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. The lessee promises to pay the lessor a share of gross proceeds from sales of the mineral leased. 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. Is this happening to you frequently? To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Please. The post-October median transaction value declined 95% to just $294 million from the pre-November median value of $5.6 billion. The Delaware Sub-basin encompasses the Hobbs area of southeastern New Mexico and four counties of West Texas. The second big point is the positive gross margin. History and geology appear to be in alignment for a new tight oil play. Thankfully, the bulls took control of TRCH stock and ran it up in January. Torchlight's oil and gas properties (and thus its special dividend) appear to have fairly limited value though. So tantalizingly closethats the word on the Orogrande Basin wildcat in Hudspeth County, Texas, 40 miles east of El Paso. I wrote this article myself, and it expresses my own opinions. Because of this, Permian Basin mineral rights have a higher value, ranging from $7,000 to $58,000 per net mineral acre. As shown, #11 is nearby Midland and Odessa, TX. They have each had additional punishments from the SEC in the years since. He has a B.S. All of this implies that Torchlight has its hands on one of the largest onshore field discoveries in decades. 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. 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. Browse Orogrande, New Mexico properties for sale on Land.com. This report is a good example. We see a big disparity here as the stock price has actually fallen by 28% over three years after a highly turbulent path but the revenues have consistently gone up. As the article shows, in the past, some investors had the belief that the Hazel Project had value, but the Orogrande Project might be worthless. Torchlight's Winkler Project sale involves a price of approximately $3,333 per net acre. Especially when all the infrastructure is already built. Northern Oil and Gas, Inc. Alpha Energy Partners. Source: Peter Krauth for Streetwise Reports 02/25/2020. Under a new law proposed by House Republicans, that price would go up to more than $2.50. The petrophysics . The last step needed to prove up a new tight oil basin is to complete the well. New oil plays are focused on the stacked pay of the Midcontinent's Meramec, Springer and Canyon Lime. 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. It is the value of your property (v) divided by the number of acres (a). Torchlight used 3,000 pounds per foot of sand instead of the 2,000 pounds per foot used on the Founders A25 #1H . 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. View 11 photos, read details, and contact the seller. Several operators in the Permian have since mastered the technology, and these are the partners whom Torchlight is targeting to complete the Orogrande test. 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. We, Yahoo, are part of the Yahoo family of brands. He had not heard of Torchlight prior to looking over the project and has no financial interest in the company. Above: A map shows where Torchlight Energy Resources of Plano plans to drill for shale oil in the 172,000-acre Orogrande Basin Prospect, east of El Paso in Hudspeth County. The Company has an 80% net revenue interest in this region. In compliance with Governor Abbott's Stay-At-Home Order until at least April 30th, Torchlight has suspended current field . 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. 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. 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. The Hazel Project is located in Irion, Sterling and Tom Green counties. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Mr. Moriarty's articles occasionally appear on Streetwisereports.com, as well - here is another "research" report Moriarty wrote on TRCH. Subscribe for free to our newsletters for the latest energy news. One intriguing angle is that the geologic processes that occurred in the Midland and Delaware basins, and which are now confirmed in the Orogrande, also extend into northern Mexicos Pedregosa Basin. However, this assumes that you have a certain . April 05, 2017 08:45 ET | Source: Streetwise Reports. You can do the same for the tax liability. There were some contingences that need to be completed with Universi. The value of oil and gas leases in an area that has minimal historical production and lacks proved reserves is of quite limited value. As stated on PetroWiki: Petrophysical data take many forms and, for many reservoirs, may not be as comprehensive as desired. However, according to Mr. Brda's own LinkedIn page, his background is quite different from the one described above. Now, the Company has a short float of 7.71% with a short interest ratio as high as 30.16. This is not an asset that buyers would pay billions or even hundreds of millions for. Torchlight's current auditor, Briggs & Veselka Co., was also sued by the same company. In 2018, Founders sold its 9.5% working interest for a total of $2.5 million. Located in Winkler County, Texas, the project includes 640 gross (67.2 net) acres. I believe the $17.5 million value is likely closer to the market value of the Orogrande Project as that is based on the price Founders Oil & Gas was willing to accept for their stake. 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. Another Texas operator sought to increase is Permian Basin presence as Fort Worth-based FireBird Energy bought about 21,000 acres in the eastern Midland sub-basin in West Texas from Chevron USA. 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. 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 . The Energy Report. . Consists of 1,000 to 2,000 feet of sandstone, shale, earthy limestone, and gypsum. Disclosure: I am/we are short TRCH. This project was the result of the work of a well known Permian Basin expert Geologist, Rich Masterson. There are . Given those numbers, a reasonable question may be: how did this company make it through the in-depth due diligence the SEC requires for IPOs? 6. That is the equivalent of almost one billion barrels of oil and gas over 30 years, worth more than $30 billion at current prices. I wrote this article myself, and it expresses my own opinions. !, 21.3 acres in Fabens, Texas offered at $200. I wrote this article myself, and it expresses my own opinions. 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. Any Yes No Irrigated? Founded in 2010, Torchlight Energy is largely involved in the acquisition, exploration, and development of oil and natural gas properties in the United States. Generally, these estimates are made using a variety of techniques - the use of petrophysical analysis alone leaves much open to interpretation. On the other hand, the USGS does include Hudspeth County in its definition of the Permian Basin. WTI crude prices have been well below $40 per barrel for most of the year. The moves could potentially cause permanent damage and lower the overall amount recovered from a reservoir. What is the point of paying auditors who have a concerning history? o Transition report under Section 13 or 15(d) of the Securities Exchange Act of 1934. 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. in Petroleum Engineering from the University of Texas at Austin and currently works as a Drilling Engineer for an E&P company in San Antonio, Texas. Torchlight has attracted a fair bit of attention on social media as it heads towards a merger with Metamaterial. Also, the Winkler Project at the Delaware Basin has seen some action as well. Please. 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. If they sell that $57B worth of oil underground for even just $3b we will see a dividend around $15 per share. then add on the 2nd plot of land they have and the dividend will be even higher. 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. This will, therefore, increase Torchlight's interest in Orogrande, one of its three oil and gas projects, where it is pursuing development of the sizable land package. Torchlight's Winkler Project sale involves a . 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. That's a massive range for the special merger dividend that investors will have to hold out for. 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. NOG Acquires Northern Delaware/Permian Assets for $157 Million. Additional disclosure: Additional disclaimer: http://whitediamondresearch.com/disclaimer/. 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. 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. He is currently ranked in the top 2% of analysts by TipRanks. We did our due diligence on this rig. Privacy Policy. APN #s 118-03-22909, unit 1, block 111, lot 11 Annual taxes $32.91 Recreational Vehicles (RVs) are allowed as follows: A. One critical fact that must be kept in mind while looking at this bottom-line data is that Torchlight is an oil and gas company that incurs varying level of direct as well as indirect costs while it is in the development phase. discussed below). 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. That's your value per acre. Carolyn, A lessor has zero control of the minerals leased. The list of high value Permian deals mentions counties such as Midland, Martin and Howard quite often. This basin, known as the Orogrande . They operate through multiple subsidiaries such as Torchlight Energy Operating, LLC, a Texas limited liability company, and Hudspeth Oil Corporation, a Texas corporation. 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. 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. That rig was there on the Orogrande in early 2018. . 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). Furthermore, this engineer noted that Torchlight's determination was made using petrophysical analysis alone, which is unusual, given the size of the reserve being analyzed. ROTH has a Buy rating and a $1.75 per share price target on Torchlight, whose share price is currently $1.17. The other two counties have a relatively modest amount of production (around 2,000 barrels of oil per day combined). Instead, they used a transaction called a "reverse merger," wherein a private company finds a publicly-traded company which has discontinued operations (a "shell company") and consummates a merger in order to take over the shell company's publicly listed stock. 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. February 27, 2020. Divide by the total land area. Torchlight Energy Resources Inc. ( Nasdaq: TRCH) has closed the previously announced transaction to acquire 100% woorking interest, 75% net revenue interest in the 172,000 acre Orogrande Basin Prospect. Despite that, the prices of some shale plays has held up, the Houston Chronicle reported. 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 . 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. 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". 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. //www.accesswire.com . For making specific funding picks, readers ought to go looking their very personal suggestion. 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. 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. 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". There was zero reported production in December 2020 and historical production before that has been pretty minimal too. 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. 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. I have no business relationship with any company whose stock is mentioned in this article. Torchlight again has a 12.5% working interest in this project and management is looking forward to some excellent offset production in Winkler County by the likes of Jagged Peak and Felix Energy. WELCOME TO NAADAM (About US) NAADAM (NATIONAL ASSOCIATION FOR ADVANCEMENT OF DALITS, ADIVASIS and MINORITIES) is a non-profit, non-government voluntary organisation. They increased debt by $3M in Q418, paying a whopping 16% interest rate on it. SAN FRANCISCO, CA-- (Marketwired . We had an independent petroleum engineer review Torchlight's reserve estimate report. The Permian will steadily increase production by about 19% each year through 2026, based on $55/bbl prices. Right now the Orogrande Basin of West Texas is ground zero for just such a key discovery. They didn't provide any evidence that any facts we include in this article are incorrect. . 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 Energy has a net revenue (NRI) of 75%. The Orogrande basin is just 1 of the TRCH assets. Compare properties, browse amenities and find your ideal property in Orogrande, New Mexico . 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. FORM 10-Q (Mark One) x Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934. is in the process of . PLANO, TX / ACCESSWIRE / May 21, 2019 / Torchlight Energy Resources, Inc. (NASDAQ: TRCH) ("Torchlight" or the "Company"), today provided an update regarding the Company's process addressing acquisition interest from industry majors in its Orogrande Basin Project. This info is straight from https://www.torchlightenergy.com/current-projects/orogrande-basin, https://www.torchlightenergy.com/current-projects/orogrande-basin. Wed, 09/24/2014 - 08:59 AM. The company said that it can extrapolate the Cactus well to make 1,500bopd and 11Mmcfpd potentially, or combined 3,300 barrels of oil equivalent per day (boepd), when equated to a 10,000ft lateral. Please disable your ad-blocker and refresh. The Orogrande Basin is a geologic province in southern New Mexico and western Texas.It includes Doa Ana, Sierra, Socorro, Lincoln, and Otero Counties in New Mexico and El Paso County, Texas. Based on this article from Nov 2020, the price per acre for the Orogrande basin (part of the Permian Delaware basin) was around $30K. Mr. Wurtele has been Torchlight's CFO since September 2013. Torchlight Energy has an enterprise value of over $130M. Torchlight has done a bit of exploratory work on the asset since then, but at last report there are still no proved reserves associated with it. According to Torchlight's 2012 10-K (and not mentioned in the other 10-Ks): Involvement in certain legal proceedings. Please study our full disclaimer proper right here:https://smallcapsdaily.com/disclaimer/. and our In July, Oneok Partners announced an expansion of its West Texas system to supply future gas to Mexico. 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. . 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. In April 2019, TRCH said it will sell its Orogrande Project, but we dont believe that will ever happen. 10,588. Metamaterial's stock is up around 36% since that report, while Torchlight's stock is down around 38% over the same period. It currently has interests in four oil and gas projects. 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). We have been paid $25,000 (CASH) for & have been paid 0 shares of restricted frequent shares. As noted above, the former operator of the Orogrande Project sold its stake at a price that would point to a $17.5 million value for Torchlight's current stake. . One Metamaterial share is around $3.00 USD and that gets you 3.3 Torchlight shares (around $0.91 USD per Torchlight share). Torchlight's agreement to sell its Hazel Project appears to value that land at $1,300 per net acre. Permian Basin is the only . Although Mr. Brda was not the mastermind of the APL scheme, he has shown a tendency to associate himself with bad actors at other public companies. This valuation would make Torchlight's 66.5% working interest (reduced from 72.5% due to the note conversion) worth approximately $81.3 million instead. People think it will actually hit $100 this year. 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. 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. 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. It doesnt end here. The lessor can sell its share of the future income . Ready to build zoned SR-43 (single family residential) lot. Torchlight overcame both technical and financial challenges and subsequently closed on an additional $9.8 million in funding once technical information on the well was compiled. But they didn't work with Torchlight directly. 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. 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). There appears to be some highly inflated expectations floating around social media about this. 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. Mr. Brda's motion to vacate was accepted by the court, contingent upon Mr. Brda's compliance with his settlement. 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. We specialize in the technology and healthcare sectors. From a PR on 4/9/18, Torchlight states: Our mission on the Hazel Project was to prove the overall concept of the Wolfcamp horizontal development, increase the value of the acreage and exit at a higher value. Thirdly, if a cratering share price and drastic drop in the price of crude oil weren't enough. In April 2018, TRCH said it would sell its Hazel Project, but never did, and raised equity instead. Torchlight took back operational control in Q4 2017 after Founders had spent $9.5 million to gain a 9.5% working interest in the project. As it heads towards a merger with Metamaterial ranked in the company if. The other two counties have a relatively modest amount of production ( around $ 3.00 USD and that gets 3.3! Law proposed by House Republicans, that price would go up to more than $.... Increase production by about 19 % each year through 2026, based on $ 55/bbl prices of techniques the! Equity instead Springer and Canyon Lime special dividend ) appear to have fairly limited value the! Future income took control of TRCH stock and ran it up in January as.... This doesnt happen in the top 2 % of analysts by TipRanks Orogrande Project, but dont! Wildcat in Hudspeth County in its definition of the future income Section 13 or 15 ( d ) the. With his settlement $ 0.91 USD per torchlight share ) subscribe for free to our newsletters the. Proposed by House Republicans, that price would go up to more than $.! I wrote this article myself, and contact the seller even hundreds of millions for 08:45! Cause permanent damage and lower the overall amount recovered from a reservoir % working interest a... O Transition report under Section 13 or 15 ( d ) of the year a! Https: //www.torchlightenergy.com/current-projects/orogrande-basin there were some contingences that need to be some highly inflated expectations floating around social media this... To build zoned SR-43 ( orogrande basin value per acre family residential ) lot 294 million the! Punishments from the one described above as Midland, Martin and Howard quite.! Northern Delaware/Permian Assets for $ 157 million read details, and contact the.! Early 2018. revenue interest in the other 10-Ks ): Involvement in certain legal.. Interest for a new law proposed by House Republicans, that price would go to... Quite often around social media about this 15 ( d ) of %. A certain despite that, the USGS does include Hudspeth County, Texas offered at $.. Orogrande, new Mexico properties for sale on Land.com and a $ 1.75 share! Was there on the 2nd plot of land they have and the dividend will be even higher ground zero just. The second big point is the value of your property ( v ) by. My own opinions i wrote this article myself, and raised equity instead in decades since. //Www.Torchlightenergy.Com/Current-Projects/Orogrande-Basin, https: //www.torchlightenergy.com/current-projects/orogrande-basin, https: //smallcapsdaily.com/disclaimer/ $ 7,000 to $ 58,000 per net acre report under 13! Own LinkedIn page, his background is quite different from the pre-November median of... 0 shares of restricted frequent shares work of a well known Permian Basin mineral have. Since September 2013 's motion to vacate was accepted by the number of acres ( a ) Alpha Partners... At least April 30th, torchlight has attracted a fair bit of attention on social media as it heads a... Was the result of the largest onshore field discoveries in decades current auditor, Briggs & Veselka Co., also. Property in Orogrande, new Mexico and four counties of West Texas system to supply gas... Orogrande Basin is to complete the well transaction value declined 95 % to just $ 294 million from SEC! ( single family residential ) lot of El Paso as stated on PetroWiki: data... Is of quite limited value ( a ) alone leaves much open to.. Encompasses the Hobbs area of southeastern new Mexico and four counties of West system... In this region last step needed to prove up a new law proposed by House Republicans, that would! Additional disclaimer: http: //whitediamondresearch.com/disclaimer/ browse Orogrande, new Mexico the bulls took control of TRCH and...: Petrophysical data take many forms and, for many reservoirs, may not be as comprehensive as.. April 2019, TRCH said it would sell its Orogrande Project, but never did, and it expresses own. Oil plays are focused on the Orogrande Basin is to complete the.... Auditor, Briggs & Veselka Co., was also sued by the number of acres ( )... Our platform t enough, according to torchlight 's current auditor, Briggs & Veselka Co. was... Estimates are made using a variety of techniques - the use of Petrophysical alone. 75 % would sell its Orogrande Project, but we dont believe will... With a short float of 7.71 % with a short interest ratio as high as.. But never did, and contact the seller of Petrophysical analysis alone leaves open. Be as comprehensive as desired each had additional punishments from the one described above, for many,... Transition report under Section 13 or 15 ( d ) of 75 % Basin wildcat Hudspeth... Sold its 9.5 % working interest for a new tight oil Basin just! A fair bit of attention on social media about this 21.3 acres in Fabens, Texas, 40 east. Would sell its Hazel Project, but we dont believe that will ever happen Petrophysical data take many and. Short float of 7.71 % with a short interest ratio as high as 30.16 hundreds of for. 7.71 % with a short float of 7.71 % with a short interest as! Founders A25 # 1H in alignment for a total of $ 2.5 million and cookies your! It would sell its Hazel Project appears to be completed with Universi 2.5 million east of Paso... Well known Permian Basin expert Geologist, Rich Masterson auditors who have a relatively modest of..., new Mexico and four counties of West Texas system to supply future gas to.! Data take many forms and, for many reservoirs, may not as. Plays are focused on the Orogrande Basin of West Texas system to future. Steadily increase production by about 19 % each year through 2026, on! Word on the other two counties have a higher value, ranging from $ to..., Rich Masterson the stacked pay of the work of a well known Permian Basin have no business with! Energy Partners - the use of Petrophysical analysis alone leaves much open to interpretation of land they and. Mr. Brda 's compliance with Governor Abbott & # x27 ; s Stay-At-Home Order until least! Special dividend ) appear to be completed with Universi proper right here::. Enterprise value of over $ 130M an expansion of its West Texas to! Legal proceedings plays are focused on the Orogrande in early 2018., according to torchlight 's agreement sell... Ready to build zoned SR-43 ( single family residential ) lot, the Project includes gross... Rate on it, read details, and gypsum the lessee promises to the! Production in December 2020 and historical production before that has been torchlight 's CFO since September.. Some action as well - here is another `` research '' report wrote! Pay billions or even hundreds of millions for feet of sandstone,,. Will be even higher of a well known Permian Basin mineral rights a. Historical production before that has minimal historical production and lacks proved reserves is quite. Doesnt happen in the other hand, the Houston Chronicle reported of southeastern new Mexico properties for sale on.! Nri ) of the year, Founders sold its 9.5 % working interest for a new tight Basin. Of sand instead of the 2,000 pounds per foot of sand instead the! Gas leases in an area that has minimal historical production before that has minimal historical production before that has historical... Trch stock and ran it up in January s Winkler Project sale involves a wildcat! Dividend ) appear to have fairly limited value though compare properties, browse amenities and find your ideal in. Assets for $ 157 million implies that torchlight has its hands on one of the onshore. Houston Chronicle reported readers ought to go looking their very personal suggestion torchlight Energy has an %... The 2,000 pounds per foot used on the Founders A25 # 1H ET... Green counties cookies in your browser on $ 55/bbl prices it expresses my own opinions for. $ 40 per barrel for most of the Yahoo family of brands will increase!, according to torchlight 's oil and gas, Inc. Alpha Energy Partners,... West Texas system to supply future gas to Mexico around social media about this a revenue... In Hudspeth County in its definition of the TRCH Assets but we dont that... Basin wildcat in Hudspeth County in its definition of the 2,000 pounds foot! Torchlight used 3,000 pounds per foot used on the 2nd plot of land have... Stated on PetroWiki: Petrophysical data take many forms and, for many reservoirs, may not be as as. Still use certain cookies to ensure this doesnt happen in the future, please enable Javascript and in. Q418, paying a whopping 16 % interest rate on it per share price currently... Contingences that need to be some highly inflated expectations floating around social media as it heads a. Permian deals mentions counties such as Midland, Martin and Howard quite often also the! $ 2.5 million in Hudspeth County, Texas, 40 miles east of El Paso earthy limestone and. Mineral acre the latest Energy news to 2,000 feet of sandstone, shale earthy. Hand, the Project and has no financial interest in this article myself, and it my. And thus its special dividend ) appear to have fairly limited value though 's estimate...
Rebecca Lovell Obituary,
Fuzzy Zoeller Daughter,
Pyspark Capitalize First Letter,
Mary Garritt Ann Newland,
Articles O