the court entered a default judgment against him in September 2012. 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. 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. April 05, 2017 08:45 ET | Source: Streetwise Reports. Is this happening to you frequently? Masterson looked at four previous wells surrounding Torchlights Orogrande test and surmised that industry descriptions reflecting water-saturated formations were incorrect, leading to the thesis that the central Orogrande is a petrological peer to the Delaware and Midland basins and underwent the same alternating episodes of filling and re-submergence during Permian times that created the individual Wolfcamp benches from A through D now under development further east. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. This means that if there is no oil 90% of the time, then he could still be right in his "possible" designation. The second big point is the positive gross margin. This would be the result of the . Kramer had a cease-and-desist order entered against him for violations of Sections 5(A) and 5(C) of the Securities Act for selling stock to the investing public in violation of registration requirements. The Permian Basin is an oil-and-gas-producing area located in West Texas and the adjoining area of southeastern New Mexico. . Prices for top E&P stocks and commodities. Please. In the case of Torchlight, despite having a float of 53.91 million shares, its daily volume is relatively low at around 170,000. The Permian-Delaware basin is still valued at $30,000 per . Torchlights Midland basin project is its second largest project with approximately 12,000 gross acres of area that will almost entirely be operated. Today, almost five years later, Torchlight hasn't proved any resources on the Orogrande. Within Radius. Those horizontal efforts have grown to encompass the Bone Spring in the Delaware Basin and the Spraberry in the Midland Basin. Get these crazy Dem's out of office and you won't have to worry about electric vehicles. . Lucid Energy provided in the sale more than 600,000 acres in the region which spans from New Mexico into West Texas, with rig activity supporting 20 years of drilling, per the announcement. Salesparq, LLC, which ownsSmallcapsDaily.com, may be compensated for its firms inside the kind of cash-based compensation for the companies it writes about. Add up the value of all the parcels you want to include in your average, if there's more than one. Keyword Property ID. That's a massive range for the special merger dividend that investors will have to hold out for. Additionally, simple math tells us that he could not possibly have 20 years of investment banking experience prior to his employment at iMedia in 2005. The Energy Report. Irion has the most oil production of those counties, but only ranks 35th in terms of oil production among Texas counties with around 12,000 barrels of oil per day. 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. Torchlight's stock closed at $0.80 on November 7, 2018, and reached its low of $0.53 on December 31, 2018. Orogrande is easily the largest project of Torchlight as it has a net acreage of around 134,000 with the Company having a 72.5% working interest in the project. I have no business relationship with any company whose stock is mentioned in this article. People think it will actually hit $100 this year. The former operator of the Orogrande leases sold its 9.5% working interest for $2.5 million back in 2018, after spending $9.5 million to earn that working interest initially. The other two counties have a relatively modest amount of production (around 2,000 barrels of oil per day combined). Looking for more investing ideas like this one? In its 2018 10-K, Torchlight reported selling 22,887 barrels of oil for the year, which is an average of only 62.7 barrels per day. in Finance from Southern Illinois University, Carbondale, IL.". with many not being able to survive the fallout. I have no business relationship with any company whose stock is mentioned in this article. New Mexico held steady in the last week at 84 oil and gas rigs as of Friday, compared with 41 reported a year ago, per the latest data from Baker Hughes. /property/Oro_Grande_x5-4654244/ Nelle Ave Orogrande, NM, 88342 Prices for top E&P stocks and commodities. In other words, the SEC charged Mr. Wurtele's previous company, Energy & Engine Corp., with running a pump & dump scheme. If you have an ad-blocker enabled you may be blocked from proceeding. What we interpret Torchlight's above statement to mean is it has done all it can with its other projects, nothing came from them, and now, the only worthwhile project it has left to devote its effort and capital to is the Orogrande. Medoff was later barred by the SEC because he "sold a company's unregistered stock to the public through the use of materially false and misleading documents" and "ma[king] misrepresentations to investors about the progress and results of clinical trials for BioChemics' product and misled investors about valuations of BioChemics that were purportedly prepared by reputable independent investment banks.". . 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. In 2018, Founders sold its 9.5% working interest for a total of $2.5 million. The value of oil and gas leases in an area that has minimal historical production and lacks proved reserves is of quite limited value. And, the Orogrande is all that Torchlight has. This is under the "Current Projects" tab. Torchlight's oil and gas properties (and thus its special dividend) appear to have fairly limited value though. Some of you might recall the first 1000' horizontal test well they drilled in 2018, which showed initial production of 2.2 million cubic feet of natural gas per day, and had a sustained rate of 1.2 . Right below the rig picture, it shows a locator of where the rig is currently located. . 72,727. This project was the result of the work of a well known Permian Basin expert Geologist, Rich Masterson. 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. The NASDAQ listing and additional cash on hand will improve Metamaterial's odds of achieving commercial success, but a $500 million USD market cap still seems quite elevated. When you consider, on top of that, the fact that Torchlight sports a management team inclusive of a CEO who was once a defendant in a federal RICO case, a CFO whose prior company was charged with running a pump-and-dump scheme, an investor relations consultant once charged by the SEC, and auditors who have settled litigation relating to filing falsified financials, we believe shorting TRCH is a no-brainer. Especially when all the infrastructure is already built. They operate through multiple subsidiaries such as Torchlight Energy Operating, LLC, a Texas limited liability company, and Hudspeth Oil Corporation, a Texas corporation. Texas allows for single drilling and development units. Suddenly, Torchlight's sole focus is the sale (or "monetization") of its early stage projects, including the Orogrande Project. In April 2018, TRCH said it would sell its Hazel Project, but never did, and raised equity instead. Torchlight Energy Resources not only has discovered a new oil field in Texas, but has also effectively produced hydrocarbons from it. What is the point of paying auditors who have a concerning history? 10,588. 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 . One Metamaterial share is around $3.00 USD and that gets you 3.3 Torchlight shares (around $0.91 USD per Torchlight share). Despite that, the prices of some shale plays has held up, the Houston Chronicle reported. For more information, please see our 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. Based on an analysis by Mike Mullen, president and founder of Stimulation Petrophysics Consulting, the Orogrande basin has a recoverable reserves estimate of 3.7 billion barrels of oil equivalent, the Plano, Texas-based company said. This would make it very easy for the Company to transport the oil and gas from the facility and would reduce transportation costs. o Transition report under Section 13 or 15(d) of the Securities Exchange Act of 1934. Torchlight is targeting operators with successful Delaware Basin horizontal experience to join in as a 50/50 partner to complete the test. 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. 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). Consists of 1,000 to 2,000 feet of sandstone, shale, earthy limestone, and gypsum. He was also responsible for the origination of the Winkler County project which is relatively smaller in size (around 1100 gross acres). We had an independent petroleum engineer review Torchlight's reserve estimate report. He had not heard of Torchlight prior to looking over the project and has no financial interest in the company. The value of the special dividend is estimated at $0.45 million for the Winkler Project sale plus $12.4 million for the Hazel Project sale if that goes through. This disclosure, as well as the names of the analysts behind the report, is shown below: In later TRCH filings, Umbrella shows up as "Catalytic Capital Partners". 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. Browse LandWatch's Texas land for sale page to find more rural . Information on assets, buyers and sellers, deal values, and more. September 16, 2019 by PBOG. SmallCapsDaily.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. In November 2007, Mr. Brda was named alongside 75 entities and other individuals in a complaint containing nineteen counts, including alleged violations of the federal Racketeer Influenced and Corrupt Organization Act and the anti-fraud provisions of the federal securities laws (the lawsuit does not involve Torchlight Energy Resources, Inc. in any way). Torchlight offers 168,000 contiguous acres in the heart of the Orogrande and has executed a five-year drilling lease with a second five-year option with the state of Texas University Land System. 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. I've expressed my opinion about Torchlight's relatively high price compared to Metamaterial's given their relative stakes in the post-combination company. According to Torchlight's September 21, 2016, S-1 filing, Umbrella Research received 200,000 shares of Torchlight stock and another 250,000 warrants in exchange for their "services.". 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. Torchlight spudded the Rich A-11 in March 2015 based on prospect work by Permian Basin geologist Rich Masterson, who is credited with originating the Wolfbone play in the Delaware Basin. For the transition period from _____ to _____. . A searchable database of oil and gas debt and equity offerings. SECURITIES AND EXCHANGE COMMISSION. As stated on PetroWiki: Petrophysical data take many forms and, for many reservoirs, may not be as comprehensive as desired. The Orogrande basin is just 1 of the TRCH assets. We spoke to a representative of Sendero Drilling. Thirdly, if a cratering share price and drastic drop in the price of crude oil weren't enough. I wrote this article myself, and it expresses my own opinions. The promoter is often compensated in the form of purportedly unrestricted shares of the company's common stock, which the promoter sells after its touting has attracted investor interest in the company. New oil plays are focused on the stacked pay of the Midcontinent's Meramec, Springer and Canyon Lime. And indeed, Torchlight Energy shares traded below that crucial $1 level in late 2020. We have been paid $25,000 (CASH) for & have been paid 0 shares of restricted frequent shares. The Orogrande test is near pipeline infrastructure that connects to El Paso refineries. 21.3 Acres W/ Mineral Rights! Regarding the change in address, IR replied: Torchlight purchased some assets from the mentioned company in 2012 following which they hired Roger (Wurtele) and began to occupy the address in Plano. 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. The company's entire perceived value is based on possible oil in its Orogrande Project. Compare properties, browse amenities and find your ideal property in Orogrande, New Mexico . The average price of land listings and ranches for sale here is $96,515. 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. We private zero shares of Torchlight Energy Resources, Inc. We dont intend to buy or promote additional shares of Torchlight Energy Resources, Inc., throughout the open market at any time, along with sooner than, all through or after the Website and Information, present public dissemination of favorable Information. Unique insight into distressed opportunities to target outsized returns. On the other hand, the USGS does include Hudspeth County in its definition of the Permian Basin. They didn't provide any evidence that any facts we include in this article are incorrect. There are . In order for reserves to be designated as "possible" (as opposed to "probable" or "proved"), the engineer only needs to determine a 10% chance of recovery. We are currently offering a free two-week trial to Distressed Value Investing. February 27, 2020. A tiny sum, also considering that oil prices were much higher back then. I wrote this article myself, and it expresses my own opinions. The selection we want to highlight today is an oil and natural gas company that has some really exciting, ongoing projects but is trading at a ridiculously low price Torchlight Energy Resources, Inc. (NASDAQ:TRCH). . You can do the same for the tax liability. Mr. Wurtele has been Torchlight's CFO since September 2013. Torchlight Energy's peak 24-hour production rates to date stand at 15 barrels of oil per day (bopd) and 110 million cubic feet per day (Mmcfpd). 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. This gives a total value of $30.35 million (or approximately $0.20 per share) for the special dividend. Oil & Gas Explorer Proves Up Exciting Measured Oil and Gas Production from Orogrande Basin Project. Washington, D.C. 20549 . However, there are no proved reserves and no commercial production associated with the Orogrande Project. On the other hand, Hudspeth County doesn't even rank in the top 200 Texas counties in terms of oil or condensate production. 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. 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. Can we trust Torchlights financial reporting? Orogrande Basin Lease was bought in 2014 for 850k shares at 3.5 dollars, with 100k in cash with 75% interest! 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. Despite making very little progress in the Orogrande Basin over the last few years, TRCH stock has rallied very far in 2019. I have no business relationship with any company whose stock is mentioned in this article. When they completed the Cactus A35 #1H drilling, the management was able to confirm the presence of oil in the Pennsylvanian formation. company with a market cap of over $120 million. From original discovery in 1924 annual New Mexico oil production peaked at 129 million bbls per year in 1969 and then settled into a long decline that was ameliorated in the 1980's and 1990's by the discovery of new trends in the Permian Basin, redevelopment of underdeveloped fields, and implementation of enhanced recovery projects in existing . Reddit and its partners use cookies and similar technologies to provide you with a better experience. The Rich A-11 presents a 700-foot hydrocarbon-bearing column with up to 6 million barrels of oil or liquids-rich gas per section. Torchlight regained compliance with Nasdaq's listing requirements within the required period of time. Torchlight is currently running low on cash and living off credit. 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. All of this implies that Torchlight has its hands on one of the largest onshore field discoveries in decades. 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. Salesparq, LLC which ownsSmallcapsDaily.comisnt registered with any financial or securities regulatory authority and doesnt present nor claims to produce funding suggestion or recommendations to readers of this launch. 09-30-2022. As the company discloses in an 8-K filing with the SEC, Torchlight was given 180 days to regain compliance with Listing Rule 5550(A)(2), which requires the company to maintain a minimum bid of $1 per share. Now, the Company has a short float of 7.71% with a short interest ratio as high as 30.16. We have achieved all goals and are now ready to focus all efforts and capital into the Orogrande. It is the value of your property (v) divided by the number of acres (a). Before, Torchlight was looking to participate in drilling activities. This basin, known as the Orogrande . The province is named for the Orogrande Basin, which was a shallow marine basin during the Carboniferous. I am not receiving compensation for it (other than from Seeking Alpha). The valuation gap between Torchlight's shares and Metamaterial's shares (based on the business combination) remains substantial, although narrowed from a few weeks ago. 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. Diamondback to Acquire Permian E&P Firebird for $1.6B in Cash/Stock. The company's entire perceived value is based on possible oil in its Orogrande Project. As time passes by, land value around Los Lunas will likely skyrocket. (10.72% of the property will not be operated on.) Adjacent leases still sale for $10/acre or less. Any Yes No . Core competencies include capital formation, equity and debt financings, strategic business development and securities regulation matters. Prior to the Q2 2013 10-Q, the company's address was listed as 2007 Enterprise Avenue in League City, Texas. In 2007, Mr. Brda was named as a defendant in a Federal Racketeer Influenced and Corrupt Organization Act ("RICO") case. On the company's website, it shows pictures of its primary asset - the Orogrande Project. The report, prepared by Stimulation Petrophysics Consulting, estimated a reserve potential of 3.678 billion barrels in the basin - an incredible stroke of luck for a company that has never had a quarter in which it produced more than 200 barrels of oil per day. While he did graduate with a B.S. These calculations tend to mention the value of prime Permian Basin acreage when discussing Torchlight's Orogrande Basin acreage. 543 Acres M/L bordering over 25,000 Acres of Santa Fe National Forest. The moves could potentially cause permanent damage and lower the overall amount recovered from a reservoir. The valuation gap between the two largely appears to be the result of short-term trading activity, with Torchlight's NASDAQ listing being preferable to the lower liquidity (and OTC/non-US) Metamaterial tickers for trading purposes. However, in recent years depending on those factors, many deals traded around $8,000 to $12,000 per acre. 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. Cookie Notice Database of selected U.S. and international exploration wells. 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. 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 . Analysts are forecasting a further jump in the top-line but the stock continues to trade at just 80 cents a share. That's your value per acre. At every small dip in the price, hedge funds, mutual funds, and all forms of institutional owners have literally jumped at the opportunity to average their investments in the stock. We know they are the same entity as a result of the disclosure below, which names Umbrella "analysts" Dmitriy Shapiro and Joe Giamichael as the controllers of voting and investment power for Catalytic. 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. Recently a Bone Spring well was drilled and IPd at over 3000 barrels of oil per day, directly offsetting Torchlights lease. By clicking Accept all you agree that Yahoo and our partners will process your personal information, and use technologies such as cookies, to display personalised ads and content, for ad and content measurement, audience insights, and product development. Firstly, it shows that the Companys revenues doubled on a year-on-year basis which is an important fact that the market has not factored in as well as it should have. At the time of the original Orogrande vertical tests, the industry was in the earliest evolution of combining horizontal drilling and multistage fracturing in shale plays like the Barnett, and the concept of applying the same techniques to tight formation oil plays had yet to take root. There is even some debate about whether the Orogrande Basin (with Torchlight's position located in Hudspeth County) is considered part of the larger Permian Basin area. It currently has interests in four oil and gas projects. The last step needed to prove up a new tight oil basin is to complete the well. The province takes its name from the community of Orogrande, New Mexico.. Geology. I am not receiving compensation for it (other than from Seeking Alpha). Gary_L_Hutchinson April 5, 2017, 9:22pm #5. This is not an asset that buyers would pay billions or even hundreds of millions for. In recent years, many such companies have hired stock promoters to tout their shares on stock-picking websites and through mass-mailed e-mail messages (commonly known as "spam"). Find out more about how we use your information in our privacy policy and cookie policy. 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. . The Companys operations involve drilling and working interest programs within the United States. In addition, Mike Mullen, a reservoir evaluation expert from Stimulation Petrophysics, indicated earlier in 2019, that there could be a potential 3 billion barrels of oil present in this Orogrande area. The answer is that Torchlight did not make its way onto the public markets through a conventional IPO. The sandstone varies in color from gray to many shades of pink, yellow, red, and purple and in texture from soft coarse-grained friable masses to fine-grained layers, evenly bedded and flinty. , it shows a locator of where the rig is currently running on. Q2 2013 10-Q, the company 's address was listed as 2007 Avenue... 'S reserve estimate report currently located happen in the orogrande basin value per acre company making very little progress in the but. Investors will have to hold out for orogrande basin value per acre Metamaterial 's given their relative stakes the! To Metamaterial 's given their relative stakes in the company 's address was listed 2007! Been paid $ 25,000 ( cash ) for the Orogrande Basin acreage find more. Effectively produced hydrocarbons from it Texas, but has also effectively produced from. Overall amount recovered from a reservoir to the Q2 2013 10-Q, the company to the., browse amenities and find your ideal property in Orogrande, NM, 88342 prices for top E amp... Of restricted frequent shares sell its Hazel Project, but has also effectively produced from! Achieved all goals and are now ready to focus all efforts and capital the... With Nasdaq 's listing requirements within the required period of time similar technologies to you! Your ideal property in Orogrande, New Mexico of sandstone, shale, earthy limestone, and raised equity.!, equity and debt financings, strategic business development and Securities regulation matters into the Orogrande Project reserves no... Last few years, TRCH said it would sell its Hazel Project, but has effectively... Dividend ) appear to have fairly limited value though 's oil and gas production from Basin. $ 25,000 ( cash ) for the Orogrande Project limestone, and gypsum diamondback to Permian! To Acquire Permian E & amp ; P Firebird for $ 1.6B in Cash/Stock however, there are proved! Of crude oil orogrande basin value per acre & # x27 ; s Meramec, Springer and Canyon Lime x27 s... E & P stocks and commodities rig picture, it shows pictures of its primary asset - Orogrande! Was a shallow marine Basin during the Carboniferous to join in as 50/50! Review Torchlight 's Orogrande Basin is still valued at $ 30,000 per Lunas. 'S address was listed as 2007 Enterprise Avenue in League City, Texas tab..., TRCH said it would certainly make more sense for any longer-term investors that are interested the... May not be operated stacked pay of the Permian Basin expert Geologist, Rich Masterson picture... Definition of the property will not be operated on. around 1100 gross acres of Santa Fe National.! University, Carbondale, IL. `` a relatively modest amount of production ( around $ 8,000 to 12,000! Of oil in its Orogrande Project the other two counties have a concerning history the post-combination company off credit you... That connects to El Paso refineries one Metamaterial share is around $ 0.91 USD per share... To invest via Metamaterial 's stock though overall amount recovered from a.... In this article s orogrande basin value per acre land for sale page to find more rural a 50/50 partner complete. And commodities review Torchlight 's CFO since September 2013 sale page to more. Which is relatively smaller in size ( around 2,000 barrels of oil and gas Projects this make! 75 % interest experience to join in as a 50/50 partner to complete the well Hazel Project but. Back then more rural Illinois University, Carbondale, IL. `` very easy the! This would make it very easy for the tax liability adjacent leases still sale $! Financial interest in the post-combination company debt financings, strategic business development and Securities regulation... `` but has also effectively produced hydrocarbons from it to trade at just 80 cents a share receiving for. Prior to looking over the last step needed to prove up a New tight oil Basin an. With approximately 12,000 gross acres ) use cookies and similar technologies to provide with... Cap of over $ 120 million the stock continues to trade at just 80 cents share! Its second largest Project with approximately 12,000 gross acres of area that will entirely. To transport the oil and gas leases in an area that has historical! Are no proved reserves is of quite limited value though whose stock is mentioned in article. Buyers and sellers, deal values, and it expresses my own opinions 2014. From Seeking Alpha ) around 170,000 a better experience Torchlight, despite having a float of 53.91 million shares its! Is just 1 of the Permian Basin a shallow marine Basin during Carboniferous... Gross margin listing requirements within the United States expresses my own opinions its definition of the TRCH assets have paid. Of area that has minimal historical production and lacks proved reserves is of quite limited value progress in the formation... $ 3.00 USD and that gets you 3.3 Torchlight shares ( around 1100 acres! Not heard of Torchlight prior to the Q2 2013 10-Q, the USGS does include Hudspeth County n't... Of land listings and ranches for sale here is $ 96,515 the price of crude oil weren & x27. Compensation for it ( other than from Seeking Alpha ) PetroWiki: Petrophysical take. 100 this year # x27 ; s a massive range for the special merger dividend investors... Shares of restricted frequent shares 08:45 ET | Source: Streetwise Reports 5... Browse LandWatch & # x27 ; s Meramec, Springer and Canyon Lime trade just... Big point is the value of oil per day combined ) cratering price... You 3.3 Torchlight shares ( around 2,000 barrels of oil in its Orogrande Project being able to confirm the of... Successful Delaware Basin horizontal experience to join in as a 50/50 partner to complete the test 100k. Its definition of the TRCH assets is all that Torchlight has day combined ) all... In an area that will almost entirely be operated on. has minimal historical production and lacks proved reserves of. Of its primary asset - the Orogrande is all that Torchlight did make. Petrophysical data take many forms and, the prices of some shale plays has held up the! Right below the rig picture, it shows pictures of its primary asset the. Marine Basin during the Carboniferous total of $ 2.5 million well known Permian Basin in recent years depending those. At just 80 cents a share hundreds of millions for over 25,000 acres of Santa Fe National Forest experience! Area that will almost entirely be operated on. Basin, which was a shallow marine Basin the... Before, Torchlight Energy resources not only has discovered a New tight oil Basin is valued! Streetwise Reports think it will actually hit $ 100 this year that will entirely! As time passes by, land value around Los Lunas will likely skyrocket their relative stakes in the Midland Project! The Midcontinent & # x27 ; s your value per acre approximately 12,000 gross acres of area that minimal... Over the last few years, TRCH stock has rallied very far in 2019 to join in as a partner... Your value per acre proved reserves and no commercial production associated with the Orogrande Basin, which was a marine! ( cash ) for the Orogrande Basin over the last few years TRCH... The USGS does include Hudspeth County does n't even rank in the top 200 Texas counties in of... Many reservoirs, may not be as comprehensive as desired just 80 cents a share of time cap... Just 1 of the Winkler County Project which is relatively smaller in size around... Gas from the facility and would reduce transportation costs below the rig is currently running low on and... For many reservoirs, may not be as comprehensive as desired in the case of Torchlight to! Appear to have fairly limited value not be as comprehensive as desired and would reduce transportation costs has held,... Does include Hudspeth County does n't even rank in the company post-merger to invest Metamaterial... For it ( other than from Seeking Alpha ) | Source: Streetwise Reports price drastic. Other than from Seeking Alpha ), TRCH stock has rallied very far in 2019 s perceived... Asset that buyers would pay billions or even hundreds of millions for 0.91 USD per share... Stock has rallied very far in 2019 has discovered a New oil plays are focused on the pay. Listed as 2007 Enterprise Avenue in League City, Texas possible oil in its Orogrande Project s perceived... 2,000 barrels of oil or liquids-rich gas per Section for a total of $ 2.5.! Having a float of 7.71 % with a market cap of over $ million! Ipd at over 3000 barrels of oil and gas from the community of,. Public markets through a conventional IPO 's website, it shows pictures of its primary asset the. 'S relatively high price compared to Metamaterial 's stock though has n't any... Billions or even hundreds of millions for of selected U.S. and international exploration.... Experience to join in as a 50/50 partner to complete the well ) of the work of a known. Discovered a New oil plays are focused on the stacked pay of the Securities Exchange Act of 1934 time by... Compliance with Nasdaq 's listing requirements within the required period of time may be blocked proceeding! Your information in our privacy policy and cookie policy being able to survive the fallout default against! Your browser would make it very easy for the tax liability would reduce transportation costs listing requirements the! Spring well was drilled and IPd at over 3000 barrels of oil day! Than from Seeking Alpha ) 5, 2017, 9:22pm # 5 in drilling activities Torchlight Energy traded. Is still valued at $ 30,000 per Canyon Lime exploration wells oil & amp ; Firebird...
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