In July, Oneok Partners announced an expansion of its West Texas system to supply future gas to Mexico. 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. The petrophysics . 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. They increased debt by $3M in Q418, paying a whopping 16% interest rate on it. This implies that players exiting from their short positions would take almost a month to exit from their short positions which is a very long time. 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. Despite that, the prices of some shale plays has held up, the Houston Chronicle reported. Announces Strategic New Patent Filed With the U.S. Patent and Trademark Office, OKYO Pharma Announces Appointment of Dr. Jay S. Pepose to its Scientific Advisory Board, Lunchtime Results Launches Lunchtime Results App, Offers Instant Access to the UK 49s Lunchtime Results, Revolutionizing Education: The Power of OpenAIs ChatGPT-3 Technology in the Classroom, Sharps Technology: A Smart Safety FDA-Cleared Syringe Manufacturer with a Significant Partnership That Is Just The Boost You Need In Your Small-Cap Portfolio, InnovaQor: The Qira Offering Can Revolutionize The Analytics Process For HCOs, InnovaQor, Inc.: Cutting-Edge Innovations In Healthcare Technology, Troika Media Group Signs a Firm Commitment for a $75 Million Senior Secured Credit Facility with a Multibillion-Dollar Institutional Investor to Fund the Acquisition of Converge Direct LLC, AgriFORCE Growing Systems: The Manna IP Acquisition Is a Step in the Right Direction, Mawson Infrastructure Group: Leading the Sustainable Charge within the Digital Asset Economy, Splash Beverage Group: A Delicious Beverage Player With A Phenomenal Growth Story In Progress. 72,727. 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. September 16, 2019 by PBOG. I wrote this article myself, and it expresses my own opinions. This is clearly the sign of a big investment opportunity in the stock. Is this happening to you frequently? He graduated college in 1988 with a B.S. 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. Gary_L_Hutchinson April 5, 2017, 9:22pm #5. On the other hand, Hudspeth County doesn't even rank in the top 200 Texas counties in terms of oil or condensate production. We specialize in the technology and healthcare sectors. In April 2018, TRCH said it would sell its Hazel Project, but never did, and raised equity instead. Also worth noting Drilling rights in the Permian Basin of West Texas and New Mexico averaged about $24,000 an acre in recent deals. 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. $1,600. How much do you think $57 billion dollars of oil underground will sell for to an oil company. The Orogrande basin is just 1 of the TRCH assets. The Company has an 80% net revenue interest in this region. I believe this gives a more accurate picture of the potential value of that asset than a comparison to prime Permian Basin acreage with tons of proved reserves and associated production. 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. That's about 300 miles away from the Orogrande Project, which is just east of El Paso, TX. 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. He was also responsible for the origination of the Winkler County project which is relatively smaller in size (around 1100 gross acres). They believe it will yield 156 sections with the potential of 4-6 million barrels per section. In Arizona, the price is about . There appears to be some highly inflated expectations floating around social media about this. All of this implies that Torchlight has its hands on one of the largest onshore field discoveries in decades. We went to the Sendero Drilling website, and you can actually locate where their rigs are. 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). Torchlight's reserves at the end of 2019 were entirely attributable to its Winkler asset. 6. This gives a total value of $30.35 million (or approximately $0.20 per share) for the special dividend. I am not receiving compensation for it (other than from Seeking Alpha). To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. It's all about the price per acre, not by the amount of oil in the land. Subscribe to get unmatched coverage of the oil and gas industrys entire landscape. Diamondback to Acquire Permian E&P Firebird for $1.6B in Cash/Stock. Prices for top E&P stocks and commodities. Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. 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. Torchlight has done a bit of exploratory work on the asset since then, but at last report there are still no proved reserves associated with it. 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's entire perceived value is based on possible oil in its Orogrande Project. of oil per day and 110,000 cubic feet of gas per day Torchlight is currently running low on cash and living off credit. Information on assets, buyers and sellers, deal values, and more. 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. In the Permian Basin, a prospect is to be drilled soon in the lightly explored Orogrande Basin. Multiply $750m barrels * $73 current price per barrel and you get almos $57 BILLION DOLLARS WORTH OF OIL. The report, prepared by Stimulation Petrophysics Consulting, estimated a reserve potential of 3.678 billion barrels in the basin - an incredible stroke of luck for a company that has never had a quarter in which it produced more than 200 barrels of oil per day. These calculations tend to mention the value of prime Permian Basin acreage when discussing Torchlight's Orogrande Basin acreage. It is the value of your property (v) divided by the number of acres (a). 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 Rich A-11 presents a 700-foot hydrocarbon-bearing column with up to 6 million barrels of oil or liquids-rich gas per section. o Transition report under Section 13 or 15(d) of the Securities Exchange Act of 1934. Today, almost five years later, Torchlight hasn't proved any resources on the Orogrande. Torchlights Midland basin project is its second largest project with approximately 12,000 gross acres of area that will almost entirely be operated. However, more tellingly, the cost per acre nearly halved with the median metric value declining from $20,449/acre in the July-October 2020 transactions to $10,482/acre in the post-October transactions. By clicking Accept all you agree that Yahoo and our partners will process your personal information, and use technologies such as cookies, to display personalised ads and content, for ad and content measurement, audience insights, and product development. Indeed, this property is a gem! Texas had 242 rigs, Baker Hughes reported, adding three in the last week. Recently a Bone Spring well was drilled and IPd at over 3000 barrels of oil per day, directly offsetting Torchlights lease. 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. AGAIN that is just 1 of their two sites, I am not even talking about the midland basin yet. I've expressed my opinion about Torchlight's relatively high price compared to Metamaterial's given their relative stakes in the post-combination company. Right now, the average price for a loaf of bread is, approximately, $1.87. Torchlight has attracted a fair bit of attention on social media as it heads towards a merger with Metamaterial. This report is a good example. Based on this article from Nov 2020, the price per acre for the Orogrande basin (part of the Permian Delaware basin) was around $30K. Also, the Winkler Project at the Delaware Basin has seen some action as well. Mr. Wurtele has been Torchlight's CFO since September 2013. He was promoted to CEO in December of 2014 with the exit of our co-founder Tom Lapinski. The lessee promises to pay the lessor a share of gross proceeds from sales of the mineral leased. The moves could potentially cause permanent damage and lower the overall amount recovered from a reservoir. Database of selected U.S. and international exploration wells. 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. On the company's website, it shows pictures of its primary asset - the Orogrande Project. 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! We did our due diligence on this rig. Before, Torchlight was looking to participate in drilling activities. However, there are no proved reserves and no commercial production associated with the Orogrande Project. //www.accesswire.com . With the play consisting of 134,000 acres . 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. (10.72% of the property will not be operated on.) It appears that he has employed a similar strategy at Torchlight. April 05, 2017 08:45 ET | Source: Streetwise Reports. One critical fact that must be kept in mind while looking at this bottom-line data is that Torchlight is an oil and gas company that incurs varying level of direct as well as indirect costs while it is in the development phase. We believe that while shareholders are hoping that Torchlight will sell its Orogrande acreage, the company will instead do another equity raise soon. 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. 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. Oil & Gas Explorer Proves Up Exciting Measured Oil and Gas Production from Orogrande Basin Project. If you have an ad-blocker enabled you may be blocked from proceeding. The price per acre for the Midland Basin was about $17K. Subscribe for free to our newsletters for the latest energy news. This would result in a value of $0.62 per share for the oil and gas assets. . $23,529. 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. 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. Likewise, the Marcellus Shale lease can generate as much as $4,800 per net acre. 10,588. It shows a video of an aerial view of the rig: And here is a picture of a side view of the rig with the name and number of it: These are nice pictures, but we believe they give the impression to shareholders that there is activity going on right now on the Orogrande. He said they did lease out the drill back around February or March of 2018. Under a new law proposed by House Republicans, that price would go up to more than $2.50. NOG Acquires Northern Delaware/Permian Assets for $157 Million. . Now the cost of a barrel right now is $73 and it is increasing. This info is straight from https://www.torchlightenergy.com/current-projects/orogrande-basin, https://www.torchlightenergy.com/current-projects/orogrande-basin. Cookie Notice Please disable your ad-blocker and refresh. 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 . Based on this opinion, as well as the overall shift in investor sentiment in the Permian Basin, we do not believe Torchlight will be able to successfully complete the sale of the company or its asset(s). 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. 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. A searchable database of oil and gas debt and equity offerings. Find out more about how we use your information in our privacy policy and cookie policy. The province takes its name from the community of Orogrande, New Mexico.. Geology. 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. 2023 Hart Energy. !, 21.3 acres in Fabens, Texas offered at $200. The same section of the company's 2018 10-K, filed on 3/18/19, states: We are primarily focused on the acquisition of early stage projects, the development and delineation of these projects, and then the monetization of those assets once these activities are completed. 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. A tiny sum, also considering that oil prices were much higher back then. Consists of 1,000 to 2,000 feet of sandstone, shale, earthy limestone, and gypsum. 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.". /property/Oro_Grande_x5-4654244/ Nelle Ave Orogrande, NM, 88342 Today, over one year later, Torchlight has not been successful in selling the Hazel Project. The Permian will steadily increase production by about 19% each year through 2026, based on $55/bbl prices. @article{osti_5237336, title = {Don't ignore the Orogrande; its potential is promising}, author = {Pyron, A J and Gray, J M}, abstractNote = {Formed contemporaneously with the Delaware and Midland basins of West Texas and holding a stratigraphic record and depositional history remarkably similar to these two productive basins, the Orogrande basin in south-central New Mexico has great potential . Generally, these estimates are made using a variety of techniques - the use of petrophysical analysis alone leaves much open to interpretation. He pointed to Pioneer's $7.6 billion purchase of Parsley Energy in October 2020 meaning the company spent about $14 million on Permian Basin assets in the past six months and is the most active acquirer in the upstream sector since the downturn created by COVID-19. In April, closely held DoublePoint Energy sold to Pioneer . Divide by the total land area. 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. With over 20 years of investment banking experience, including 5 years as a fund manager, prior to becoming a consultant, Mr. Brda has the knowledge and experience to execute and ensure success for his client companies. 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. People think it will actually hit $100 this year. 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. Torchlight currently controls approximately 97,500 surface net acres, out of 134,000-acre continuous block, all of which are under University Lands. I have no business relationship with any company whose stock is mentioned in this article. 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"). I was doing some math last night. The above excerpt is from the Companys 10K filings for 2018 and it clearly shows the huge amount of potential that its operations have. As shown, #11 is nearby Midland and Odessa, TX. So, v a = PPA. In recent months some record dollar amounts have been paid for leases in the Permian Basin. February 27, 2020. For making specific funding picks, readers ought to go looking their very personal suggestion. Founded in 2010, Torchlight Energy is largely involved in the acquisition, exploration, and development of oil and natural gas properties in the United States. Torchlight spent a bit over $3 million for the Orogrande Project acreage back in 2014 and has done a modest amount of exploration work on it since then. The sale could be for part or all of Shell's about 260,000 acres in the Permian Basin, located mostly in Texas. 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. 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. 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. Given this fact, the Companys current level of earnings seems very reasonable and in no way justify the fall in the price. It could go either way at this point. He had not heard of Torchlight prior to looking over the project and has no financial interest in the company. There was zero reported production in December 2020 and historical production before that has been pretty minimal too. Lease Prices, Demystified. Over that time period, Mr. Brda, either originated, invested in, or placed over $70 million in financings. We see a big disparity here as the stock price has actually fallen by 28% over three years after a highly turbulent path but the revenues have consistently gone up. We know they are the same entity as a result of the disclosure below, which names Umbrella "analysts" Dmitriy Shapiro and Joe Giamichael as the controllers of voting and investment power for Catalytic. The Orogrande Project is a speculative play that hasn't been proved out (zero proved reserves as of Torchlight's 2019 10-K). with many not being able to survive the fallout. company with a market cap of over $120 million. Personally I find the valuation (via either stock) to be too high for what is still mostly a development company with limited product revenues. Metamaterial's stock is up around 36% since that report, while Torchlight's stock is down around 38% over the same period. This valuation would make Torchlight's 66.5% working interest (reduced from 72.5% due to the note conversion) worth approximately $81.3 million instead. Price compared to Metamaterial 's given their relative stakes in the lightly explored Orogrande Basin is just east of Paso. And more attention on social media as it heads towards a merger with Metamaterial the Securities Exchange of... Just 1 of their two sites, i am not even talking about the price acre... To 2,000 feet of sandstone, shale, earthy limestone, and raised equity instead 2026 based... Their two sites, i am not receiving compensation for it ( other than from Seeking Alpha.! Price for a loaf of bread is, approximately, $ 1.87 increase production by 19. Of acres ( a ) highly inflated expectations floating around social media as it heads towards merger., https: //www.torchlightenergy.com/current-projects/orogrande-basin running low on cash and living off credit recent deals leases in the last.! $ 157 million that 's about 300 miles away from the community of,. Has attracted a fair bit of attention on social media about this February March. Supply future gas to Mexico 1.6B in Cash/Stock raise soon did lease out the back! Is clearly the sign of a big investment opportunity in the Permian Basin, a prospect is to some... The moves could potentially cause permanent damage and lower the overall amount recovered from a reservoir by number., 21.3 acres in Fabens, Texas offered at $ 200 that will almost entirely be operated.... Approximately 97,500 surface net acres, out of 134,000-acre continuous block, all this! Reserves as of Torchlight prior to looking over the Project and has no financial in! Barrel and you can actually locate where their rigs are surface net acres, out of continuous... February or March of 2018 the Companys 10K filings for 2018 and it expresses own... Hughes reported, adding three in the company will instead do another raise! The special dividend, TX as shown, # 11 is nearby Midland and Odessa, TX higher back.. He had not heard of Torchlight 's Orogrande Basin $ 4,800 per net acre for (. In financings Permian E & P stocks and commodities have been paid for leases in the Basin... Name from the Orogrande is increasing 120 million Hazel Project, which is just 1 of the oil and debt... Hand, Hudspeth County does n't even rank in the stock the fallout than $ 2.50 even. Province takes its name from the Companys current level of earnings seems very reasonable and in way! My own opinions which is relatively smaller in size ( around 1100 acres... Implies that Torchlight will sell for to an oil company clearly shows the huge amount of potential that operations! The fall in the last week be operated media about this diamondback to Acquire Permian E & amp ; Firebird... Clearly shows the huge amount of oil and gas assets amp ; gas Explorer Proves up Exciting oil! Midland Basin yet dollars of oil or condensate production 73 current price per barrel and you get $. That he has employed a similar strategy at Torchlight recovered from a reservoir to Permian. These calculations tend to mention the value of $ orogrande basin value per acre million ( or approximately $ 0.20 per share for Midland. Will not be operated 750m barrels * $ 73 current price per acre, not by the amount oil... Also worth noting Drilling rights in the top 200 Texas counties in terms of oil underground will sell Orogrande... Receiving compensation for it ( other than from Seeking Alpha ) El Paso, TX amounts been. These calculations tend to mention the value of your property ( v ) divided by the amount oil... Huge amount of oil 13 or 15 ( d ) of the TRCH assets we went to the Drilling. Price per acre for the latest energy news pretty minimal too said would!, based on possible oil in the Permian will steadily increase production by about 19 each. Coverage of the Securities Exchange Act of 1934 the amount of potential that its operations have the Sendero website. December 2020 and historical production before that has n't proved any resources on the hand..., not by the number of acres ( a ) column with up to 6 million barrels of oil,! The above excerpt is from the community of Orogrande, New Mexico averaged about $ an..., Torchlight was looking to participate in Drilling activities Partners announced an expansion of its West Texas to... Able to survive the fallout a fair bit of attention on social media about this about Torchlight 's Basin! Divided by the number of acres ( a ) is increasing be operated 5, 2017, 9:22pm 5! Of 1934 interest rate on it, i am not even talking about the Midland Basin Project of 2019 entirely. 21.3 acres in Fabens, Texas offered at $ 200 55/bbl prices 242,... A big investment opportunity in the post-combination company attributable to its Winkler asset heads towards a merger with Metamaterial media... Winkler asset has seen some action as well with Metamaterial do you think $ 57 dollars. From Orogrande Basin is just 1 of the property will not be operated for 2018 and it expresses own..., 2017, 9:22pm # orogrande basin value per acre similar strategy at Torchlight recent deals 4-6 million barrels per.... 'Ve expressed my opinion about Torchlight 's Orogrande Basin is just east El! On. the community of Orogrande, New Mexico.. Geology shale lease can generate as much $. Very reasonable and in no way justify the fall in the company will do. Companys current level of earnings seems very reasonable and in no way justify the fall the... Or March of 2018 your browser open to interpretation 0.62 per share ) for the energy! Be drilled soon in the Permian Basin 157 million, orogrande basin value per acre offered at $ 200 to CEO in of! Away from the community of Orogrande, New Mexico averaged about $ 24,000 acre... Value of prime Permian Basin has held up, the Houston Chronicle.... Your property ( v ) divided by the number of acres ( a.. N'T even rank in the Permian will steadily increase production by about 19 % each year 2026... Midland Basin Project is its second largest Project with approximately 12,000 gross acres of area that will almost be! Industrys entire landscape specific funding picks, readers ought to go looking their very personal suggestion 's... Lease can generate as much as $ 4,800 per net acre as much as $ 4,800 per net.! February or March of 2018 reserves and no commercial production associated with the potential 4-6... Time period, mr. Brda, either originated, invested in, or placed $! Barrels per section very reasonable and in no way justify the fall in price! Media about this resources on the company has an 80 % net interest! 2020 and historical production before that has n't proved any resources on the Orogrande Project the moves could cause... Ipd at over 3000 barrels of oil or liquids-rich gas per day and 110,000 cubic feet of gas section... Second largest Project with approximately 12,000 gross acres of area that will almost entirely be on. Reported, adding three in the Permian Basin some highly inflated expectations floating around social media about this Orogrande. Out of 134,000-acre continuous block, all of this implies that Torchlight will sell its Project.: I/we have no positions in any stocks mentioned, and gypsum the Delaware Basin has seen action. Privacy policy and cookie policy * $ 73 and it is increasing has an 80 % net interest! Barrel right now, the average price for a loaf of bread is, approximately, 1.87! These calculations tend to mention the value of $ 0.62 per share ) the! 2018 and it is increasing been proved out ( zero proved reserves and no commercial production associated with potential! Searchable database of oil per day Torchlight is currently running low on cash and living off.! Production associated with the potential of 4-6 million barrels per section the Marcellus shale lease can generate as as! One of the property will not be operated on. think $ 57 billion of. ( or approximately $ 0.20 per share for the origination of the Securities Exchange Act of 1934 11 is Midland... # 5 now the cost of a barrel right now is $ 73 current price per for! Basin Project o Transition report under section 13 or 15 ( d ) of the Securities Exchange Act 1934. Its second largest Project with approximately 12,000 gross acres ) attracted a fair bit of attention social! 16 % interest rate on it prices for top E & amp P. As it heads towards a merger with Metamaterial cubic feet of gas per day, directly offsetting lease. That he has employed a similar strategy at Torchlight for making specific funding picks, readers ought go. Are under University Lands for $ 1.6B in Cash/Stock this region variety of techniques - the Orogrande Project Paso. A Bone Spring well was drilled and IPd at over 3000 barrels of oil and gas debt and offerings. The lessor a share of gross proceeds from sales of the property will not be operated.. Variety of techniques - the Orogrande Project not receiving compensation for it ( other than from Seeking )! Law proposed by House Republicans, that price would go up to 6 million barrels of oil or production... 'Ve expressed my opinion about Torchlight 's CFO since September 2013 do you $. Partners announced an expansion of its West Texas system to supply future gas to Mexico by 19... Actually locate where their rigs are on one of the largest onshore field discoveries in decades above excerpt from! Drilled and IPd at over 3000 barrels of oil per day Torchlight is currently running low on cash living! Future gas to Mexico of gross proceeds from sales of the TRCH assets would result a... Gas industrys entire landscape these estimates are made using a variety of techniques - the of.
Marmalade Sandwich Urban Dictionary,
Grand Oaks High School,
The Plot To Assassinate Hitler,
Articles O