Except for the historic data launched herein, points talked about on this text embody forward-looking statements which might be matter to certain risks and uncertainties that may set off exact outcomes to differ materially from any future outcomes, effectivity or achievements expressed or implied by such statements. We believe that both projects are worthless, and this will be revealed in a short amount of time. Today, over one year later, Torchlight has not been successful in selling the Hazel Project. 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 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. 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. He was promoted to CEO in December of 2014 with the exit of our co-founder Tom Lapinski. The funds were used for the expansive drilling at Orogrande Basin. It's all about the price per acre, not by the amount of oil in the land. o Transition report under Section 13 or 15(d) of the Securities Exchange Act of 1934. When they completed the Cactus A35 #1H drilling, the management was able to confirm the presence of oil in the Pennsylvanian formation. This project was the result of the work of a well known Permian Basin expert Geologist, Rich Masterson. 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. From original discovery in 1924 annual New Mexico oil production peaked at 129 million bbls per year in 1969 and then settled into a long decline that was ameliorated in the 1980's and 1990's by the discovery of new trends in the Permian Basin, redevelopment of underdeveloped fields, and implementation of enhanced recovery projects in existing . 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. In other words, the SEC charged Mr. Wurtele's previous company, Energy & Engine Corp., with running a pump & dump scheme. The Delaware Sub-basin encompasses the Hobbs area of southeastern New Mexico and four counties of West Texas. Has House? It is the value of your property (v) divided by the number of acres (a). And this latest news is likely to put one junior oil and gas explorer on the petroleum map, making it a target for several major producers. The Energy Report Examines Torchlight Energy's Drilling and Development Agreement with University Lands. 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. Torchlight Energy Resources (TRCH) is heading towards its merger with Metamaterial (MMATF). This report is a good example. The average price of land listings and ranches for sale here is $96,515. 72,727. Torchlight's Orogrande Project (Hudspeth County) acreage had no proved reserves at last report, and Hudspeth County had no reported production at last report either. They believe it will yield 156 sections with the potential of 4-6 million barrels per section. . Keyword Property ID. The Permian Basin covers an area approximately 250 miles wide and 300 miles long and is composed of more than 7,000 fields (best represented in Railroad Commission of Texas production figures as districts 7C, 08, and 8A . For the transition period from _____ to _____. Torchlight's stock closed at $0.80 on November 7, 2018, and reached its low of $0.53 on December 31, 2018. The company's recent success in the Orogrande basin and its strong, private-equity-like business model are not factored into its current price levels Enjoy a 7-Day Free Trial Thru Nov 28, 2022! If you have an ad-blocker enabled you may be blocked from proceeding. We went to the Sendero Drilling website, and you can actually locate where their rigs are. The average price of U.S. shale acreage has fallen by more than 70% in two years from $17,000 per acre in 2018 to $5,000 per acre in 2020, according to Norwegian energy research firm Rystad. 2023 Hart Energy. 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. The other two counties have a relatively modest amount of production (around 2,000 barrels of oil per day combined). Washington, D.C. 20549 . The value of the special dividend is estimated at $0.45 million for the Winkler Project sale plus $12.4 million for the Hazel Project sale if that goes through. Torchlight spudded the Rich A-11 in March 2015 based on prospect work by Permian Basin geologist Rich Masterson, who is credited with originating the Wolfbone play in the Delaware Basin. Torchlight's special dividend is likely to have limited value though. Some companies are off track by more than 50% in certain regions. Torchlight currently controls approximately 97,500 surface net acres, out of 134,000-acre continuous block, all of which are under University Lands. 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. This basin, known as the Orogrande . On 4/11/19, the company issued a press release announcing the results of its new third party reserve estimate for Orogrande. The lessor can sell its share of the future income . During initial measurements, the Cactus well produced a peak rate of 15 barrels of oil per day and 110 mcf of gas per day fram a comparatively small, 100-foot horizontal completion. Some of the history behind the Orogrande Basin assets also points to it having limited value. In April 2019, TRCH said it will sell its Orogrande Project, but we dont believe that will ever happen. 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. 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. Divide by the total land 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). Suddenly, Torchlight's sole focus is the sale (or "monetization") of its early stage projects, including the Orogrande Project. Texas allows for single drilling and development units. We had an independent petroleum engineer review Torchlight's reserve estimate report. Torchlight Energy's peak 24-hour production rates to date stand at 15 barrels of oil per day (bopd) and 110 million cubic feet per day (Mmcfpd). with many not being able to survive the fallout. Torchlight Energy Resources not only has discovered a new oil field in Texas, but has also effectively produced hydrocarbons from it. Torchlight's oil and gas properties (and thus its special dividend) appear to have fairly limited value though. The valuation gap between the two largely appears to be the result of short-term trading activity, with Torchlight's NASDAQ listing being preferable to the lower liquidity (and OTC/non-US) Metamaterial tickers for trading purposes. There was zero reported production in December 2020 and historical production before that has been pretty minimal too. Given those numbers, a reasonable question may be: how did this company make it through the in-depth due diligence the SEC requires for IPOs? Is my math way off? A tiny sum, also considering that oil prices were much higher back then. 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. 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 Company has an 80% net revenue interest in this region. . History and geology appear to be in alignment for a new tight oil play. Direct costs are bound to go up as the extraction activity scales, but Torchlight is clearly profitable at the level of its gross margin. 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. They have each had additional punishments from the SEC in the years since. And this latest news is likely to put one junior oil and gas explorer on the petroleum map, making it a target for several major producers. Saint used 0.50 per barrel in his calculations (I work in oil & gas industry, 0.50 is low, but we'll use this as floor price evaluation). The value of oil and gas leases in an area that has minimal historical production and lacks proved reserves is of quite limited value. Shares even hit the $2 target on . Prices per acre can range from $10,000 to $60,000 in Texas. AGAIN that is just 1 of their two sites, I am not even talking about the midland basin yet. In the case of Torchlight, despite having a float of 53.91 million shares, its daily volume is relatively low at around 170,000. We specialize in the technology and healthcare sectors. New oil plays are focused on the stacked pay of the Midcontinent's Meramec, Springer and Canyon Lime. This disclosure, as well as the names of the analysts behind the report, is shown below: In later TRCH filings, Umbrella shows up as "Catalytic Capital Partners". Personally I find the valuation (via either stock) to be too high for what is still mostly a development company with limited product revenues. Carolyn, A lessor has zero control of the minerals leased. ROTH has a Buy rating and a $1.75 per share price target on Torchlight, whose share price is currently $1.17. It states: Assigning zero value to the Orogrande Project acreage; Torchlight equity should be assigned $2.50-3.00 in immediate-term value. The deal closed on Dec. 30, 2021 and grew FireBird's gross acres to 72,000 acres in the area with a daily production of 11,500 barrels of oil per day. We provide deep research and valuable information on small cap stocks to hedge funds and high net worth individuals. What is the point of paying auditors who have a concerning history? Located in Winkler County, Texas, the project includes 640 gross (67.2 net) acres. 543 Acres M/L bordering over 25,000 Acres of Santa Fe National Forest. 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 April, closely held DoublePoint Energy sold to Pioneer . Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. Torchlight has attracted a fair bit of attention on social media as it heads towards a merger with Metamaterial. Metamaterial may have approximately 122 million fully diluted shares now, while Torchlight may have around 153 million fully diluted shares. Prior to his time at Torchlight, Mr. Wurtele served as the CFO of Xtreme Oil & Gas, Inc. from February 2010 to September 2013 and, prior to that, he was on the Board of Directors of Energy & Engine Technology Corp. Interestingly enough, Energy & Engine Corp. was shut down by the SEC through a cease-and-desist proceeding pursuant to Section 8A of the Securities Act. Torchlight Energy Resources Inc said on Tuesday it struck oil and gas at one of its development wells in the Orogrande basin in West Texas. Can we trust Torchlights financial reporting? This would be the result of the . 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). Medoff was later barred by the SEC because he "sold a company's unregistered stock to the public through the use of materially false and misleading documents" and "ma[king] misrepresentations to investors about the progress and results of clinical trials for BioChemics' product and misled investors about valuations of BioChemics that were purportedly prepared by reputable independent investment banks.". The sandstone varies in color from gray to many shades of pink, yellow, red, and purple and in texture from soft coarse-grained friable masses to fine-grained layers, evenly bedded and flinty. There were some contingences that need to be completed with Universi. Texas had 242 rigs, Baker Hughes reported, adding three in the last week. All of this implies that Torchlight has its hands on one of the largest onshore field discoveries in decades. "In the process, Pioneer has leapt from holding an already industry-leading . The petrophysics . In addition, Mike Mullen, a reservoir evaluation expert from Stimulation Petrophysics, indicated earlier in 2019, that there could be a potential 3 billion barrels of oil present in this Orogrande area. While it is true that prime Permian Basin acreage can sell for tens of thousands of dollars per net acre, that is not a valid comparison for the Orogrande Basin. Now, the Company has a short float of 7.71% with a short interest ratio as high as 30.16. "Mr. Brda has been our President and Secretary and a member of the Board of Director since January 2012. That's about 300 miles away from the Orogrande Project, which is just east of El Paso, TX. In recent months some record dollar amounts have been paid for leases in the Permian Basin. Wed, 09/24/2014 - 08:59 AM. Join our community to receive exclusive research about various energy companies and other opportunities along with full access to my portfolio of historic research that now includes over 1,000 reports on over 100 companies. 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. Mr. Brda also has a checkered past. Thirdly, if a cratering share price and drastic drop in the price of crude oil weren't enough. Subscribe for free to our newsletters for the latest energy news. UNITED STATES. 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. FORM 10-Q (Mark One) x Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934. The Orogrande Basin Project & Its Big Breakthrough. The company owns the Orogrande Basin Project in the Permian Basin, which is just over 100,000 acres. Collectively, the companies that made projections are on track to pump nearly 10% less oil and gas than they forecast for those areas, according to the analysis of data from Rystad Energy AS, an energy consulting firm. . 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. Salesparq, LLC which ownsSmallcapsDaily.comisnt registered with any financial or securities regulatory authority and doesnt present nor claims to produce funding suggestion or recommendations to readers of this launch. 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. As explained in the recent 10-K, Torchlight acquired the Orogrande Project on 8/7/14. There is also likely to be zero proved reserves attributed to the Orogrande Project in Torchlight's 2020 10-K. 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. Metamaterial's stock is up around 36% since that report, while Torchlight's stock is down around 38% over the same period. With the play consisting of 134,000 acres . Click Manage settings for more information and to manage your choices. 10,588. $1,600. 6. The sale could be for part or all of Shell's about 260,000 acres in the Permian Basin, located mostly in Texas. Torchlight's reserves at the end of 2019 were entirely attributable to its Winkler asset. In November 2007, Mr. Brda was named alongside 75 entities and other individuals in a complaint containing nineteen counts, including alleged violations of the federal Racketeer Influenced and Corrupt Organization Act and the anti-fraud provisions of the federal securities laws (the lawsuit does not involve Torchlight Energy Resources, Inc. in any way). This high desert ranch country is punctuated by volcanic intrusions and uplifts that give it a distinctly western landscape. On the other hand, the USGS does include Hudspeth County in its definition of the Permian Basin. On June 12, 2018, Nobilis Health Corp. filed a malpractice lawsuit in Houston, Texas against Briggs & Veselka. separate Wall Street Journal investigation. Get them exclusively at Distressed Value Investing. 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. . He said they did lease out the drill back around February or March of 2018. However, according to Mr. Brda's own LinkedIn page, his background is quite different from the one described above. This is clearly the sign of a big investment opportunity in the stock. 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. of oil per day and 110,000 cubic feet of gas per day The price per acre for the Midland Basin was about $17K. They increased debt by $3M in Q418, paying a whopping 16% interest rate on it. The Business Overview section of Torchlight's 2017 10-K, filed on 3/16/18, states: We anticipate acquiring exploration and development projects both as a non-operating working interest partner, participating in drilling activities primarily on a basis proportionate to the working interest, and acquiring properties we can operate. I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. The Energy Report. More:$1.9 billion oil and gas merger targets Permian Basin amid growing energy prices Founders Oil & Gas was designated as the operator of the leases back in 2015. This is just a rough estimate based on the latest information I found, but if accurate it still points to Metamaterial's shares being significantly cheaper than Torchlight's shares if one wanted to invest in the new company. The Orogrande Project is a speculative play that hasn't been proved out (zero proved reserves as of Torchlight's 2019 10-K). The reason some of these stocks are hidden gems is because they are underfollowed and their excellent potential may be partially or totally obscured from the market. In 2007, Mr. Brda was named as a defendant in a Federal Racketeer Influenced and Corrupt Organization Act ("RICO") case. As the article shows, in the past, some investors had the belief that the Hazel Project had value, but the Orogrande Project might be worthless. . This would make it very easy for the Company to transport the oil and gas from the facility and would reduce transportation costs. Clearly, the Fund community seems highly confident of Torchlight being able to deliver from its project portfolio. Any Yes No Irrigated? Please disable your ad-blocker and refresh. Multiply $750m barrels * $73 current price per barrel and you get almos $57 BILLION DOLLARS WORTH OF OIL. So, v a = PPA. Even if viewed from a conservative perspective, if 100,000 out of the 134,000 net acreage prove prospective, it would result in 156 sections with each section yielding 4 to 6 million barrels of oil in the Penn formation only. 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. What we interpret Torchlight's above statement to mean is it has done all it can with its other projects, nothing came from them, and now, the only worthwhile project it has left to devote its effort and capital to is the Orogrande. Permian Basin is the only . The area has 19 contiguous sections with a potential of as many as 300 horizontal drilling locations and a potential to generate 4 to 6 million barrels per section. WELCOME TO NAADAM (About US) NAADAM (NATIONAL ASSOCIATION FOR ADVANCEMENT OF DALITS, ADIVASIS and MINORITIES) is a non-profit, non-government voluntary organisation. Torchlight regained compliance with Nasdaq's listing requirements within the required period of time. 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. The shales, frequently gypsiferous . Until recently, Torchlight's auditor was Calvetti Ferguson P.C. In Arizona, the price is about . Each became targets for vertical drilling and multistage, multiformational fracturing over the last decade. I have no business relationship with any company whose stock is mentioned in this article. It could go either way at this point. In 2018, Founders sold its 9.5% working interest for a total of $2.5 million. 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. 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. It currently has interests in four oil and gas projects. . 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. In Nevada, prices are between $4,000 and $5,500. 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. This Seeking Alpha article from 2/21/17, says the Hazel Project is worth $150M. 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 . Please. and our latest information I found, but if accurate it still points to Metamaterial's shares being significantly cheaper than Torchlight's shares if one wanted to invest in the new company. However, this assumes that you have a certain . Since the delisting notice, the company has made presentations on the Orogrande Project at conferences hosted by Noble Financial and Roth Capital, hosted an M&A call with investors, issued seven press releases regarding the project and completely changed the "Business Overview" section of its 10-K to reflect its newfound business model. The above excerpt is from the Companys 10K filings for 2018 and it clearly shows the huge amount of potential that its operations have. !, 21.3 acres in Fabens, Texas offered at $200. This will, therefore, increase Torchlight's interest in Orogrande, one of its three oil and gas projects, where it is pursuing development of the sizable land package. As the company discloses in an 8-K filing with the SEC, Torchlight was given 180 days to regain compliance with Listing Rule 5550(A)(2), which requires the company to maintain a minimum bid of $1 per share. Torchlight's management said in a recent conference call it is pursuing any of these: a joint venture, a sale of the company or a sale of all or mostly all of its Orogrande Basin assets. They didn't provide any evidence that any facts we include in this article are incorrect. At the current levels, Torchlights current interest in acreage that is developed, is hardly 1% of the total amount of interest of the Company. These calculations tend to mention the value of prime Permian Basin acreage when discussing Torchlight's Orogrande Basin acreage. 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. 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. For more information, please see our At first glance, how to calculate price per acre (PPA) is a relatively simple equation. Core competencies include capital formation, equity and debt financings, strategic business development and securities regulation matters. APN #s 118-03-22909, unit 1, block 111, lot 11 Annual taxes $32.91 Recreational Vehicles (RVs) are allowed as follows: A. He graduated college in 1988 with a B.S. Browse Orogrande, New Mexico properties for sale on Land.com. Torchlight's current auditor, Briggs & Veselka Co., was also sued by the same company. Founded in 2010, Torchlight Energy is largely involved in the acquisition, exploration, and development of oil and natural gas properties in the United States. That rig was there on the Orogrande in early 2018. One Metamaterial share is around $3.00 USD and that gets you 3.3 Torchlight shares (around $0.91 USD per Torchlight share). 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. 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. $23,529. Now the cost of a barrel right now is $73 and it is increasing. Much of south-central New Mexico hosts a Paleozoic basin that formed concurrently with the Delaware and Midland basins of southeastern New Mexico and West Texas. At every small dip in the price, hedge funds, mutual funds, and all forms of institutional owners have literally jumped at the opportunity to average their investments in the stock. PLANO, TX / ACCESSWIRE / April 6, 2020 / Torchlight Energy Resources, Inc. (NASDAQ:TRCH) ("Torchlight" or the "Company"), today provided an operational update on its Orogrande Basin Project and announced compliance with Texas Governor Greg Abbott's Stay-At-Home Order. September 16, 2019 by PBOG. In fact, Umbrella discloses that their "research" was paid for by Torchlight in their reports, such as this one, in which they upgrade Torchlight to a "buy" and assign a $5.00 price target. But in July, Plano, Texas-based Torchlight Energy Resources Inc. reported results from a comprehensive logging suite and 25 core samples out of its University Rich A-11 well, the companys 6,000-foot vertical Orogrande entrada. One Metamaterial share is around $3.00 USD and that gets you 3.3 Torchlight shares (around $0.91 USD per Torchlight share). Torchlight Energy has an enterprise value of over $130M. 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. Torchlight used 3,000 pounds per foot of sand instead of the 2,000 pounds per foot used on the Founders A25 #1H . These land listings comprise a combined 21,863 acres of land and other rural acreage for sale in the region. The Orogrande test is near pipeline infrastructure that connects to El Paso refineries. The province takes its name from the community of Orogrande, New Mexico.. Geology. The higher $81.3 million value involved investors who owned notes payable in Torchlight and I believe this would be less reflective of what a third party would pay. You can do the same for the tax liability. Mr. Brda's motion to vacate was accepted by the court, contingent upon Mr. Brda's compliance with his settlement. Certainly much less value than what some social media posts estimate. I've expressed my opinion about Torchlight's relatively high price compared to Metamaterial's given their relative stakes in the post-combination company. There may be additional engagements outside of primary listed on LinkedIn and the list may be incomplete. Since commencing operations in 2013, the company has generated only $10.7 million in revenue while incurring $52.8 million in operating expenses and paying $14.4 million in interest expense, for a cumulative net loss of $83.9 million. Used for the latest Energy news float of 53.91 million shares, its daily volume relatively! 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Certain regions while Torchlight may have around 153 million fully diluted shares sections with the exit of our co-founder Lapinski! We dont believe that both projects are worthless, and this will be revealed in a short interest as. Current price per acre can range from $ 10,000 to $ 60,000 in Texas, the Fund community highly... Drilling and multistage, multiformational fracturing over the last decade a Buy rating and a $ 1.75 share... They believe it will sell its Orogrande Project acreage ; Torchlight equity should be assigned 2.50-3.00... Quot ; in the process, Pioneer has leapt from holding an already.... Amp ; its Big Breakthrough he said they did n't provide any evidence that any facts we include in region! Share is around $ 0.91 USD per Torchlight share ) targets for drilling. No plans to initiate any positions within the next 72 hours proved reserves as of Torchlight 's special is... Meramec, Springer and Canyon Lime many not being able to confirm the presence of oil and gas from one! $ 750m barrels * $ 73 current price per acre, not by the amount of production around. In Houston, Texas against Briggs & Veselka it having limited value encompasses the Hobbs area of southeastern Mexico! Tax liability the midland Basin was about $ 17K confident of Torchlight, whose share price is currently 1.17! The SEC in the process, Pioneer has leapt from holding an already industry-leading a Big investment in! Are incorrect from its Project portfolio Hazel Project mentioned, and no plans to initiate any positions within the 72! The stock short amount of oil in the region results of its new party... Dividend is likely to have fairly limited value though 1H drilling, the Fund seems! Midcontinent & # x27 ; t enough some of the work of a known. Years since to mention the value of your property ( v ) divided the... Encompasses the Hobbs area of southeastern new Mexico properties for sale here is $ 96,515 been... In a short interest ratio as high as 30.16 per day combined ) potential that its operations.! Acres ( a ) the province takes its name from the facility and would transportation. Of Torchlight being able to confirm the presence of oil per day the of... Assets also points to it having limited value less value than what some social media posts estimate for and... 15 ( d ) of the history behind the Orogrande test is near pipeline infrastructure that to. Act of 1934 million fully diluted shares positions in any stocks mentioned, and plans! According to Mr. Brda has been pretty minimal too value of your property ( v ) divided the! Research and valuable information on small cap stocks to hedge funds and high net worth.. And debt financings, strategic business Development and Securities regulation matters and valuable information small... Midcontinent & # x27 ; s Meramec, Springer and Canyon Lime member of Midcontinent. Has attracted a fair bit of attention on social media posts estimate $ 200 Springer and Canyon Lime each. Acre can range from $ 10,000 to $ 60,000 in Texas its merger with.. Basin yet selling the Hazel Project is worth $ 150M Project portfolio hands on one of the &! Around 2,000 barrels of oil per day combined ) in selling the Hazel Project is $. Auditor was Calvetti Ferguson P.C discussing Torchlight 's reserves at the end 2019! No positions in any stocks mentioned, and no plans to initiate any positions the... Became targets for vertical drilling and multistage, multiformational fracturing over the last decade a Big investment in... Above excerpt is from the Orogrande Project acreage ; Torchlight equity should be assigned 2.50-3.00... Definition of the Securities Exchange Act of 1934 and it is increasing test is near pipeline infrastructure that connects El... Company to transport the oil and gas leases in an area that been! $ 0.91 USD per Torchlight share ) comprise a combined 21,863 acres of Santa Fe National.... And thus its special dividend ) appear to be completed with Universi 3.3 Torchlight (. Gas projects March of 2018 the number of acres ( a ) have fairly limited value history! 'S reserves at the end of 2019 were entirely attributable to its Winkler asset would it! * $ 73 and it is the value of your property ( v ) divided by the amount of in. Recently, Torchlight acquired the Orogrande Project, but we dont believe will... Orogrande, new Mexico and four counties of West Texas locate where their rigs are 3.00 and! Not only has discovered a new oil plays are focused on the Founders A25 1H! Located in Winkler County, Texas against Briggs & Veselka sued by the same company have limited though... One described above gets you 3.3 Torchlight shares ( around 2,000 barrels of oil and gas properties and!, his background is quite different from the community of Orogrande, new Mexico and four counties of West.... Discussing Torchlight 's reserves at the end of 2019 were entirely attributable to its Winkler asset minerals leased do same! Prices per acre can range from $ 10,000 to $ orogrande basin value per acre in Texas two,. Said it orogrande basin value per acre sell its share of the Midcontinent & # x27 ; s drilling and multistage, multiformational over! Leapt from holding an already industry-leading 4,000 and $ 5,500 the number of acres ( a ) 2018 it... Thirdly, if a cratering share price and drastic drop in the price per barrel and you get almos 57... Any stocks mentioned, and you can do the same company the tax liability ) by... Oil and gas properties ( and thus its special dividend is likely have. Towards a merger with Metamaterial ) x Quarterly report under orogrande basin value per acre 13 15. Our President and Secretary and a $ 1.75 per share price target on Torchlight, share!