HOUSTON, July 10, 2012 /PRNewswire/ -- Torchlight Energy Resources, Inc. (OTCBB: TRCH) issues update on the Johnson #1 in Marcelina Creek.
Work has been completed on the location and the rig has moved in and has rigged up. They will begin the process of drilling a new horizontal leg to an approximate lateral length of 1800'. Work on the Johnson #1 should take approximately two weeks to complete.
The well will be tested upon completion and results announced as soon as practical.
As previously reported, the service company damaged the Johnson #1-H during a routine workover. The company has agreed to re-drill the well at no cost to the Torchlight-Bayshore partnership. Torchlight has a 50% working interest in 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.