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Torchlight Announces Successful Vertical Test in its latest Midland Basin Well

MarketwiredApril 24, 2017
PLANO, TX--(Marketwired - April 24, 2017) - Torchlight Energy Resources, Inc. (TRCH) ("Torchlight" or the "Company"), today announced that it has successfully tested the Flying B Ranch #2 vertical well in the Lower Wolfcamp A and Upper Wolfcamp B sections. The well is still in the flowback process and improving during clean-up of the 2000 barrels of frac load remaining. The well is currently testing at ~20 barrels of oil per day with associated gas which has yet to be measured. This test provides confirmation for the second horizontal bench in the Hazel Project. Results from the first two Flying B Ranch wells have established the Lower Dean/Upper Wolfcamp A and the Lower Wolfcamp A / Upper Wolfcamp B formations.

Next steps for the Flying B Ranch #2 well are to test the Leonard interval and frac it to prove up a third horizontal bench. Once the frac is completed and the Leonard zone tested, the Company expects to place the well back on pump and produce sales. The frac procedure is currently being scheduled.

"This vertical test was a very important and successful milestone for Torchlight and its partners," stated John Brda, Torchlight Energy's CEO. "This test validates our theory that commercial production of oil and gas from horizontal development in multiple stacked pay zones across different areas of our lease is achievable.

As we approach the Leonard we are hopeful to prove up the potential of a third bench in our Hazel project, which will add significant value to the acreage. We are very pleased with the results and excited to move forward on our next horizontal target in June. Our vertical tests to date are from a single stage frac, whereas, our horizontal wells may have as many as 50 stages depending on the interval."

The Flying B Ranch #3H is being permitted and will be spud sometime in mid to late June. This will be the first horizontal test in the project for Torchlight. The Company plans to begin with a vertical pilot to collect scientific information and then immediately drill a ~7500' lateral leg.
http://finance.yahoo.com/news/torchlight-announces-successful-vertical-test-120000633.html