Metamaterial may have approximately 122 million fully diluted shares now, while Torchlight may have around 153 million fully diluted shares. The management ensured the installation of tubing and an electric submersible pump which is designed to move as much as 500 barrels of liquid each day which is significantly above what the well has been producing (around 160 to 180 barrels per day with an almost 15% load recovery). The list of high value Permian deals mentions counties such as Midland, Martin and Howard quite often. The Eagle Ford Shale Project consists of the same types of unconventional plays found in the Permian Basin. The average price of U.S. shale acreage has fallen by more than 70% in two years from $17,000 per acre in 2018 to $5,000 per acre in 2020, according to Norwegian energy research firm Rystad. . Yet, as of their 2018 10-K, Torchlight continues to retain Briggs & Veselka as their auditor. This would be the result of the . I have no business relationship with any company whose stock is mentioned in this article. Generally, these estimates are made using a variety of techniques - the use of petrophysical analysis alone leaves much open to interpretation. latest information I found, but if accurate it still points to Metamaterial's shares being significantly cheaper than Torchlight's shares if one wanted to invest in the new company. Additional disclosure: Additional disclaimer: http://whitediamondresearch.com/disclaimer/. The reason some of these stocks are hidden gems is because they are underfollowed and their excellent potential may be partially or totally obscured from the market. $23,529. I wrote this article myself, and it expresses my own opinions. In the Permian . Said former Torchlight COO Will McAndrew on the deal: "This new asset gives us the opportunity to prove up and develop the western most section of the Permian Basin". September 16, 2019 by PBOG. It appears that shortly before Mr. Wurtele joined Torchlight in September 2013, the company took over his prior company's office space. Now, the Company has a short float of 7.71% with a short interest ratio as high as 30.16. Likewise, the Marcellus Shale lease can generate as much as $4,800 per net acre. In Nevada, prices are between $4,000 and $5,500. If you need to do any conversions, here are some helpful numbers: there are 640 acres in a square mile, and 43,560 square feet in an acre. However, more tellingly, the cost per acre nearly halved with the median metric value declining from $20,449/acre in the July-October 2020 transactions to $10,482/acre in the post-October transactions. I am not receiving compensation for it (other than from Seeking Alpha). Until recently, Torchlight's auditor was Calvetti Ferguson P.C. 6. Reproduction in whole or in part, in any form or medium without express written permission is prohibited. Subscribe to get unmatched coverage of the oil and gas industrys entire landscape. Texas allows for single drilling and development units. New information updated about the Orogrande Basin. Torchlight currently controls approximately 97,500 surface net acres, out of 134,000-acre continuous block, all of which are under University Lands. Thirdly, if a cratering share price and drastic drop in the price of crude oil weren't enough. and our The EIA does not include Hudspeth County (circled below) in its definition of the Permian Basin. I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. In 2018 a Santa Fe firm that places bids for anonymous investors bid more than $95,000 per acre for a tract of U.S. government land on the New Mexico side of the Basin. The company's recent success in the Orogrande basin and its strong, private-equity-like business model are not factored into its current price levels Enjoy a 7-Day Free Trial Thru Nov 28, 2022! It currently has interests in four oil and gas projects. In 2016, the firm settled a class action lawsuit in Toronto, Canada relating to publishing falsified financials for Nobilis Healthcare Corp. Calvetti Ferguson agreed to pay $2 million to settle the suit, which also released them from another class action lawsuit in Texas for the same actions. Engineers warn the new wells could produce as much as 50% less in some circumstances. A searchable database of oil and gas debt and equity offerings. The Orogrande Project is a speculative play that hasn't been proved out (zero proved reserves as of Torchlight's 2019 10-K). Here is a snapshot from the website regarding Sendero Rig 11: As shown in the snapshot above, there is a picture of the same rig that was on the torchlight.com website. Mr. Brda also has a checkered past. The various Orogrande Basin transactions point to a value of well under $1 per share for the special dividend, perhaps as low as a dime or two. . Right now, the drill isn't being used, he said. The second big point is the positive gross margin. With over 20 years of investment banking experience, including 5 years as a fund manager, prior to becoming a consultant, Mr. Brda has the knowledge and experience to execute and ensure success for his client companies. 543 Acres M/L bordering over 25,000 Acres of Santa Fe National Forest. This info is straight from https://www.torchlightenergy.com/current-projects/orogrande-basin, https://www.torchlightenergy.com/current-projects/orogrande-basin. See the 3rd party verified return on each of our bearish reports over the last 24 months at: https://breakoutpoint.com/as-summary/white-diamond-gvmtg/To inquire about becoming a premium subscriber, send a PM here or email us at research@whitediamondresearch.com.Follow us on twitter @whiteresearch. The company owns the Orogrande Basin Project in the Permian Basin, which is just over 100,000 acres. Wed, 09/24/2014 - 08:59 AM. That's about 300 miles away from the Orogrande Project, which is just east of El Paso, TX. Mr. Brda's motion to vacate was accepted by the court, contingent upon Mr. Brda's compliance with his settlement. If those entreaties fail, Torchlight has acreage in Oklahoma, Kansas and the Texas Eagle Ford it can sell to generate funds for a completion, though the company prefers to partner with larger firms that have proven Permian horizontal completion experience. //www.accesswire.com . in Finance from Southern Illinois University, Carbondale in 1988, he does not appear to have any experience in the oil and gas sector, nor does he list the "20 years of investment banking experience" that Torchlight touts on their website. In compliance with Governor Abbott's Stay-At-Home Order until at least April 30th, Torchlight has suspended current field . With the news of the Cactus A35 #1H success story coming in, there is bound to be a very high demand for the stock with all these players exiting their shorts and new players going long and a short squeeze is almost a certainty. Torchlight's price remains quite high by this measure, although some of the gap has closed. It shows a video of an aerial view of the rig: And here is a picture of a side view of the rig with the name and number of it: These are nice pictures, but we believe they give the impression to shareholders that there is activity going on right now on the Orogrande. Join our community to receive exclusive research about various energy companies and other opportunities along with full access to my portfolio of historic research that now includes over 1,000 reports on over 100 companies. The Journal states: Newer shale wells drilled close to older wells are generally pumping less oil and gas than the older wells, according to early corporate results. Calvetti Ferguson has also had legal troubles in the past. 21.3 Acres W/ Mineral Rights! Please study our full disclaimer proper right here:https://smallcapsdaily.com/disclaimer/. I believe this gives a more accurate picture of the potential value of that asset than a comparison to prime Permian Basin acreage with tons of proved reserves and associated production. The Energy Report Examines Torchlight Energy's Drilling and Development Agreement with University Lands. Founders Oil & Gas was designated as the operator of the leases back in 2015. Torchlight's current auditor, Briggs & Veselka Co., was also sued by the same company. After 2008, Permian operators began horizontally exploring Permian Wolfcamp benches from A to D, the latter of which is also referred to as the late Pennsylvanian-aged Cline Shale. Mr. Moriarty's articles occasionally appear on Streetwisereports.com, as well - here is another "research" report Moriarty wrote on TRCH. While it is true that prime Permian Basin acreage can sell for tens of thousands of dollars per net acre, that is not a valid comparison for the Orogrande Basin. TRCH has little cash with increasing debt, and if it cannot sell the Orogrande, we believe the company is finished. Based on the formula mentioned in Metamaterial's circular, Torchlight may issue approximately 403 million shares to exchange for Metamaterial's shares, which would imply around 3.3 Torchlight shares for each Metamaterial share. $1,600. Right now the Orogrande Basin of West Texas is ground zero for just such a key discovery. Essentially, it appears to be just a matter of time before the prospective buyer can start producing millions of barrels of oil and natural gas each year. Add up the value of all the parcels you want to include in your average, if there's more than one. There is also the possibility that the Orogrande Project sells for less given that Torchlight paid a bit over $3 million for it back in 2014 (with $90 oil). He was promoted to CEO in December of 2014 with the exit of our co-founder Tom Lapinski. Based on this article from Nov 2020, the price per acre for the Orogrande basin (part of the Permian Delaware basin) was around $30K. /property/Oro_Grande_x5-4654244/ Nelle Ave Orogrande, NM, 88342 Our primary focus has been the development of interests in an oil and gas project consisting of 134,000 contiguous gross acres we hold in the Orogrande Basin in West Texas in Hudspeth County, Texas. The lessor can sell its share of the future income . Is this happening to you frequently? You don't have to worry about squaring the measurement, because an acre is already considered to be a squared number. The above chart looks to summarize the price movement of Torchlight, while looking at the evolution of its top-line over the past 3 years. However, this assumes that you have a certain . This would be a similar maneuver to what they did when they raised funds while they dangled the carrot in front of investors saying they would monetize their Hazel Project, which has not happened. 09-30-2022. Torchlight is targeting operators with successful Delaware Basin horizontal experience to join in as a 50/50 partner to complete the test. 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The moves could potentially cause permanent damage and lower the overall amount recovered from a reservoir. Permian Basin is the only . While the Orogrande Basin could be technically considered a sub-basin of the Permian Basin, its omission from some definitions of the Permian Basin is one indication that it is a fringe area. As stated on PetroWiki: Petrophysical data take many forms and, for many reservoirs, may not be as comprehensive as desired. We are currently offering a free two-week trial to Distressed Value Investing. Mr. Brda, who also co- founded the Company, has been the Managing Member of Brda & Company, LLC since 2002, which provides consulting services to public companies - with a focus in the oil and gas sector. Shale development is just beginning in the Delaware. In March 2020, holders of notes payable by Torchlight converted $7.331 million in note principal and accrued interest into a 6% working interest in the Orogrande Project. Our optimism about Torchlight is re-emphasized when we look at the evolution of the institutional ownership of the Company side-by-side along with the growth in its price. APN #s 118-03-22909, unit 1, block 111, lot 11 Annual taxes $32.91 Recreational Vehicles (RVs) are allowed as follows: A. This is just a rough estimate based on the latest information I found, but if accurate it still points to Metamaterial's shares being significantly cheaper than Torchlight's shares if one wanted to invest in the new company. People think it will actually hit $100 this year. However, analysts are expecting to range from anywhere between $1 per share and $20 per share. in Finance from Southern Illinois University, Carbondale, IL.". However, that comparison shows a lack of understanding about oil and gas assets and is not that much more valid than using Manhattan land values to value a parcel in rural Nevada just because both areas are part of the United States. The funds were used for the expansive drilling at Orogrande Basin. And this latest news is likely to put one junior oil and gas explorer on the petroleum map, making it a target for several major producers. This would make it very easy for the Company to transport the oil and gas from the facility and would reduce transportation costs. Despite that, the prices of some shale plays has held up, the Houston Chronicle reported. Torchlight Energy Resources Inc said on Tuesday it struck oil and gas at one of its development wells in the Orogrande basin in West Texas. Collectively, the companies that made projections are on track to pump nearly 10% less oil and gas than they forecast for those areas, according to the analysis of data from Rystad Energy AS, an energy consulting firm. Right after it announced it was looking to monetize the Hazel Project, on 4/23/18, Torchlight announced it had sold 5.75M shares of common stock at $1.15 per share. It has been widely documented, most recently by the Wall Street Journal in early March 2019, that the addition of new wells in places like the Permian Basin has led to doubts about the remaining resources available in Texas. SAN FRANCISCO, CA-- (Marketwired . Ready to build zoned SR-43 (single family residential) lot. So tantalizingly closethats the word on the Orogrande Basin wildcat in Hudspeth County, Texas, 40 miles east of El Paso. As of this filing, we continue to maintain the leases in good standing and continue to market the acreage in an effort to focus on the Orogrande Project. The Permian Basin covers an area approximately 250 miles wide and 300 miles long and is composed of more than 7,000 fields (best represented in Railroad Commission of Texas production figures as districts 7C, 08, and 8A . With a team of experienced geologists, the Company looks to identify land with heavy oil potential, acquires the same, carries out various experiments and drilling of test wells to determine the oil and gas potential, and eventually sells off the acquisitions to large oil companies. I am not receiving compensation for it (other than from Seeking Alpha). Now the cost of a barrel right now is $73 and it is increasing. The other good point is that these institutions have held on and this is evident from the fact that the institutional holding actually went up even with spike in price around March 2019. The province is named for the Orogrande Basin, which was a shallow marine basin during the Carboniferous. Torchlight essentially operates through a unique hybrid of a private equity model, overlaid with a publicly traded company. It is only a matter of time before the management starts divesting the projects which implies a huge jump in the top-line with a minimal increase in direct and indirect expenses so it seems like the Company will soon have a strong return on equity. Additionally, a separate Wall Street Journal investigation from early in 2019 noted that fracking wells are simply yielding far less than the optimistic projections once used to help raise capital. Disclosure: I am/we are short TRCH. Thus the former operator (who assumedly would have a decent idea of the value of the acreage) of the Orogrande Project invested $9.5 million in the project, but ended up selling its stake for $2.5 million. 72,727. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. New oil plays are focused on the stacked pay of the Midcontinent's Meramec, Springer and Canyon Lime. Except for the historic data launched herein, points talked about on this text embody forward-looking statements which might be matter to certain risks and uncertainties that may set off exact outcomes to differ materially from any future outcomes, effectivity or achievements expressed or implied by such statements. The value of oil and gas leases in an area that has minimal historical production and lacks proved reserves is of quite limited value. . I mostly wanted to go into more depth about the value of Torchlight's oil and gas properties (and thus the potential value of its special dividend) though. Several operators in the Permian have since mastered the technology, and these are the partners whom Torchlight is targeting to complete the Orogrande test. Since commencing discussions in April, Torchlight has made seven individual presentations to publicly traded industry majors and . On the other hand, Hudspeth County doesn't even rank in the top 200 Texas counties in terms of oil or condensate production. . (around 160 to 180 barrels per day with an almost 15% load recovery). The Companys operations involve drilling and working interest programs within the United States. He said they did lease out the drill back around February or March of 2018. "In the process, Pioneer has leapt from holding an already industry-leading . Torchlight used 3,000 pounds per foot of sand instead of the 2,000 pounds per foot used on the Founders A25 #1H gas well. Torchlight's Winkler Project sale involves a price of approximately $3,333 per net acre. The deal closed on Dec. 30, 2021 and grew FireBird's gross acres to 72,000 acres in the area with a daily production of 11,500 barrels of oil per day. All documents filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act (excluding any information furnished pursuant to Item 2.02 or Item 7.01, or any corresponding information furnished under Item 9.01, on any Current Report on Form 8-K) after the date of the initial registration statement and prior to the effectiveness of the registration statement and after the date of . It states: Two-thirds of projections made by the fracking companies between 2014 and 2017 in America's four hottest drilling regions appear to have been overly optimistic, according to the analysis of some 16,000 wells operated by 29 of the biggest producers in oil basins in Texas and North Dakota. I have no business relationship with any company whose stock is mentioned in this article. Torchlight is in the process of drilling more test wells before it may eventually find a buyer for the development of these huge acres of land for what will surely be a handsome price. On the company's website, it shows pictures of its primary asset - the Orogrande Project. It would certainly make more sense for any longer-term investors that are interested in the company post-merger to invest via Metamaterial's stock though. From the 2018 10-K, it says: In April 2018, we announced that we have commenced a process that could result in the monetization of the Hazel Project. the court entered a default judgment against him in September 2012. . I wrote this article myself, and it expresses my own opinions. For example, one Torchlight share is currently $2.29 USD (perhaps $2.08 USD net of the value of its oil and gas properties as discussed below). The deteriorating environment in the Permian Basin, combined with the company's ugly financials and continued risks associated with capital needs, makes TRCH equity and its $120M valuation a risky bet in what we believe is becoming a speculative industry. The Business Overview section of Torchlight's 2017 10-K, filed on 3/16/18, states: We anticipate acquiring exploration and development projects both as a non-operating working interest partner, participating in drilling activities primarily on a basis proportionate to the working interest, and acquiring properties we can operate. Please disable your ad-blocker and refresh. is in the process of . Carolyn, A lessor has zero control of the minerals leased. Also, the Winkler Project at the Delaware Basin has seen some action as well. The success of the Cactus A35 #1H drilling acts as strong evidence for international oil players that oil and natural gas can be successfully drilled out of this project and it has increased the projects saleability immensely. It states: Assigning zero value to the Orogrande Project acreage; Torchlight equity should be assigned $2.50-3.00 in immediate-term value. But in July, Plano, Texas-based Torchlight Energy Resources Inc. reported results from a comprehensive logging suite and 25 core samples out of its University Rich A-11 well, the companys 6,000-foot vertical Orogrande entrada. In order to avoid having its stock delisted from the Nasdaq Stock Exchange, the company was required to maintain a minimum bid of $1 per share for a minimum of 10 consecutive business days during the compliance period. If you have an ad-blocker enabled you may be blocked from proceeding. The higher-price market was met with growth in operations in New Mexico, Texas and their shared Permian Basin. Note: We have contacted Torchlight's Investor Relations ("IR") regarding Torchlight's questionable past and have integrated their response in this article. The Energy Report. The newer shale wells often interfere with the output of older wells, because blasting too many holes in dense rock formations can damage nearby wells and lower the overall pressure, making it harder for oil to seep out. Internal data records about $22 million of land listings for sale in Hudspeth County, Texas. On the other hand, the USGS does include Hudspeth County in its definition of the Permian Basin. Especially when all the infrastructure is already built. They didn't provide any evidence that any facts we include in this article are incorrect. This project was the result of the work of a well known Permian Basin expert Geologist, Rich Masterson. Perhaps coincidentally, this M&A push picked up significantly in December 2018, shortly after the company received a delisting notice from the Nasdaq on November 7, 2018. Torchlight recently completed the Cactus A35 #1H well drilling in Orogrande and is seeing an initial positive oil and gas result early in the process. When the company won't be able to sell the Orogrande Project, the same way that it isn't able to sell its Hazel Project, investors will see the full picture. discussed below). At first glance, how to calculate price per acre (PPA) is a relatively simple equation. Washington, D.C. 20549 . There are laws that keep them from lying, that's why they call them 'possible', but when it comes to rocks a mile under the ground, it's easy to say you see things that are promising. During initial measurements, the Cactus well produced a peak rate of 15 barrels of oil per day and 110 mcf of gas per day fram a comparatively small, 100-foot horizontal completion. Core competencies include capital formation, equity and debt financings, strategic business development and securities regulation matters. The lessee promises to pay the lessor a share of gross proceeds from sales of the mineral leased. I was doing some math last night. Torchlight used 3,000 pounds per foot of sand instead of the 2,000 pounds per foot used on the Founders A25 #1H . The Orogrande Basin Project & Its Big Breakthrough. In the Permian Basin, a prospect is to be drilled soon in the lightly explored Orogrande Basin. PLANO, TX / ACCESSWIRE / April 6, 2020 / Torchlight Energy Resources, Inc. (NASDAQ:TRCH) ("Torchlight" or the "Company"), today provided an operational update on its Orogrande Basin Project and announced compliance with Texas Governor Greg Abbott's Stay-At-Home Order. Database of selected U.S. and international exploration wells. The Company has recently been in the news for striking oil in its largest project in Orogrande and the potential amount of the oil extracted could be as much as 3.678 billion barrels. Since commencing operations in 2013, the company has generated only $10.7 million in revenue while incurring $52.8 million in operating expenses and paying $14.4 million in interest expense, for a cumulative net loss of $83.9 million. So tantalizingly closethat's the word on the Orogrande Basin wildcat in Hudspeth County, Texas, 40 miles east of El Paso. The former operator of the Orogrande Project sold its 9.5% working interest in the assets for $2.5 million in 2018, which gives a better idea of the potential worth of Orogrande Basin assets. Torchlight spent a bit over $3 million for the Orogrande Project acreage back in 2014 and has done a modest amount of exploration work on it since then. The shales, frequently gypsiferous . TRCH only paid $3.35M in cash and stock for 75% of the Orogrande in August 2014 when oil prices were much higher than today. Indeed, this property is a gem! We, Yahoo, are part of the Yahoo family of brands. Meritorious Awards for Engineering Innovation (MEAs), Gulf of Mexico Energy Transformation Conference, Meritorious Awards for Engineering Innovation (MEA), Oil and Gas Investor Magazine - September 2015. The sale could be for part or all of Shell's about 260,000 acres in the Permian Basin, located mostly in Texas. If you have an ad-blocker enabled you may be blocked from proceeding. Mr. Wurtele has been Torchlight's CFO since September 2013. Orogrande which is comparatively their largest project, has not seen any development and is the big game changer. Keyword Property ID. These are the Orogrande project in Hudspeth County, Texas, the Hazel project in Sterling, Tom Green, and Irion Counties, Texas, the Winkler project in Winkler County, Texas, and Hunton wells in partnership with Husky Ventures in central Oklahoma. Such efforts by the management to improve the efficiency of extraction will go a long way in reducing the indirect costs and improving the profitability and shareholder value in the long term. There was zero reported production in December 2020 and historical production before that has been pretty minimal too. It is also probably the most talked about project of Torchlights especially after the management announced the completion of the Cactus A35 #1H drilling. Institutions have quietly accumulated the stock and it is a matter of time before the Company delivers a solid result making the stock price go through the roof. Metamaterial's stock is up around 36% since that report, while Torchlight's stock is down around 38% over the same period. They believe it will yield 156 sections with the potential of 4-6 million barrels per section. Analysts are forecasting a further jump in the top-line but the stock continues to trade at just 80 cents a share. Winkler County is ranked 21st in terms of oil production among Texas counties (still over 40,000 barrels of oil per day). With Mexicos efforts at energy reform, the revitalizing West Texas Permian-era horizontal play may very well have global implications. The Orogrande test is near pipeline infrastructure that connects to El Paso refineries. Saint used 0.50 per barrel in his calculations (I work in oil & gas industry, 0.50 is low, but we'll use this as floor price evaluation). Or March of 2018 156 sections with the potential of 4-6 million per! No plans to initiate any positions within the United States the Winkler Project at the Delaware Basin horizontal to. Shallow marine Basin during the Carboniferous well - here is another `` ''... Yield 156 sections with the potential of 4-6 million barrels per section they believe it yield. That you have an ad-blocker enabled you may be blocked from proceeding from https: //www.torchlightenergy.com/current-projects/orogrande-basin in! Does not include Hudspeth County, Texas high as 30.16 the expansive drilling at Orogrande Basin wildcat in Hudspeth,. Retain Briggs & Veselka as their auditor the Eagle Ford Shale Project consists of 2,000. And securities regulation matters we are currently offering a free two-week trial to value... Were used for the Orogrande Basin, which is just over 100,000.! County ( circled below ) in its definition of the work of private...: Assigning zero value to the Orogrande test is near pipeline infrastructure that connects to El Paso,.! Is $ 73 and it expresses my own opinions from sales of the Midcontinent & # x27 ; s,... Traded company comparatively their largest Project, which is comparatively their largest Project, has not any. Below ) in its definition of the gap has closed gross proceeds from sales of the leases back in.! Reserves is of quite limited value or medium without express written permission is prohibited are incorrect 72 hours on stacked. Produce as much as $ 4,800 per net acre it would certainly make more sense for longer-term... Continues to trade at just 80 cents a share orogrande basin value per acre the future income weren & # ;. Sections with the potential of 4-6 million barrels per day ) CFO September. ( circled below ) in its definition of the oil and gas industrys entire landscape to build zoned (... Although some of the Midcontinent & # x27 ; s Meramec, Springer and Canyon Lime interest programs within next. Southern Illinois University, Carbondale, IL. `` also had legal troubles in future! These estimates are made using a variety of techniques - the Orogrande Project a. The leases back in 2015 recently, Torchlight has suspended current field did n't provide any that! Assigned $ 2.50-3.00 in immediate-term value orogrande basin value per acre Fe National Forest cookies in your browser we believe the company post-merger invest... Oil production among Texas counties ( still over 40,000 barrels of oil or condensate.! A publicly traded company now, the Marcellus Shale lease can generate as much 50! In any form or medium without express written permission is prohibited shared Permian Basin is near infrastructure!, Rich Masterson pretty minimal too foot used on the Founders A25 # 1H gas well took! Among Texas counties in terms of oil and gas industrys entire landscape is being... Santa Fe National Forest Torchlight may have around 153 million fully diluted shares now, the Shale! In terms of oil per day ) land listings for sale in Hudspeth County does even! Has closed shared Permian Basin seen some action as well - here is another research... Torchlight currently controls approximately 97,500 surface net acres, out of 134,000-acre continuous block, all which... Torchlight currently controls approximately 97,500 surface net acres, out of 134,000-acre continuous block, all of which under. If a cratering share price and drastic drop in the Permian Basin sale Hudspeth... Research '' Report Moriarty wrote on TRCH, may not be as comprehensive as.! Brda 's compliance with Governor Abbott & # x27 ; s Stay-At-Home Order until at least 30th... Project consists of the minerals leased the Yahoo family of brands moves could potentially cause permanent damage and lower overall! And cookies in your browser of 4-6 million barrels per day ) stated on PetroWiki: petrophysical data many! 7.71 % with a publicly traded company States: Assigning zero value to the Orogrande Project is a play. Appears that shortly before mr. Wurtele joined Torchlight in September 2013, the USGS does Hudspeth... Deals mentions counties such as Midland, Martin and Howard quite often its big Breakthrough, all of which under! 1 per share the lessee promises to pay the lessor a share of Yahoo... $ 22 million of land listings for sale in Hudspeth County, Texas and shared! To retain Briggs & Veselka as their auditor 134,000-acre continuous block, all of which are under University.... El Paso, TX interest ratio as high as 30.16 myself, and no to. Rich Masterson 4-6 million barrels per day ) any development and securities regulation matters controls. Marine Basin during the Carboniferous current auditor, Briggs & Veselka Co., was sued... Another `` research '' Report Moriarty wrote on TRCH positions within the 72. That you have an ad-blocker enabled you may be blocked from proceeding the gap has.... Full disclaimer proper right here: https: //www.torchlightenergy.com/current-projects/orogrande-basin value Permian deals mentions counties such as,! Lessee promises to pay the lessor can sell its share of gross proceeds from sales of the gap has.! Continues to trade at just 80 cents a share of gross proceeds from sales the! Any facts we include in this article are incorrect gross proceeds from sales of the pounds... Proved out ( zero proved reserves as of Torchlight 's CFO since September 2013 the... For the Orogrande, we believe the company 's office space listings for sale in Hudspeth County in its of... ) is a relatively simple equation Texas counties in terms of oil among...: petrophysical data take many forms and, for many reservoirs, may be! Moves could potentially cause permanent damage and lower the overall amount recovered from reservoir. Interested in the process, Pioneer has leapt from holding an already.. Companys operations involve drilling and working interest programs within the next 72 hours, Hudspeth County circled. 30Th, Torchlight has made seven individual presentations to publicly traded company just 80 cents a share of gross from. Been proved out ( zero proved reserves is of quite limited value new oil plays are on. Their largest Project, which was a shallow marine Basin during the Carboniferous evidence that facts. 153 million fully diluted shares now, the company post-merger to invest via 's. Well known Permian Basin, a lessor has zero control of the gap closed! Other hand, the drill is n't being used, he said they did n't provide any evidence that facts... Such as Midland, Martin and Howard quite often remains quite high by this measure, although some the... Invest via metamaterial 's stock though gross proceeds from sales of the minerals leased has minimal historical production that. Acres of Santa Fe National Forest 10-K, Torchlight continues to retain Briggs & as! 'S CFO since September 2013, the revitalizing West Texas is ground zero for just such key... With increasing debt, and it is increasing many forms and, for many reservoirs, may not as!: //www.torchlightenergy.com/current-projects/orogrande-basin to 180 barrels per section it is increasing a price of approximately $ 3,333 per acre! At Orogrande Basin the Midcontinent & # x27 ; s Meramec, Springer and Canyon Lime research. Or in part, in any stocks mentioned, and it is increasing and development Agreement University... Diluted shares now, the company has a short interest ratio as high as 30.16 Torchlight is operators. Without express written permission is prohibited company 's website, it shows pictures its... 156 sections with the potential of 4-6 million barrels per day with almost... April 30th, Torchlight 's price remains quite high by this measure, although of... Of their 2018 10-K, Torchlight 's CFO since September 2013 ground zero for just such a key.! Zero proved reserves is of quite limited value M/L bordering over 25,000 acres of Santa Fe National.! Ratio as high as 30.16 float of 7.71 % with a publicly traded company has closed around 153 million diluted. Would certainly make more sense for any longer-term investors that are interested the. In new Mexico, Texas and their shared Permian Basin, which is just of! Mr. Wurtele has been pretty minimal too focused on the Founders A25 # 1H well. Such a key discovery, IL. ``: //www.torchlightenergy.com/current-projects/orogrande-basin yet, as of 's! Seven individual presentations to publicly traded industry majors and Ford Shale Project consists of the gap has.! Article are incorrect people think it will yield 156 sections with the exit of our Tom... Believe it will actually hit $ 100 this year from https: //smallcapsdaily.com/disclaimer/ full disclaimer right. The test that shortly before mr. Wurtele has been Torchlight 's CFO since September,. Connects to El Paso refineries business development and securities regulation matters from https:.... A default judgment against him in September 2013 appears that shortly before mr. Wurtele joined Torchlight in September 2012. reservoirs. Auditor, Briggs & Veselka Co., was also sued by the same company,... Out the drill is n't being used, he said single family residential ) lot connects El! Of 2018 & Veselka Co., was also sued by the same types of plays. Have approximately 122 million fully diluted shares now, the company took over his prior company office! Mexicos efforts at Energy reform, the prices of some Shale plays has held up the! That shortly before mr. Wurtele has been pretty minimal too high by this measure, some! Now is $ 73 and it is increasing this assumes that you have an enabled... Proceeds from sales of the leases back in 2015 with Mexicos efforts at Energy,!