Torchlight Energy Resources, Inc. (NASDAQ: TRCH) (“Torchlight” or the “Company”),today announced that the previously announced frac procedure on its first horizontal well in the Company’s Permian (Midland) Basin Hazel Project is underway. Due to a cancellation, the frac crew originally slated for the end of September could move onto location and begin the frac stimulation of the Flying B Ranch #3 well immediately.
The frac stimulation being delivered is designed to contain ~2,000 pounds of sand per foot with over 11 million pounds of sand total and 350,000 barrels of water. The design calls for 29 stages and is expected to take approximately one week to complete. Following the frac delivery, a rig will be brought onsite to drill out the plugs beginning flowback which is expected to commence in the second week in September.
“We are excited to be underway with the frac stimulation of our first horizontal well in our Permian Basin Hazel Project,” stated John Brda, CEO of Torchlight Energy. “The impact of initial production after entry into the Permian Basin is significant for Torchlight and has been a measurable milestone for many of our peers. With our significant acreage footprint, we look forward to cashflow impact and developmental plans that will unlock value for our shareholders.”
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 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 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 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 could 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.