HOUSTON, Aug. 29, 2011 /PRNewswire/ -- Torchlight Energy Resources, Inc. (OTCBB:TRCH - News) and its partner have completed and are testing the Johnson #4 in the Marcelina Creek block in Wilson County Texas. The well is located approximately 3 miles NW of the Karnes County border and just southwest of the town of Poth.
Torchlight and Bayshore Operating are testing the well in the Cretaceous aged Buda formation. Although the well is still cleaning itself up from the drilling process, the initial results are positive with rates as high as 140 barrels of oil per day and large volumes of natural gas. We will continue to monitor the well as it cleans up and look to file the initial production and completion report with the Texas RR Commission in the coming days.
"We are extremely pleased with the initial performance from this vertical well for both oil and natural gas," stated Tom Lapinski, CEO of Torchlight, "not only do we have excellent flush oil production, but we also have sufficient volumes of gas that we are presently investigating means to monetize these reserves. This coupled with other zones of interest in the Cretaceous aged formations makes for exciting prospects for Torchlight".
This is the first of a three well program to test the Buda in the Marcelina Creek area and to earn a 75% interest in the block. As many as 13 Buda and 9 Eagle Ford wells can be drilled on the acreage. Torchlight will look to drill the remaining two wells in its obligation at the beginning of the 4th quarter.
You can view more information on the company's website at www.torchlightenergy.com.
FORWARD LOOKING STATEMENTS
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 our ability to obtain additional capital in the future to fund our 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.
SOURCE Torchlight Energy Resources, Inc.