HOUSTON, June 21, 2012 /PRNewswire/ -- Torchlight Energy Resources, Inc. (OTCBB: TRCH) issues update on the Johnson #1 in Marcelina Creek.
As previously announced, the Johnson #1-H, was damaged during a work over by a service company. We have been in discussions with the service company and have recently received their commitment letter to re-enter the wellbore and re-drill and complete the approximate 1800' horizontal leg in the Buda formation at their sole expense. Final details need to be worked out, but we have been assured, in writing, to begin their work within the next two weeks.
Work has commenced on preparing the location for the drilling equipment.
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.