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Torchlight Reenters Buda Well; Preps for Sale of MidCon Asset
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Torchlight Energy Resources, Inc. announced an update to its operations and financial outlook.
Marcelina Creek ProjectThe Johnson #4 well produced a total of 2,920 barrels for the month of February 2016, compared to 169 barrels for the month of February 2015, representing a 1400% increase YOY. This production does not represent a full month of production and it also represents a reduction from potential recovery due to a "best practice" of choking the well back to maintain pressures as the well continues to clean up. Over the next ~30 days, Torchlight expects to optimize daily production thus maximizing sales and providing for increased well life.
Torchlight also re-entered its Johnson #2 well and performed a seven stage acid procedure on the Buda formation, which had not been previously…
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