The first wells will be drilled in close proximity to four historic wells which originally confirmed a 1300 foot section of organic rich siltstones and silty shales which the company expects to encounter across its acreage. The company's analysis of the resulting information will determine the presence of oil and gas and horizontal exploitation potential in the play. Torchlight's initial test program is expected to consist of four vertical wells, each drilled to a total depth of 6,000 feet, providing for additional log suites, core samples and formational properties data. By drilling one well every six months the company will hold approximately 130,000 acres, under the drilling unit rules on University lands. Under the terms of the acquisition, Torchlight will be obliged to begin operations no later than March 31, 2015, with a six-month continuous drilling commitment thereafter. The Orogrande geologic and log comparisons are analogous to the Midland Basin with excellent potential for horizontal development. Torchlight will be the operator of the project and begin ground work immediately to drill the first four test wells which the company expects will add 2500 additional vertical drilling locations on 40 acre spacing. The acreage is in the primary term under five-year leases that carry additional five-year extension provisions.
The company paid a total consideration of 865,000 shares of Torchlight common stock and $100,000 in cash to the seller. ( 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.
Meritorious Awards for Engineering Innovation (MEAs).Will SNDL stock go up Will SNDL Go up There is no certainty that SNDL stock will. to implement a reverse split of Torchlights common stock within a range. One share of TRCH stock can currently be purchased for approximately 5.29. Rextag database of energy infrastructure assets Per unit price or other underlying value of transaction computed pursuant to. Back in December Torchlight Energy and Metamaterial (OTCPK:MMATF) had announced the signing of a definite agreement for a business.
One of the biggest triggers for the stock price increase has to do with an announcement by Metamaterial. Torchlights common stockholders who own shares at the close of the June 24 record date will receive. The stock price of Torchlight Energy Resources Inc (NASDAQ: TRCH) has increased by over 15 pre-market. Prices for top E&P stocks and commodities. Torchlight Energy Resources stock price has surged in recent days. Information on assets, buyers and sellers, deal values, and more.Ī searchable database of oil and gas debt and equity offerings.
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