed follow-on offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the company cautions investors that actual results may differ materially from the anticipated results.
Investor Relations Contact
Derek Gradwell
Investor Relations Consultant
Phone: 512-270-6990
Email: ir@torchlightenergy.com
SOURCE: Torchlight Energy Resources, Inc.
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