PLANO, TX--(Marketwired - December 15, 2015) - Torchlight Energy Resources, Inc. (NASDAQ: TRCH) today provided an update to operations for both its Orogrande and Marcelina Creek Projects.
In compliance with the Farm Out agreement with Founders Oil and Gas, the frac work on the Rich A-11 well commenced in late November. With over 1,400 feet of potential oil and gas bearing sections the operational plan is to start with the deepest completion interval and work up. Torchlight believes that we are dealing with a 700 feet interval of Siltstone. We divided that into two target intervals approximately 350 feet in the lower section and 350 feet in the upper section. The first of two planned fracs was performed on two clusters of perforations in the lower section. This lower zone will be tested over a measured period to collect data and observe the pay zone behavioral dynamics as well as production capabilities. Once the data covering the first interval has been established the Operator will isolate that zone and move up hole to repeat the process on the upper section. As test results are finalized for the combined section of pay zone further details will be announced.
A drilling rig is on location and operations have commenced in drilling two 2,400 foot lateral legs in the Johnson #4 project. Both horizontal legs will be targeting the prolific Austin Chalk formation and based on identified pressure and historical drilling techniques for the Austin Chalk, the operations will employ an underbalanced drilling. The Company expects drilling to take approximately two weeks at which time the Johnson #4 will be stimulated with a light acid job and brought into production.
"We are very excited to have made significant operational progress on both of these projects in calendar 2015," stated Will McAndrew, COO of Torchlight. "The impact to Torchlight from results on both are incredibly important as we look forward to 2016. Continued drilling and testing of the Orogrande Project with Founders Oil and Gas provides the platform for tremendous potential value creation while projects like Marcelina Creek impact cash flows and production sustainability. With our Capital Expenditure exposure covered 100% by our partners on both assets, we are in a great position and excited to see the operational results."