Torchlight Energy Announces 30 Day Test on the Johnson #1
HOUSTON, Oct. 18, 2012 /PRNewswire/ -- Torchlight Energy Resources, Inc. (OTCBB:TRCH), an independent oil and gas company headquartered in Houston, Texas is pleased to announce the results of a 30 day test of the Johnson #1 well in the Company's Marcelina Creek project in Wilson County, Texas.
The well produced an average of 196 BOPD (barrels of oil per day) from the Austin Chalk formation. This well was re-drilled by the original drilling company at their expense because of complications in the original well-bore into the Austin Chalk formation and includes a 2,400 foot lateral leg. Torchlight has a 50% working interest in the well.
Torchlight's CEO, Tom Lapinski said, "We are obviously pleased with the results from this well. The fact that the well was successfully drilled, completed and brought into production means a great deal to the Company. First, we are adding significant cash flow which will be used to fund additional drilling. It also adds reserves, both PUDs (Proven Undeveloped) and Probable locations in the Austin Chalk and an additional pay zone across the acreage. The 30 day test is certainly in line with expectations and the well has performed without a hitch. We look forward to continuing to develop the acreage position."
You can view more information on the company's website at www.torchlightenergy.com.
ABOUT TORCHLIGHT ENERGY
Torchlight Energy Resources, Inc, headquartered in Houston, TX, is positioned as an oil and gas company with a primary focus on oil. Torchlight will focus on highly probable and profitable drilling and working interest programs that have a short payback period, high IRR and proven reserves and are located in domestic, onshore fields.
With a proven management team and tremendous access to pre-market deal flow, the Company is positioned for tremendous near-term growth for our shareholders. Torchlight will identify drilling opportunities with a high probability of success, purchase working interest ownership in proven field development programs, spread the risk associated with drilling programs by entering into a variety of programs in different fields with differing economics but all with reputable operators and hedging production when possible for predictable cash flows.
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.