HOUSTON, July 5, 2011 /PRNewswire/ -- On July 1, 2011, Torchlight Energy Resources, Inc. (OTCBB: TRCH) and its partner have spud the Johnson #4 in our Marcelina Creek block in Wilson County Texas. The well is located approximately 3 miles NW of the Karnes County border and just south of the town of Poth.
The well is projected to a depth of 8500 feet and will test the Cretaceous Buda formation.
This is the first of a three well program to test the Buda in the Marcelina Creek area and to earn a 75% interest in the block. As many as 14 Buda wells can be drilled in the acreage and as many as 9 Eagle Ford wells. Industry standards for reserves on Buda wells are between 80,000 and 120,000 recoverable barrels. Published reports from EOG, Marathon, Conoco Phillips, and others peg the recoverable barrels on horizontal Eagle Ford wells at approximately 100,000 barrels per 1,000 feet of horizontal leg.
"We are excited about the Buda program as it is the start of our drilling program as a company. The location fits our strategic goal of low risk exploitation and development as the Johnson is a direct offset to existing oil production. The well will also penetrate the Eagle Ford formation which has shown to be productive in direct offsetting wells. This will give Torchlight the opportunity to evaluate the Eagle Ford within the block as well and determine the best course of action to recover the Eagle Ford reserves."
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.