Torchlight Energy Resources Inc(NASDAQ:TRCH) , today announced that they have begun the flowback and cleanup stage of testing on the Company's next Midland Basin well, the Flying B Ranch #2.
Next steps toward bringing the well into production will be to flow back frac fluid from the upper stage and drill out the bridge plug that was set above the Wolfcamp B formation. Subsequently, the well will be flowed back and tested. Once completion fluids are removed, an oil cut and production will be measured to provide Initial Production (IP) figure and viability for horizontal field development. This testing will begin immediately and the well monitored over the coming weeks. Additional testing may be done on the upper zones to validate further pay zones at a later date.
"We are looking forward to measured results from our efforts on this next Midland Basin well," stated John Brda, Torchlight Energy's CEO. "Although we experienced a few delays in completion, we are moving into testing phase as previously announced. Recognizing hydrocarbons on our acreage was the first milestone we achieved and over the coming weeks, we will be able to determine production quantities, economic viability of horizontal activity in the play and move toward a plan for future field development. This is a very exciting time for Torchlight and our shareholders as we look forward to reporting our IP and making plans for maximizing value from this asset."
About Torchlight Energy
Torchlight Energy Resources, Inc. (NASDAQ: TRCH), based in Plano, Texas, is a high growth oil and gas Exploration and Production (E&P) company with a primary focus on acquisition and development of highly profitable domestic oil fields. The company has assets focused in West and Central Texas where their targets are established plays such as the Permian Basin. For additional information on the Company, please visit www.torchlightenergy.com.
Forward Looking Statement
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Such forward-looking statements involve known and unknown risks and uncertainties, including risks associated with the Company's ability to obtain additional capital in the future to fund planned expansion, the demand for oil and natural gas, general economic factors, competition in the industry and other factors that could cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. The Company is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
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