Torchlight Energy Prepares for the Johnson #2 Well in Wilson County, TX Pays Move In Obligation on the Next Well
HOUSTON, Dec. 20, 2012 /PRNewswire/ -- Torchlight Energy Resources, Inc. (OTCBB:TRCH), an independent oil and gas company headquartered in Houston Texas is pleased to announce that we have paid the move in expenses relating to the drilling of our next well in Marcelina Creek, Wilson County, TX. The Johnson #2 well will be drilled as a vertical well bore to a total depth of 8700 ft. This allows us to evaluate the Georgetown formation for future production potential for very little additional cost. After logging all prospective zones, Torchlight and its partner Bayshore will evaluate the zones to determine the best completion methods and pay zones. It is contemplated that the well will be a vertical completion in the Buda zone; however, this may change when we properly evaluate the logs. The well site has been selected and Bayshore is currently working with vendors on scheduling in order to begin drilling the first quarter of 2013.
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.