Torchlight Announces Completion of Hydraulic Fracturing in the Hazel Project

Rhea-AI Summary

Torchlight Energy Resources, Inc. (NASDAQ:TRCH) has announced the successful completion of hydraulic fracturing operations at its Hazel Project. The process involved delivering a targeted frac of approximately 3,200 lbs. per foot with an impressive flow rate of 80 barrels per minute, utilizing 592,000 barrels of water and 24 million lbs. of sand across 37 stages. Flowback operations are set to commence next week, marking a significant step in the development of Torchlight's domestic oil fields in West and Central Texas.

Positive

• Successful completion of hydraulic fracturing operations at Hazel Project.
• Flowback scheduled to begin next week, indicating progress in project development.
• Use of significant resources: 592,000 barrels of water and 24 million lbs. of sand, showcasing the scale of the operation.

Negative

• None.

PLANO, TX / ACCESSWIRE / November 10, 2020 / Torchlight Energy Resources, Inc. (NASDAQ:TRCH) ("Torchlight" or the "Company"), today reported that the operator of its Hazel Project has completed hydraulic fracturing operations. The stimulation went according to plan with the targeted frac delivered at approximately 3,200 lbs. per foot and an 80 barrels per minute water rate consisting of 37 stages. A total of 592,000 barrels of water and 24,000,000 lbs. of sand were used in the stimulation. Flowback is scheduled to commence next week.

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 which demand could be materially affected by the economic impacts of COVID-19 and possible increases in supply from Russia and OPEC, the proposed business combination transaction with Metamaterial, Inc., 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.

Investor Relations Contact

Derek Gradwell
Investor Relations

Integrous Communications
Phone: 512-270-6990
Email: ir@torchlightenergy.com

SOURCE: Torchlight Energy Resources, Inc.

View source version on accesswire.com:
https://www.accesswire.com/615675/Torchlight-Announces-Completion-of-Hydraulic-Fracturing-in-the-Hazel-Project

FAQ

What is the recent update from Torchlight Energy Resources (TRCH)?

Torchlight Energy Resources reported the completion of hydraulic fracturing operations at its Hazel Project, indicating progress.

When will flowback operations begin for the Hazel Project by TRCH?

Flowback operations for the Hazel Project are scheduled to commence next week.

What were the key metrics of the hydraulic fracturing at TRCH's Hazel Project?

The fracturing delivered approximately 3,200 lbs. per foot with a water flow rate of 80 barrels per minute, using 592,000 barrels of water and 24 million lbs. of sand over 37 stages.