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Torchlight Energy Resources, Inc. announced that it will commence drilling operations on March 28, 2015 to test the first well in its Orogrande Project in Hudspeth County, Texas.
The University Rich A11 well will be a vertical test well drilled to approximately 6,000 feet. The Company will be testing multiple zones, targeting the WolfPenn formation and expects to encounter pay thickness of 1,300 to 2,000 feet over different intervals. Being the first of four planned test wells in the Project, Torchlight will run a full suite of logs including sonic log, sidewall core analysis and imaging logs over all pertinent oil and gas intervals. After drilling and casing the well and evaluating all test data, horizontal potential and appropriate completion methods will be determined. The Company expects the review process to take 45 to 60 days and will employ the expertise of Rich Masterson, expert geologist and originator of the Orogrande Project.
John Brda, Torchlight's CEO, commented: "We are excited to enter this phase of our Orogrande Project and begin drilling our first well before the end of March. The greatest value creation in oil and gas history has been made through discoveries and we believe that the Orogrande provides Torchlight with a discovery opportunity platform and our test wells will prove it."
Additionally, Torchlight Energy has sold certain non-operated working interests in its Hunton assets to Breitling Energy Corporation for $600,000.The first tranche in the transaction was completed on March 10, 2015. A second tranche is planned for closing over the next few weeks, subject to certain terms and conditions.