HOUSTON, April 21, 2011 /PRNewswire/ -- Torchlight Energy Resources, Inc. (OTCBB: TRCH) has announced that it has funded the necessary capital to Bayshore Operating for the drilling and completion of the second well in Torchlight's four well commitment. The proceeds will be used to drill and complete a vertical Buda well that will be engineered for re-entry at a later time to go out horizontally into the Eagle Ford formation. The Eagle Ford formation lies just above the Buda and below the Austin Chalk formations. The drilling preparation will begin immediately and the company expects to have this particular well drilled and completed in 30 to 60 days.
"This is the next step in our young company's effort to carry out our mission," stated Tom Lapinski, CEO. "This is the first of three vertical wells we intend to drill in this field in the first part of this year. This falls right in line with our efforts to grow the company by drilling in proven exploitation projects. Once the three well program is complete, Torchlight will have a 75% WI in 1050 acre tract that includes Austin Chalk, Buda, and Eagle Ford opportunities."
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.