HOUSTON, TX--(Marketwired - June 07, 2013) - Torchlight Energy Resources, Inc. (TRCH) ("Torchlight Energy" or "the Company") today announced that its operator has completed drilling, logged and cased Torchlight's first well in the newly acquired horizontal Hunton play in the Cimarron Project. The Boeckman 1-14H is the 19th well drilled and operated in this area by Husky Ventures, the operator on the Cimarron Project.
"We are delighted to have completed drilling our first horizontal well in the Hunton on budget and in record time," said Tom Lapinski, CEO of Torchlight Energy. "All of the preliminary data we have received so far indicates results to be in line with expectations from a production and reserve standpoint. We expect to begin fracking the well by the end of June."
Torchlight Energy has a 15% working interest in the Cimarron Project, located in Central, Oklahoma and spanning approximately 3,500 acres. Husky Ventures has successfully drilled 19 wells in this region with IPs between 500 and 1,100 BOEPD per well. The Boeckman 1-14H, drilled to a total depth of 7,800 feet with a 4,200 foot lateral targeting the Hunton formation, is a direct offset to an existing producing well drilled by Husky Ventures. Torchlight Energy plans to participate in the drilling of three to four additional wells out of their 20+ targets in 2013.
About Torchlight Energy
Torchlight Energy Resources, Inc. (TRCH), based in Houston, 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, Mississippian and Hunton trends. For additional information on the company, please visit www.torchlightenergy.com.
Forward Looking Statement
The information contained in this news release, other than historical information, consists of 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 Trochlight Energy'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 general 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.