Torchlight Announces Hazel Project Flowback Commencing
Torchlight Energy Resources, Inc. (NASDAQ: TRCH) announced the commencement of the flowback process at its Hazel Project, specifically on the Flying B Ranch #4H. The flowback process is expected to take significant time due to the high volume of water used during stimulation. The company will provide updates on hydrocarbon indications or production results once available. Torchlight focuses on acquiring and developing profitable oil fields primarily in West and Central Texas, with a commitment to growth in the energy sector.
- Commencement of the flowback process at the Hazel Project indicates progress in operations.
- Focus on acquisition and development of high-potential oil fields in Texas, particularly the Permian Basin.
- Ongoing risks related to capital acquisition for future expansions due to uncertain market conditions.
- Potential effects on oil and natural gas demand due to COVID-19 and geopolitical factors may impact operations.
PLANO, TX / ACCESSWIRE / December 3, 2020 / Torchlight Energy Resources, Inc. (NASDAQ:TRCH) ("Torchlight" or the "Company"), today reported that the operator of its Hazel Project has started the flowback process on the Flying B Ranch #4H. Flowback should take considerable time due to the volume of water used in the stimulation and as soon as the operator has indications of hydrocarbons or production, the Company will announce those results.
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
Integrous Communications
Phone: 512-270-6990
dgradwell@integcom.us
ir@torchlightenergy.com
SOURCE: Torchlight Energy Resources, Inc.
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