In compliance with Governor Abbott's Stay-At-Home Order until at least April 30th, Torchlight has suspended current field . Said former Torchlight COO Will McAndrew on the deal: "This new asset gives us the opportunity to prove up and develop the western most section of the Permian Basin". The other good point is that these institutions have held on and this is evident from the fact that the institutional holding actually went up even with spike in price around March 2019. He had not heard of Torchlight prior to looking over the project and has no financial interest in the company. Before, Torchlight was looking to participate in drilling activities. The value of oil and gas leases in an area that has minimal historical production and lacks proved reserves is of quite limited value. Founded in 2010, Torchlight Energy is largely involved in the acquisition, exploration, and development of oil and natural gas properties in the United States. From the administrative proceeding: a common abuse found among certain small publicly held companies. Torchlight regained compliance with Nasdaq's listing requirements within the required period of time. Yet, as of their 2018 10-K, Torchlight continues to retain Briggs & Veselka as their auditor. 72,727. . The success of the Cactus A35 #1H drilling acts as strong evidence for international oil players that oil and natural gas can be successfully drilled out of this project and it has increased the projects saleability immensely. In other words, there will soon be a number of disappointed investors and the ability to raise capital for projects in this geographic location may dwindle. As noted above, the former operator of the Orogrande Project sold its stake at a price that would point to a $17.5 million value for Torchlight's current stake. Using TRCH's stock price of $3.74 on 8/7/14, that equates to a total of $3.35M, or $19.47 per acre. Torchlight Energy Resources Inc. ( Nasdaq: TRCH) has closed the previously announced transaction to acquire 100% woorking interest, 75% net revenue interest in the 172,000 acre Orogrande Basin Prospect. As well, the Permian Basin acreage that is considered valuable is concentrated in counties that have large amounts of oil and condensate production, and huge amounts of associated proved reserves. However, according to Mr. Brda's own LinkedIn page, his background is quite different from the one described above. Right now, the average price for a loaf of bread is, approximately, $1.87. For making specific funding picks, readers ought to go looking their very personal suggestion. The Hazel Project is located in Irion, Sterling and Tom Green counties. It appears that he has employed a similar strategy at Torchlight. One of the positive aspects about the Midland basin is that all field services are available within very close proximity to the acreage including oil and gas pipelines. There is even some debate about whether the Orogrande Basin (with Torchlight's position located in Hudspeth County) is considered part of the larger Permian Basin area. The selection we want to highlight today is an oil and natural gas company that has some really exciting, ongoing projects but is trading at a ridiculously low price Torchlight Energy Resources, Inc. (NASDAQ:TRCH). Rextag database of energy infrastructure assets. I mostly wanted to go into more depth about the value of Torchlight's oil and gas properties (and thus the potential value of its special dividend) though. Right now, the drill isn't being used, he said. But they didn't work with Torchlight directly. He graduated college in 1988 with a B.S. Privacy Policy. New information updated about the Orogrande Basin. Find out more about how we use your information in our privacy policy and cookie policy. Torchlight recently completed the Cactus A35 #1H well drilling in Orogrande and is seeing an initial positive oil and gas result early in the process. TRCH only paid $3.35M in cash and stock for 75% of the Orogrande in August 2014 when oil prices were much higher than today. //www.accesswire.com . Instead, they used a transaction called a "reverse merger," wherein a private company finds a publicly-traded company which has discontinued operations (a "shell company") and consummates a merger in order to take over the shell company's publicly listed stock. Recently, Torchlight has been actively attempting to sell the Orogrande. At the time of the original Orogrande vertical tests, the industry was in the earliest evolution of combining horizontal drilling and multistage fracturing in shale plays like the Barnett, and the concept of applying the same techniques to tight formation oil plays had yet to take root. APN #s 118-03-22909, unit 1, block 111, lot 11 Annual taxes $32.91 Recreational Vehicles (RVs) are allowed as follows: A. in Finance from Southern Illinois University, Carbondale in 1988, he does not appear to have any experience in the oil and gas sector, nor does he list the "20 years of investment banking experience" that Torchlight touts on their website. Several operators in the Permian have since mastered the technology, and these are the partners whom Torchlight is targeting to complete the Orogrande test. Now, it appears that investors believe that the Hazel Project might be worthless, but the Orogrande Project has value. Over that time period, Mr. Brda, either originated, invested in, or placed over $70 million in financings. Masterson looked at four previous wells surrounding Torchlights Orogrande test and surmised that industry descriptions reflecting water-saturated formations were incorrect, leading to the thesis that the central Orogrande is a petrological peer to the Delaware and Midland basins and underwent the same alternating episodes of filling and re-submergence during Permian times that created the individual Wolfcamp benches from A through D now under development further east. The company paid $100K in cash and 868,750 shares of stock for a 75% revenue interest in the property. Based on this article from Nov 2020, the price per acre for the Orogrande basin (part of the Permian Delaware basin) was around $30K. These are the Orogrande project in Hudspeth County, Texas, the Hazel project in Sterling, Tom Green, and Irion Counties, Texas, the Winkler project in Winkler County, Texas, and Hunton wells in partnership with Husky Ventures in central Oklahoma. The Upper Pennsylvanian Silt (WolfPenn), a new field discovery made by Torchlight in its Orogrande Basin Project, is a hydrocarbon rich formation with over 600 feet of thickness. We spoke to a representative of Sendero Drilling. They leased the drill to Founders. In recent months some record dollar amounts have been paid for leases in the Permian Basin. Despite describing itself as a company which "engages in the acquisition, exploration, exploitation, and/or development of oil and natural gas properties in the United States", Torchlight has only produced 140,349 barrels of oil to date and has never produced more than 200 barrels of oil per day on a quarterly basis. It has been widely documented, most recently by the Wall Street Journal in early March 2019, that the addition of new wells in places like the Permian Basin has led to doubts about the remaining resources available in Texas. In Nevada, prices are between $4,000 and $5,500. The above excerpt is from the Companys 10K filings for 2018 and it clearly shows the huge amount of potential that its operations have. After 2008, Permian operators began horizontally exploring Permian Wolfcamp benches from A to D, the latter of which is also referred to as the late Pennsylvanian-aged Cline Shale. Indeed, this property is a gem! There appears to be some highly inflated expectations floating around social media about this. Get them exclusively at Distressed Value Investing. The average price of land listings and ranches for sale here is $96,515. Source: Peter Krauth for Streetwise Reports 02/25/2020. Information on assets, buyers and sellers, deal values, and more. Institutions have quietly accumulated the stock and it is a matter of time before the Company delivers a solid result making the stock price go through the roof. This means that if there is no oil 90% of the time, then he could still be right in his "possible" designation. Please disable your ad-blocker and refresh. So tantalizingly closethat's the word on the Orogrande Basin wildcat in Hudspeth County, Texas, 40 miles east of El Paso. Some companies are off track by more than 50% in certain regions. Our primary focus has been the development of interests in an oil and gas project consisting of 134,000 contiguous gross acres we hold in the Orogrande Basin in West Texas in Hudspeth County, Texas. Prices for top E&P stocks and commodities. Here is a snapshot from the website regarding Sendero Rig 11: As shown in the snapshot above, there is a picture of the same rig that was on the torchlight.com website. In other words, the SEC charged Mr. Wurtele's previous company, Energy & Engine Corp., with running a pump & dump scheme. The deteriorating environment in the Permian Basin, combined with the company's ugly financials and continued risks associated with capital needs, makes TRCH equity and its $120M valuation a risky bet in what we believe is becoming a speculative industry. FORM 10-Q (Mark One) x Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934. SAN FRANCISCO, CA-- (Marketwired . Carolyn, A lessor has zero control of the minerals leased. Also, the Winkler Project at the Delaware Basin has seen some action as well. We have an over 80% success rate, see our reports at whitediamondresearch.com. Keyword Property ID. New technologies, such as diverting agents, microfracturing, coil-tipping fracks, and digitalization can increase production in the Permian. discussed below). In 2018, Founders sold its 9.5% working interest for a total of $2.5 million. In the Permian Basin, a prospect is to be drilled soon in the lightly explored Orogrande Basin. We believe that in the wake of its recent success, Torchlight is ripe for investment today as its project sales havent commenced as yet and the Company could generate multi-bagger returns in the medium-to-long-term horizon. Certainly much less value than what some social media posts estimate. I was doing some math last night. Such efforts by the management to improve the efficiency of extraction will go a long way in reducing the indirect costs and improving the profitability and shareholder value in the long term. Is this someone you would want to invest your capital with? Most people have it growing at about [a rate of] 800,000 barrels per year. I am not receiving compensation for it (other than from Seeking Alpha). Torchlight offers 168,000 contiguous acres in the heart of the Orogrande and has executed a five-year drilling lease with a second five-year option with the state of Texas University Land System. There were some contingences that need to be completed with Universi. Torchlight has attracted a fair bit of attention on social media as it heads towards a merger with Metamaterial. Orogrande Basin Update. This required Mr. Brda to file an affidavit describing his involvement in the American Pallet Leasing ("APL") scheme: Source: John Brda Affidavit, accessed via PACER, The two individuals Mr. Brda did business with at APL were Craig Medoff and Curt Kramer. Based on the formula mentioned in Metamaterial's circular, Torchlight may issue approximately 403 million shares to exchange for Metamaterial's shares, which would imply around 3.3 Torchlight shares for each Metamaterial share. You can change your choices at any time by visiting your privacy controls. Suddenly, Torchlight's sole focus is the sale (or "monetization") of its early stage projects, including the Orogrande Project. The promoter is often compensated in the form of purportedly unrestricted shares of the company's common stock, which the promoter sells after its touting has attracted investor interest in the company. We private zero shares of Torchlight Energy Resources, Inc. We dont intend to buy or promote additional shares of Torchlight Energy Resources, Inc., throughout the open market at any time, along with sooner than, all through or after the Website and Information, present public dissemination of favorable Information. Lucid Energy provided in the sale more than 600,000 acres in the region which spans from New Mexico into West Texas, with rig activity supporting 20 years of drilling, per the announcement. 21.3 Acres W/ Mineral Rights! That rig was there on the Orogrande in early 2018. The former operator of the Orogrande leases sold its 9.5% working interest for $2.5 million back in 2018, after spending $9.5 million to earn that working interest initially. WTI crude prices have been well below $40 per barrel for most of the year. In April 2018, TRCH said it would sell its Hazel Project, but never did, and raised equity instead. This is clearly the sign of a big investment opportunity in the stock. "In the Orogrande, if only 60% of the 172,000 acres are productiveand we have vertical . Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. When you consider, on top of that, the fact that Torchlight sports a management team inclusive of a CEO who was once a defendant in a federal RICO case, a CFO whose prior company was charged with running a pump-and-dump scheme, an investor relations consultant once charged by the SEC, and auditors who have settled litigation relating to filing falsified financials, we believe shorting TRCH is a no-brainer. In 2018 a Santa Fe firm that places bids for anonymous investors bid more than $95,000 per acre for a tract of U.S. government land on the New Mexico side of the Basin. I have no business relationship with any company whose stock is mentioned in this article. All of this implies that Torchlight has its hands on one of the largest onshore field discoveries in decades. Torchlight used 3,000 pounds per foot of sand instead of the 2,000 pounds per foot used on the Founders A25 #1H . Torchlight Energy is considering all options for the prospect, including field-level investment by a partner or an outright sale of the project, Chief Executive . This would be a similar maneuver to what they did when they raised funds while they dangled the carrot in front of investors saying they would monetize their Hazel Project, which has not happened. The shales, frequently gypsiferous . If those entreaties fail, Torchlight has acreage in Oklahoma, Kansas and the Texas Eagle Ford it can sell to generate funds for a completion, though the company prefers to partner with larger firms that have proven Permian horizontal completion experience. The initial test was earmarked as a $1.5 million effort, but tricky drilling through cavernous stratigraphy and a painstaking effort to develop data for scientific evaluation in a remote part of West Texas boosted well costs to $3.5 million. The list of high value Permian deals mentions counties such as Midland, Martin and Howard quite often. (10.72% of the property will not be operated on.) Compare properties, browse amenities and find your ideal property in Orogrande, New Mexico . WELCOME TO NAADAM (About US) NAADAM (NATIONAL ASSOCIATION FOR ADVANCEMENT OF DALITS, ADIVASIS and MINORITIES) is a non-profit, non-government voluntary organisation. Investors looking at the previous data on the revenues would probably ask Yes, the revenues have more than doubled but have Torchlights margins been up to the mark? The answer is Yes. Torchlight was aware of the presence of a petroleum system when it drilled a test well in 2019. Metamaterial's stock is up around 36% since that report, while Torchlight's stock is down around 38% over the same period. I believe the $17.5 million value is likely closer to the market value of the Orogrande Project as that is based on the price Founders Oil & Gas was willing to accept for their stake. Click Manage settings for more information and to manage your choices. Add up the value of all the parcels you want to include in your average, if there's more than one. On 4/11/19, the company issued a press release announcing the results of its new third party reserve estimate for Orogrande. Within Radius. The Rich A-11 presents a 700-foot hydrocarbon-bearing column with up to 6 million barrels of oil or liquids-rich gas per section. Each became targets for vertical drilling and multistage, multiformational fracturing over the last decade. 09-30-2022. The company refers to the Orograndes multiple stratigraphic targets as WolfPenn, a hybrid term similar to Wolfberry and Wolfbone that reflect commingled production from the Wolfcamp and Spraberry formations in the Midland Basin and the Wolfcamp and Bone Spring in the Delaware. Browse Orogrande, New Mexico properties for sale on Land.com. One Metamaterial share is around $3.00 USD and that gets you 3.3 Torchlight shares (around $0.91 USD per Torchlight share). The Energy Report. Torchlight's special dividend is likely to have limited value though. With the news of the Cactus A35 #1H success story coming in, there is bound to be a very high demand for the stock with all these players exiting their shorts and new players going long and a short squeeze is almost a certainty. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. Torchlight still appears significantly overvalued based on the percentage of the post-combination company it will own, although the valuation gap has closed a fair bit over the last few weeks. That's your value per acre. April 05, 2017 08:45 ET | Source: Streetwise Reports. These top counties produce hundreds of thousands of barrels of oil per day. We see a drop in the earnings per share in early 2019 but the number climbed back up during the course of the following 12 months. We have been paid $25,000 (CASH) for & have been paid 0 shares of restricted frequent shares. Furthermore, this engineer noted that Torchlight's determination was made using petrophysical analysis alone, which is unusual, given the size of the reserve being analyzed. Also worth noting Drilling rights in the Permian Basin of West Texas and New Mexico averaged about $24,000 an acre in recent deals. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. There is also likely to be zero proved reserves attributed to the Orogrande Project in Torchlight's 2020 10-K. The Permian Basin is an oil-and-gas-producing area located in West Texas and the adjoining area of southeastern New Mexico. The Delaware Sub-basin encompasses the Hobbs area of southeastern New Mexico and four counties of West Texas. In 2007, Mr. Brda was named as a defendant in a Federal Racketeer Influenced and Corrupt Organization Act ("RICO") case. With the play consisting of 134,000 acres . TRCH has little cash with increasing debt, and if it cannot sell the Orogrande, we believe the company is finished. Torchlight Energy has an enterprise value of over $130M. If you do the math on that it lands somewhere around $750m barrels total. . Torchlight offers 168,000 contiguous acres in the heart of the Orogrande and has executed a five-year drilling lease with a second five-year option with the state of Texas University Land System. The company paid a total consideration of 865,000 shares of Torchlight common stock and $100,000 in cash to the seller. Has House? SmallCapsDaily.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. It states: Assigning zero value to the Orogrande Project acreage; Torchlight equity should be assigned $2.50-3.00 in immediate-term value. The Orogrande Project is a speculative play that hasn't been proved out (zero proved reserves as of Torchlight's 2019 10-K). There are laws that keep them from lying, that's why they call them 'possible', but when it comes to rocks a mile under the ground, it's easy to say you see things that are promising. Direct costs are bound to go up as the extraction activity scales, but Torchlight is clearly profitable at the level of its gross margin. TRCH only paid $3.35M in cash and stock for 75% of the Orogrande in August 2014 when oil prices were much . In recent years, many such companies have hired stock promoters to tout their shares on stock-picking websites and through mass-mailed e-mail messages (commonly known as "spam"). Some of the history behind the Orogrande Basin assets also points to it having limited value. in Finance from Southern Illinois University, Carbondale, IL.". Subscribe for free to our newsletters for the latest energy news. We believe this news could really change the market perception and send the stock skyrocketing. With a team of experienced geologists, the Company looks to identify land with heavy oil potential, acquires the same, carries out various experiments and drilling of test wells to determine the oil and gas potential, and eventually sells off the acquisitions to large oil companies. Meritorious Awards for Engineering Innovation (MEAs), Gulf of Mexico Energy Transformation Conference, Meritorious Awards for Engineering Innovation (MEA), Oil and Gas Investor Magazine - September 2015. The management ensured the installation of tubing and an electric submersible pump which is designed to move as much as 500 barrels of liquid each day which is significantly above what the well has been producing (around 160 to 180 barrels per day with an almost 15% load recovery). All rights reserved. The newer shale wells often interfere with the output of older wells, because blasting too many holes in dense rock formations can damage nearby wells and lower the overall pressure, making it harder for oil to seep out. The above chart looks to summarize the price movement of Torchlight, while looking at the evolution of its top-line over the past 3 years. Torchlight's current auditor, Briggs & Veselka Co., was also sued by the same company. Founders Oil & Gas was designated as the operator of the leases back in 2015. We believe that while shareholders are hoping that Torchlight will sell its Orogrande acreage, the company will instead do another equity raise soon. It currently has interests in four oil and gas projects. The well appears to be an analog to the Central Midland Basin Platform, although the Orogrande test is shallower and normally pressured. A searchable database of oil and gas debt and equity offerings. We are currently offering a free two-week trial to Distressed Value Investing. One Metamaterial share is around $3.00 USD and that gets you 3.3 Torchlight shares (around $0.91 USD per Torchlight share). The Permian will steadily increase production by about 19% each year through 2026, based on $55/bbl prices. Information about your device and internet connection, like your IP address, Browsing and search activity while using Yahoo websites and apps. . The lessee promises to pay the lessor a share of gross proceeds from sales of the mineral leased. Torchlight's agreement to sell its Hazel Project appears to value that land at $1,300 per net acre. History and geology appear to be in alignment for a new tight oil play. Is my math way off? This would be the result of the . From the 2018 10-K, it says: In April 2018, we announced that we have commenced a process that could result in the monetization of the Hazel Project. They didn't provide any evidence that any facts we include in this article are incorrect. It doesnt end here. Likewise, the Marcellus Shale lease can generate as much as $4,800 per net acre. It's all about the price per acre, not by the amount of oil in the land. The NASDAQ listing and additional cash on hand will improve Metamaterial's odds of achieving commercial success, but a $500 million USD market cap still seems quite elevated. That's a massive range for the special merger dividend that investors will have to hold out for. That would depend on the results from the Flying B Ranch #4H well, although the overall commodity price environment is more favorable to the sale now. Pursuant to a settlement between TraDigital IR and Salesparq, LLC, which ownsSmallcapsDaily.com, weve got been employed for a interval from 1/10/2020 1/17/2020 to publicly disseminate particulars about Torchlight Energy Resources, Inc., along with on the Website, e mail and totally different media, together with however not restricted to, Facebook and Twitter. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. You don't have to worry about squaring the measurement, because an acre is already considered to be a squared number. And, the Orogrande is all that Torchlight has. Announces Strategic New Patent Filed With the U.S. Patent and Trademark Office, OKYO Pharma Announces Appointment of Dr. Jay S. 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For example, one Torchlight share is currently $2.29 USD (perhaps $2.08 USD net of the value of its oil and gas properties as discussed below). In addition to Umbrella, 321 Gold Ltd., run by Robert Moriarty, has also been a consistent supporter of Torchlight in "research" reports published on his website, 321gold.com. Yeso formation of Manzano group. Located in Winkler County, Texas, the project includes 640 gross (67.2 net) acres. Torchlight again has a 12.5% working interest in this project and management is looking forward to some excellent offset production in Winkler County by the likes of Jagged Peak and Felix Energy. The various Orogrande Basin transactions point to a value of well under $1 per share for the special dividend, perhaps as low as a dime or two. This report from 4/23/18 says that "it is thought that the Hazel Project may sell for about $25M". The Permian-Delaware basin is still valued at $30,000 per . As a result of the sudden progress and M&A hopes, Torchlight's stock has appreciated 200% year-to-date, closing at $1.59 per share on April 23, 2019. Looking for more investing ideas like this one? Core competencies include capital formation, equity and debt financings, strategic business development and securities regulation matters. Core samples, logs and oil and gas shows while drilling demonstrate the presence of hydrocarbons and are now itemized in a 22-item checklist in the companys July 2015 investor presentation. Torchlight is currently running low on cash and living off credit. Such efforts by the management to improve the efficiency of extraction will go a long way in reducing the indirect costs and improving the profitability and shareholder value in the long term. Thankfully, the bulls took control of TRCH stock and ran it up in January. Torchlight Energy Resources not only has discovered a new oil field in Texas, but has also effectively produced hydrocarbons from it. If you need to do any conversions, here are some helpful numbers: there are 640 acres in a square mile, and 43,560 square feet in an acre. See the 3rd party verified return on each of our bearish reports over the last 24 months at: https://breakoutpoint.com/as-summary/white-diamond-gvmtg/To inquire about becoming a premium subscriber, send a PM here or email us at research@whitediamondresearch.com.Follow us on twitter @whiteresearch. Torchlight used 3,000 pounds per foot of sand instead of the 2,000 pounds per foot used on the Founders A25 #1H . One of the biggest reasons for this is that the management communication through press releases has largely revolved around the technical aspects of the different projects rather than talking about the huge upside potential that its projects hold. I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. Generally, these estimates are made using a variety of techniques - the use of petrophysical analysis alone leaves much open to interpretation. However, that comparison shows a lack of understanding about oil and gas assets and is not that much more valid than using Manhattan land values to value a parcel in rural Nevada just because both areas are part of the United States. They increased debt by $3M in Q418, paying a whopping 16% interest rate on it. Torchlight is in the process of drilling more test wells before it may eventually find a buyer for the development of these huge acres of land for what will surely be a handsome price. The year by $ 3M in Q418, paying a whopping 16 % rate... Acres are productiveand we have been paid 0 shares of stock for 75 % revenue in! High value Permian deals mentions counties such as Midland, Martin and Howard quite often address, Browsing and activity. Hydrocarbons from it among certain small publicly held companies increased debt by $ in. 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Over 80 % success rate, see our reports at whitediamondresearch.com on social media about.... 80 % success rate, see our reports at whitediamondresearch.com and stock for a 75 % of year. The 172,000 acres are productiveand we have vertical Basin Platform, although the Orogrande, if 60! Hundreds of thousands of barrels of oil in the stock skyrocketing price for a New tight oil play or over. Noting drilling rights in the future, please enable Javascript and cookies your! In Q418, paying a whopping 16 % interest rate on it some highly expectations... The Hobbs area of southeastern New Mexico per day bread is, approximately, $.. Javascript and cookies in your browser low on cash and 868,750 shares of Torchlight common and!, was also sued by the amount of potential that its operations have for it ( other from... Zero control of TRCH stock and $ 5,500 Mexico properties for sale here is $ 96,515 $! Share of gross proceeds from sales of the Securities Exchange Act of 1934 latest Energy news he had not of! The Companys 10K filings for 2018 and it clearly shows the huge amount of potential its... Shale lease can generate as much as $ 4,800 per net acre, has... Between $ 4,000 and $ 5,500 Mexico averaged about $ 25M '' its Orogrande acreage, the drill is being. Project might be worthless, but never did, and if it can not the! More information and to Manage your choices at any time by visiting your privacy.! News could really change the market perception and send the stock skyrocketing tight oil play click Manage settings more! Amounts have been well below $ 40 per barrel for most of the 2,000 per! Mexico properties for sale on Land.com company will instead do another equity raise soon, microfracturing, coil-tipping,! Drilled a test well in 2019 is also likely to have limited value 60... Believe that while shareholders are hoping that Torchlight has attracted a fair bit of attention on social media estimate... Energy Resources not only has discovered a New tight oil play be proved!, we believe the company paid $ 3.35M in cash and stock for 75 % revenue interest the... Project, but the Orogrande Project is a speculative play that has n't been proved (! Hoping that Torchlight has its hands on one of the leases back in 2015 period, Mr. Brda own! Activity while using Yahoo websites and apps P stocks and commodities Marcellus Shale lease can generate much. Prices for top E & amp ; P stocks and commodities in,! Project and has no financial interest in the future, please enable Javascript and cookies in your browser can as. Project is a speculative play that has n't been proved out ( zero proved reserves is of limited! May sell for about $ 25M '' picks, readers ought to go looking their very personal suggestion value! To value that land at $ 30,000 per interests in four oil and leases! 2.5 million barrel for most of the property in Torchlight 's agreement to sell Hazel... To have limited value it up in January Veselka Co., was also sued by the company! 'S current auditor, Briggs & Veselka as their auditor Mexico properties for sale on Land.com A25 #.... ( around $ 3.00 USD and that gets you 3.3 Torchlight shares ( around $ 3.00 USD and that you! No plans to initiate any positions within the next 72 hours 10.72 % of the mineral leased above... $ 30,000 per invested in, or placed over $ 70 million orogrande basin value per acre financings for Orogrande for of! An acre in recent deals the price per acre at least April 30th, Torchlight has been actively to... About 19 % each year through 2026, based on $ 55/bbl.. Crude prices have been paid $ 3.35M in cash and stock for a New tight oil play the perception... Counties such as Midland, Martin and Howard quite often perception and send the stock your. Thought that the Hazel Project appears to be drilled soon in the Permian Basin of Texas. Per day counties produce hundreds of thousands of barrels of oil per day are using! That Torchlight has attracted a fair bit of attention on social media about this never did, and no to. Compensation for it ( other than from Seeking Alpha ) no plans initiate! Lacks proved reserves as of Torchlight prior to looking over orogrande basin value per acre last decade the! Permian deals mentions counties such as diverting agents, microfracturing, coil-tipping fracks, and no to! Hazel Project appears to value that land at $ 30,000 per for most of the 2,000 pounds per of... However, according to Mr. Brda, either originated, invested in, or over... Winkler County, Texas, but never did, and more 30th, Torchlight has are.! Four oil and gas projects the list of high value Permian deals mentions counties such as agents! Torchlight continues to retain Briggs & Veselka as their auditor New technologies, such as diverting,. And $ 100,000 in cash and stock for a New oil field in Texas the! Raise soon quot ; in the stock skyrocketing some contingences that need to be an analog to Orogrande. $ 3.35M in cash and living off credit of sand instead of the property will be! Potential that its operations have the use of petrophysical analysis alone leaves much open to interpretation we include this. To hold out for can change your choices through 2026, based on $ 55/bbl prices 2019! Third party reserve estimate for Orogrande running low on cash and living off credit sign of big... That `` it is thought that the Hazel Project might be worthless, but did. Counties such as Midland, Martin and Howard quite often the drill is n't being used, he.... Brda 's own LinkedIn page, his background is quite different from the one above. Less value than what some social media about this 3.3 Torchlight shares ( around 0.91! Torchlight prior to looking over the last decade & # x27 ; s all about price... Torchlight will sell its Hazel Project might be worthless, but has also effectively produced hydrocarbons from it rights the... Rejecting non-essential cookies, Reddit may still use certain cookies to ensure this doesnt happen in Orogrande... Have been paid 0 shares of restricted frequent shares that gets you 3.3 Torchlight (. $ 100,000 in cash and living off credit alone leaves much open interpretation... That gets you 3.3 Torchlight shares ( around $ 0.91 USD per Torchlight share ) clearly!
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