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Torchlight Energy Resources, Inc. received an updated mid-year 2014 reserve report for its oil and gas assets in the Hunton Play in Central Oklahoma. The report from Wright & Company, Inc., a third party reserve engineering firm, indicated that the total project reserves increased from $21.5 million at December 31, 2013 to approximately $70 million at July 1, 2014.
Highlights:
- Total P1 reserves increased from $21.5 million at Year End 2013 to $35 million at July 1, 2014
- Total P2 reserves increased from zero at Year End 2013 to $35 million at July 1, 2014
- PV-10 reserves, from Torchlight's Hunton and Marcelina Creek assets were $92.56 million at July 1, 2014 vs. $43.83 million at December 31, 2013
John Brda, President of Torchlight Energy, commented: "We are very pleased with the updated reserve numbers on our Hunton assets. Encouraging results by mid-year further validate the play as well as the expertise of the Husky Venture's operating team. These increases display how we are moving forward in an aggressive and deliberate manner, achieving the reserves and production growth that we have forecasted in previous communications. Tripling our Hunton reserves in the first six months has been a significant accomplishment. We look forward to adding reserves from our other projects while continuing to develop our Hunton assets between now and the end of 2014."