Torchlight Announces Gas Lift Installation Plans For Orogrande

Rhea-AI Summary

Torchlight Energy Resources, Inc. (NASDAQ: TRCH) announced plans for a gas lift installation on the University Cactus A-35H well, set to occur within two weeks. The well, tested earlier in 2020, yielded early results of 15 barrels of oil per day (BOPD) and 110 thousand cubic feet per day (MCFPD) from a 100-foot frac interval. CEO John Brda expressed optimism about optimizing flow back results through the gas lift approach, which aims to improve efficiency in oil and gas extraction.

Positive

• Planned gas lift installation expected to enhance oil and gas flow efficiency.
• Early results from University Cactus A-35H well show promising production rates.

Negative

• Risks associated with economic impacts of COVID-19 may affect demand for oil and natural gas.
• Dependence on external factors such as supply changes from Russia and OPEC could impact operations.

PLANO, TX / ACCESSWIRE / September 2, 2020 / Torchlight Energy Resources, Inc. (NASDAQ:TRCH) ("Torchlight" or the "Company"), today reported that Orogrande operator, Maverick Operating, will move its team in for a gas lift installation within the next two weeks on the University Cactus A-35H well that was drilled and tested in early 2020. Early results, without gas lift, were impressive with 15 BOPD and 110 MCFPD from only a 100 foot frac interval. The intent of the gas lift approach is to remove the hydrostatic head from the wellbore and allow the oil and gas to come to surface more efficiently. Results will be reported when available.

"It's exciting to be active restarting operations on the Orogrande Project," stated John Brda CEO of Torchlight. "The stimulation on this well was executed flawlessly into the 100 foot interval of the Penn zone with great oil and gas shows. We believe that by installing and testing a gas lift system the flow back results will be optimized. This is another signifigant step for us in the project and we expect the exercise will help identify the best methodology for efficient flow back on subsequent wells."

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

SOURCE: Torchlight Energy Resources, Inc.

View source version on accesswire.com:
https://www.accesswire.com/604399/Torchlight-Announces-Gas-Lift-Installation-Plans-For-Orogrande

FAQ

What is Torchlight Energy's latest development related to TRCH?

Torchlight Energy plans to install a gas lift on the University Cactus A-35H well within two weeks to enhance oil and gas production efficiency.

What were the initial production results of the University Cactus A-35H well?

The well showed initial results of 15 BOPD and 110 MCFPD from a 100-foot frac interval.

What are the potential risks mentioned in Torchlight Energy's press release?

The press release highlights risks from COVID-19's economic impact and potential increases in supply from Russia and OPEC affecting oil demand.