Torchlight Announces Consummation of Hydraulic Fracturing in the Hazel Project
Torchlight Energy Resources (NASDAQ: TRCH) has initiated hydraulic fracturing operations at its Hazel Project, which is expected to last one week. The operation involves slickwater fracturing with a rate of 80 barrels per minute and 37 stages. Following the fracturing, a flowback process will begin, and results will be announced thereafter. The company focuses on the acquisition and development of domestic oil fields with significant assets in the Permian Basin region of Texas.
- Initiation of hydraulic fracturing at the Hazel Project.
- Slickwater fracking method with a robust rate of 80 barrels per minute over 37 stages.
- Focused operations in a high-potential area like the Permian Basin.
- Dependence on external factors like oil demand and COVID-19 economic impacts.
- Risks associated with future capital acquisition for expansion plans.
PLANO, TX / ACCESSWIRE / October 29, 2020 / Torchlight Energy Resources, Inc. (NASDAQ:TRCH) ("Torchlight" or the "Company"), today reported that the operator of its Hazel Project has begun hydraulic fracturing operations. The stimulation procedure is expected to take one week. The frack is designed to be slickwater with 3,200 lbs per foot, and an 80 barrels per minute rate of water consisting of 37 stages. Once completed, the flowback process will begin and an announcement of results will be made following completion of applicable potential production testing.
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.
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