By The Energy Report
Torchlight Energy (NASDAQ:TRCH) recently updated investors as to scientific information returned from third-party providers who performed testing on its University Founders B-19 #1 well. Results were overwhelmingly positive and reflect the substantial upside opportunity in the wildcatter-stage E&P.
The University Founders B-19 #1 well is the second drill-out operation successfully executed by Torchlight Energy and its farm-in partner Founders Oil & Gas LLC for the E&P’s West Texas located Orogrande Project.
For those unfamiliar with Torchlight Energy, a largely preproduction, venture-level oil & natural gas company, the E&P has been acutely focused on the development of its Orogrande Project, a concept-level, potentially oil-heavy resource play that to date is entirely undeveloped, dating back to securing a massive acreage position in late 2014. Torchlight Energy, as of the filing of its last Form 10-Q with the U.S. Securities and Exchange Commission, lists assets in the Orogrande of 172,000 largely contiguous acres. Torchlight Energy, also via its Form 10-Q, has secured a multiyear commitment from development partner Founders Oil & Gas for $50 million in total exploration and development funding - essentially fully funding concept prove-out of its contiguous acreage position in the Orogrande Project.