HOUSTON, Aug. 7, 2012 /PRNewswire/ -- Torchlight Energy Resources, Inc. (OTCBB: TRCH) is pleased to announce that the re-drill of the Johnson #1 well in our Marcelina Creek project, was successfully completed on August 3, 2012. The well replaced the Johnson #1-H which was damaged during a recompletion last year. The service company that damaged the well, such that it could no longer be produced, drilled the well at their sole cost.
The well was re-drilled into the Austin Chalk formation with the lateral leg extending out approximately 2400'. During the drilling, we experienced excellent oil and gas shows and the re-drill appears to be a success. With the drilling phase completed we will now prepare the surface production facilities and estimate we will be initiating a production test within 10 days. Torchlight has a 50% interest in the well.
Torchlight's CEO, Tom Lapinski said, "We are pleased that the well has apparently been successfully drilled and are excited about the prospect of increasing our revenue from the Marcelina Creek Program. Further, we are also pleased that the service company recognized their responsibility and acted honorably in re-drilling the well."
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.