Torchlight Energy Announces Peak Rate of 197 BOPD on the Johnson #2
PLANO, TX--(Marketwired - August 28, 2013) - Torchlight Energy Resources, Inc. (OTCQB: TRCH) ("Torchlight Energy" or "the Company") today announced that the Company's Marcelina Creek Project Johnson #2 well, completed in July 2013 in the Buda Georgetown formation, has reached a peak production rate of 197 barrels of oil per day. The well is currently producing total fluids of 350 to 400 barrels per day on a three-quarter inch choke. Torchlight reported that the Johnson #2 well was completed naturally with no stimulation and is producing oil that has an approximate gravity of 40° API.
"We are very pleased with the initial results from our Johnson #2 well," commented Tom Lapinski, Torchlight's CEO. "Our expectation is that the well will sustain production between 120 and 165 barrels of oil per day, including associated gas. We are capturing as much flush production as possible and plan to stimulate the well at a later date by setting a slotted liner and fracking the zone for increased production. The current completion is in the zone containing higher condensate and we anticipate tapping into the oiliest section of the Buda by employing a frac procedure."
The Marcelina Creek Project is located in Wilson County, Texas. The play involves the upper cretaceous formations including Austin Chalk, Buda, and Eagle Ford formations. Torchlight currently has two wells producing on the lease: one from the Buda Formation and a second horizontal Austin Chalk well. The lease is completely surrounded on all four sides by Eagle Ford producers from well-known companies such as Hunt Oil and Clayton Williams. Torchlight Energy has a 75% Working Interest in the majority of the 1,080 acre block with 50% WI in a 280 acre section.
About Torchlight Energy
Torchlight Energy Resources, Inc. (OTCQB: TRCH), based in Houston, 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 currently holds interests in Texas, Kansas and Oklahoma where their targets are established plays such as the Eagle Ford, Mississippian and Hunton trends. For additional information on the company, please visit www.torchlightenergy.com.
Forward Looking Statement
The information contained in this news release, other than historical information, consists of 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 may 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 Torchlight Energy'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 general and other factors that may 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.