Torchlight Energy Updates Progress on Hunton Wells Operated by Husky Ventures
May 19, 2014 (Source: Marketwired) — Torchlight Energy Resources, Inc. (NASDAQ: TRCH) (“Torchlight Energy” or “the Company”), a rapidly growing mid-continent oil and gas company, today issued an update on the progress of its horizontal Hunton play operated by Husky Ventures. The table below indicates the wells that have been placed into production, are currently in initial flow back, are currently being fraced or are currently being drilled. Overall results have met or exceeded management’s expectations.
“Torchlight is very pleased with the pace of activity and the results of these wells,” commented Will McAndrew, Torchlight’s COO. “We expect that our efforts in this play will continue to return positive results. Evidence is showing that we should be able to continue to meet and exceed the expected type curves for our horizontal Hunton wells being systematically developed by Husky Ventures. Due to Husky’s success in over 50 consecutive wells drilled to date on these leases, we will continue to aggressively expand in this area and expect to be a participant in several hundred new targets with Husky over the long term.”
|TRCH Participation in Husky Operated Wells Q2 2014 (to date)|
|Days On||TRCH WI|
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While Torchlight’s Working Interest in these most recent wells is small, it is important to highlight the performance amongst the three most recent wells as they are indicative of the types of wells that can be brought in through this horizontal play. We would like to highlight the Kodiak well in particular; the Kodiak is currently flowing up the casing, having reached a recent peak of 1,432 BO and 1.54MMCF of Gas. In just the 12 days that this well has been on line it has returned of 11,337 BO and 11.33 MMCF of Gas. The Kodiak initially surpassed the single daily production rate of the School Land well, which reached a peak daily rate of 1,475 BOEPD with an EUR of over 1MM BOE according to Wright and Company, third party Engineers.
About Torchlight Energy
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 currently holds interests in Texas, Kansas and Oklahoma where their targets are established plays such as the Eagle Ford Shale, Mississippi Limestone and Hunton Limestone trends. For additional information on the company, please visit www.torchlightenergy.com.
Forward Looking Statement
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Such forward-looking statements involve known and unknown risks and uncertainties, including risks associated with the company’s ability to obtain additional capital in the future to fund planned expansion, the demand for oil and natural gas, general economic factors, competition in the industry and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. The company is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
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