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Company's First Wolfcamp Well Demonstrates 'Successful Logging and Oil Shows'

Streetwise Reports
0 Comments|November 28, 2018

A ROTH Capital Partners report reviewed the implications of these preliminary results.

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In a Nov. 20, 2018, research note, ROTH Capital Partners analyst John White reported that Torchlight Energy Resources Inc. (TRCH:NASDAQ) completed drilling of its A11 #2 well in the Orogrande Basin. "It is important to note this is the company's first well to test the Wolfcamp formation and potentially opens up a new oil and gas play separate from the previously tested Pennsylvanian," he added.

White relayed the well findings and the next step for the energy company.

The A11 #2 was drilled to a vertical depth of 4,009 feet, and casing was set. Electric logs show excellent oil and gas potential in multiple intervals with the presence of both oil and gas," White highlighted. "These intervals represent potentially economical formations." Core samples are currently being analyzed.

The primary zone that was targeted was a Wolfcamp unconventional, 190-feet thick from 3,800 feet down to about 3,990 feet. The company will complete this 190-foot interval using cutting edge stimulation technology "to show the viability of movable hydrocarbons," explained White.

Next for Torchlight, White noted, will be drilling of University Hueco A39 #1 vertically beyond 3,200 feet to test for additional Wolfcamp intervals previously encountered in Rich A11 #2.

ROTH has a Buy rating and a $1.75 per share target price on Torchlight. This represents more than a potential double as the stock is currently trading at around $0.67 per share.


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