Torchlight Issues Update on the Johnson #1 Well
HOUSTON, Dec. 8, 2011 /PRNewswire/ -- Recently, Bayshore Operating, Torchlight's operator and working interest partner, hired Mercer Drilling to perform work on the Johnson #1. While doing the work, Mercer, through their negligence, damaged the well bore such that it is in need of major repair before it can be brought back on line. It is our collective stance that Mercer needs to bring the well bore back to its original state at their cost, such that it can be produced on a daily basis.
Bayshore, on behalf of Torchlight and themselves, have hired Marvin Pipkin of Pipken & Oliver, LLP in San Antonio, TX to handle the settlement talks with Mercer and if necessary, any litigation that may be required.
You can view more information on the company's website at http://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.