Torchlight Energy Resources,
Inc. (NASDAQ: TRCH) is an oil and gas Exploration and Production company with a
primary focus on acquisition and development of highly profitable domestic oil
fields. Based in Plano, Texas, the company currently holds interests in Texas,
Kansas and Oklahoma, providing access to established plays including the Eagle
Ford, Mississippian and Hunton. Torchlight’s focus on highly probable and
profitable drilling and working interest programs that feature proven and
bookable reserves has allowed the company to strategically position itself for
tremendous growth moving forward.
Among Torchlight’s most
promising projects is the Hunton Play, located in Logan and Kingfisher
Counties, Oklahoma. The company’s interest in the area is divided into two
unique projects: The Cimarron Project and The Chisholm Trail Project, of which
Torchlight owns a 15 percent and 15.3 percent working interest, respectively.
Combined, the two nearly contiguous projects cover an area of approximately
8,800 acres and fit well into the company’s strategic plan of leveraging new
technologies to capitalize on established plays.
In September 2014, Torchlight
acquired a 100 percent working interest in its 172,000 acre Orogrande Basin
prospect. Through this agreement, the company received a five-year lease on the
property that also carries additional five-year extension provisions. In March,
Torchlight took a major step toward capitalizing on this interest by beginning
drilling operations on its first well on the property. In May, the company
built on this progress through the announcement that it had reached total depth
on its initial test well.
“We are encouraged by the
prospect that this well provides Torchlight shareholders,” stated Will
McAndrew, chief operating officer of Torchlight. “Although early in the
process, we are very encouraged by what we have encountered while drilling.”
In recent weeks, Torchlight has
turned its attention toward investment in order to gain the flexibility
required to maximize the value of its current projects. Earlier this week, the
company announced that it had closed on the sale of nearly $10 million in
Series A Convertible Preferred Stock. This move allowed the company to pay off
its senior debt and prepare for continued growth into the future.
“We are thrilled to get this
transaction completed with favorable terms and in the current market
environment,” stated John Brda, CEO of Torchlight. “This new capital allows us
to fulfill the commitments made to our stakeholders and further the development
of our asset base.”
For prospective investors,
Torchlight’s recent moves have made it an intriguing option in the coming
months. As the company continues to develop its Orogrande Project and expand
its production capabilities, Torchlight could be in a strong position to
realize sustainable returns for the foreseeable future.
For more information, visit
www.torchlightenergy.com
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Sign up for “The Mission Report” at www.MissionIR.com
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