|Bid||0.6001 x 1000|
|Ask||0.6100 x 1000|
|Day's Range||0.6200 - 0.6389|
|52 Week Range||0.5600 - 1.9800|
|Beta (5Y Monthly)||2.00|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
The maturity date of the subject promissory note has been extended for one year, from April 10, 2020 to April 10, 2021. As part of the terms of the referenced extension agreement, the Company paid the noteholder a fee of $80,000.
The well reached total depth at 7623 feet and encountered several conventional pay zones as well as drilling through the unconventional Wolfcamp, Penn, Barnett and Woodford zones. Torchlight previously had confirmation on the Wolfcamp and Penn formations but this is the first time the Company and its operator Maverick Operating have drilled through and confirmed the presence of the Barnett and Woodford formations directly on its lease.
After analyzing the initial data, Torchlight's scientific team has identified multiple conventional pay zones. Torchlight continues carefully removing load water on its recently fracked Cactus A35 #1H (Penn Formation) well and is seeing good results.
PLANO, TX / ACCESSWIRE / January 16, 2020 / Torchlight Energy Resources, Inc. (TRCH), an energy company engaged in the acquisition, exploration, exploitation and/or development of oil and natural gas properties in the United States, today announced the closing of its previously announced underwritten public offering of 3,285,715 shares of its common stock at a public offering price of $0.70 per share, for total gross proceeds of approximately $2.3 million, before deducting underwriting discounts and other offering expenses payable by the Company. Torchlight Energy Resources, Inc. intends to use the net proceeds from the offering for general business purposes, which may include drilling capital, acquisitions of assets and working capital. A shelf registration statement relating to the shares of common stock issued in the offering was filed with the Securities and Exchange Commission (the "SEC") and has been declared effective.
In addition, Torchlight has granted the underwriters a 45-day option to purchase up to 15% additional shares of common stock at the public offering price, less offering expenses, to cover over-allotments, if any. Aegis Capital Corp. is acting as sole book-runner for the offering.
In addition, the Company also expects to grant to the underwriter for the offering a 45-day option to purchase up to an additional 15% of the number of shares of common stock offered in the public offering to cover over-allotments, if any. The Company intends to use the net proceeds for general business purposes, which may include drilling capital, acquisitions of assets and working capital.
Following a discontinuous contractor schedule during the holidays, Maverick Operating installed tubing and an electric submersible pump in the last four days and has begun pumping back frac fluid load on the Cactus A35 #1H well. Intake pressure remains over 1000 psi and the Company is anticipating increased hydrocarbon content as the frac load and intake pressure both decline. "We are very encouraged to be seeing oil and gas shows from this well early in the frac flowback process," stated John Brda, Torchlight's CEO.
The planned frac is an attempt to break through the dual porosity system and expand pore access in the oil window of the Pennsylvania Silt Zone encountered during drilling. A single-stage frac is being employed to show the potential for commercial oil production from the target zone. The Company has also finished the drilling phase of the Founders A25 #2 well and is currently running a full suite of drilling logs and sidewall cores.
PLANO, TX / ACCESSWIRE / November 7, 2019 / Torchlight Energy Resources, Inc. (NASDAQ:TRCH) ("Torchlight" or the "Company"), today announced that management has recorded a technical walk through with consulting engineer Mike Zebrowski do discuss scientific data including well logs and plans to frac the recently drilled Cactus A35 1H lateral in the Company's Orogrande Basin Project. The webcast of call recording will be available at the following link posted to the Company's website. The recording will cover details regarding the previously announced Cactus A35 1H well which was drilled horizontally, extending from the vertical test well formerly drilled by Trail Mountain targeting deeper pay zones.
PLANO, TX / ACCESSWIRE / October 31, 2019 / Torchlight Energy Resources, Inc. (NASDAQ:TRCH) ("Torchlight" or the "Company"), today announced that in concert with ongoing efforts to identify, provide scientific data and enter an agreement with potential suitors for development of the sizable Orogrande Basin Project development, the Company has completed the drilling of the Cactus A35 1H lateral with partner Maverick Operating and is underway on drilling a new vertical test well, the Founders A25 #2. The Cactus A35 1H well was drilled horizontally, extending from the vertical test well formerly drilled by Trail Mountain, which was targeting deeper pay zones. The original casing set by Trail Mountain was an appropriate size for Torchlight to re-enter, cut a window and drill directionally into the proven Penn Section that the Company announced as a New Field Discovery earlier this year.
PLANO, TX / ACCESSWIRE / July 19, 2019 / Torchlight Energy Resources, Inc. (NASDAQ: TRCH ) ("Torchlight" or the "Company") , today announced that it has made final payment to Founders ...
PLANO, TX / ACCESSWIRE / May 21, 2019 / Torchlight Energy Resources, Inc. (NASDAQ: TRCH) ("Torchlight" or the "Company"), today provided an update regarding the Company's process addressing acquisition interest from industry majors in its Orogrande Basin Project. Since commencing discussions in April, Torchlight has made seven individual presentations to publicly traded industry majors and private equity backed firms.
This Press Release Replaces the Press Release Issued on April 11, 2019 at 8:00AM EDT with Updated Range of Recoverable Values Receives Final Petrophysics Report on its Orogrande Basin Project PLANO, TX ...
PLANO, TX / ACCESSWIRE / April 11, 2019 / Torchlight Energy Resources, Inc. (NASDAQ: TRCH) (''Torchlight'' or the ''Company''), today announced that the Company has received the final petrophysical report relating to its Orogrande Basin Project. The report will be utilized in the delivery of due diligence materials to industry suitors for potential M&A discussions with Torchlight. The final report, prepared by Stimulation Petrophysics Consulting out of Denver, outlines the potential recoverable reserves from the unconventional zones on Torchlight's 134,000 acres in the Orogrande Basin.
PLANO, TX / ACCESSWIRE / March 11, 2019 / Torchlight Energy Resources, Inc. ( TRCH ) ("Torchlight" or the "Company"), today announced that the Company will has been invited to participate ...
PLANO, TX / ACCESSWIRE / March 8, 2019 / Torchlight Energy Resources, Inc. (NASDAQ: TRCH ) ("Torchlight" or the "Company") , today announced that the Company will host a corporate update ...