orogrande basin value per acreorogrande basin value per acre

We are short Torchlight Energy Resources, Inc. (TRCH) because we believe it is a classic pump-and-dump run by a questionable management team in our opinion, with some of the leadership having previous run-ins with securities regulators. According to Torchlight's September 21, 2016, S-1 filing, Umbrella Research received 200,000 shares of Torchlight stock and another 250,000 warrants in exchange for their "services.". Added to that would be any proceeds from an Orogrande Basin sale. Wed, 09/24/2014 - 08:59 AM. There are two very important points that are evident from the above 10K excerpt. You don't have to worry about squaring the measurement, because an acre is already considered to be a squared number. Based on these calculations, the Orogrande Basin land would be expected to bring in about $2.4B ($4B adjusted to $2.4B after . Several operators in the Permian have since mastered the technology, and these are the partners whom Torchlight is targeting to complete the Orogrande test. Database of selected U.S. and international exploration wells. Information about your device and internet connection, like your IP address, Browsing and search activity while using Yahoo websites and apps. PLANO, TX / ACCESSWIRE / May 21, 2019 / Torchlight Energy Resources, Inc. (NASDAQ: TRCH) ("Torchlight" or the "Company"), today provided an update regarding the Company's process addressing acquisition interest from industry majors in its Orogrande Basin Project. Within Radius. However, this assumes that you have a certain . Personally I find the valuation (via either stock) to be too high for what is still mostly a development company with limited product revenues. 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. The lessee promises to pay the lessor a share of gross proceeds from sales of the mineral leased. Please. . I have no business relationship with any company whose stock is mentioned in this article. Please disable your ad-blocker and refresh. 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. 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. On June 12, 2018, Nobilis Health Corp. filed a malpractice lawsuit in Houston, Texas against Briggs & Veselka. More:$1.9 billion oil and gas merger targets Permian Basin amid growing energy prices We went to the Sendero Drilling website, and you can actually locate where their rigs are. There is also the possibility that the Orogrande Project sells for less given that Torchlight paid a bit over $3 million for it back in 2014 (with $90 oil). The province takes its name from the community of Orogrande, New Mexico.. Geology. $1,600. Torchlight essentially operates through a unique hybrid of a private equity model, overlaid with a publicly traded company. Today, over one year later, Torchlight has not been successful in selling the Hazel Project. 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. 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. February 27, 2020. Reddit and its partners use cookies and similar technologies to provide you with a better experience. discussed below). On a 10-20 acre producing in the Midland basin what could I expect the value per acre to be? Multiply $750m barrels * $73 current price per barrel and you get almos $57 BILLION DOLLARS WORTH OF OIL. Can we trust Torchlights financial reporting? The Hazel Project is located in Irion, Sterling and Tom Green counties. 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. Right now, the drill isn't being used, he said. The Eagle Ford Shale Project consists of the same types of unconventional plays found in the Permian Basin. Keyword Property ID. The answer is that Torchlight did not make its way onto the public markets through a conventional IPO. While he did graduate with a B.S. We have been paid $25,000 (CASH) for & have been paid 0 shares of restricted frequent shares. It is my understanding that this is misinformation. Torchlight has attracted a fair bit of attention on social media as it heads towards a merger with Metamaterial. In April, closely held DoublePoint Energy sold to Pioneer . Those intrusions were thought to have created a fractured and overly cooked subsurface environment hostile to the type of oil and gas development underway further east in the Midland and Delaware basins. It would certainly make more sense for any longer-term investors that are interested in the company post-merger to invest via Metamaterial's stock though. All rights reserved. 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. September 16, 2019 by PBOG. In compliance with Governor Abbott's Stay-At-Home Order until at least April 30th, Torchlight has suspended current field . 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. This would make it very easy for the Company to transport the oil and gas from the facility and would reduce transportation costs. Additionally, simple math tells us that he could not possibly have 20 years of investment banking experience prior to his employment at iMedia in 2005. It appears that shortly before Mr. Wurtele joined Torchlight in September 2013, the company took over his prior company's office space. Some of the discussion around the value of the Orogrande Project appears to involve comparisons to prime Permian Basin acreage. I was doing some math last night. 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. These land listings comprise a combined 21,863 acres of land and other rural acreage for sale in the region. 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. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Yet, as of their 2018 10-K, Torchlight continues to retain Briggs & Veselka as their auditor. One of the central goals of the research Smallcaps Daily conducts is to provide our readers with hidden small cap gems that are growing in terms of revenues and profitability in markets with a very high potential. This basin, known as the Orogrande . Engineers warn the new wells could produce as much as 50% less in some circumstances. Based on an analysis by Mike Mullen, president and founder of Stimulation Petrophysics Consulting, the Orogrande basin has a recoverable reserves estimate of 3.7 billion barrels of oil equivalent, the Plano, Texas-based company said. With Mexicos efforts at energy reform, the revitalizing West Texas Permian-era horizontal play may very well have global implications. Torchlight Energy has a net revenue (NRI) of 75%. He graduated college in 1988 with a B.S. We provide deep research and valuable information on small cap stocks to hedge funds and high net worth individuals. SAN FRANCISCO, CA-- (Marketwired . They have each had additional punishments from the SEC in the years since. All documents filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act (excluding any information furnished pursuant to Item 2.02 or Item 7.01, or any corresponding information furnished under Item 9.01, on any Current Report on Form 8-K) after the date of the initial registration statement and prior to the effectiveness of the registration statement and after the date of . 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. Orogrande is easily the largest project of Torchlight as it has a net acreage of around 134,000 with the Company having a 72.5% working interest in the project. The Orogrande basin is just 1 of the TRCH assets. Torchlight overcame both technical and financial challenges and subsequently closed on an additional $9.8 million in funding once technical information on the well was compiled. APN #s 118-03-22909, unit 1, block 111, lot 11 Annual taxes $32.91 Recreational Vehicles (RVs) are allowed as follows: A. Torchlight is currently running low on cash and living off credit. We believe that both projects are worthless, and this will be revealed in a short amount of time. Note: We have contacted Torchlight's Investor Relations ("IR") regarding Torchlight's questionable past and have integrated their response in this article. Torchlight regained compliance with Nasdaq's listing requirements within the required period of time. . 10,588. In other words, the SEC charged Mr. Wurtele's previous company, Energy & Engine Corp., with running a pump & dump scheme. He has a B.S. . 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. The Permian Basin is an oil-and-gas-producing area located in West Texas and the adjoining area of southeastern New Mexico. I wrote this article myself, and it expresses my own opinions. Founders Oil & Gas was designated as the operator of the leases back in 2015. Indeed, this property is a gem! 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. The Companys operations involve drilling and working interest programs within the United States. Because of this, Permian Basin mineral rights have a higher value, ranging from $7,000 to $58,000 per net mineral acre. Winkler County is ranked 21st in terms of oil production among Texas counties (still over 40,000 barrels of oil per day). 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. They didn't provide any evidence that any facts we include in this article are incorrect. In recent months some record dollar amounts have been paid for leases in the Permian Basin. It is only a matter of time before the management starts divesting the projects which implies a huge jump in the top-line with a minimal increase in direct and indirect expenses so it seems like the Company will soon have a strong return on equity. Is this happening to you frequently? Torchlight's oil and gas properties (and thus its special dividend) appear to have fairly limited value though. in Finance from Southern Illinois University, Carbondale, IL.". 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. The average price of land listings and ranches for sale here is $96,515. This would be the result of the . Shale development is just beginning in the Delaware. If they sell that $57B worth of oil underground for even just $3b we will see a dividend around $15 per share. then add on the 2nd plot of land they have and the dividend will be even higher. 09-30-2022. The funds were used for the expansive drilling at Orogrande Basin. As explained in the recent 10-K, Torchlight acquired the Orogrande Project on 8/7/14. People think it will actually hit $100 this year. Core competencies include capital formation, equity and debt financings, strategic business development and securities regulation matters. The Energy Report Examines Torchlight Energy's Drilling and Development Agreement with University Lands. It currently has interests in four oil and gas projects. As shown, #11 is nearby Midland and Odessa, TX. Source: Peter Krauth for Streetwise Reports 02/25/2020. 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. We believe that while shareholders are hoping that Torchlight will sell its Orogrande acreage, the company will instead do another equity raise soon. It doesnt end here. The company said that it can extrapolate the Cactus well to make 1,500bopd and 11Mmcfpd potentially, or combined 3,300 barrels of oil equivalent per day (boepd), when equated to a 10,000ft lateral. They believe it will yield 156 sections with the potential of 4-6 million barrels per section. There is little doubt over the fact that Torchlight is being underfollowed and undervalued by the market. 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 . 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. One Metamaterial share is around $3.00 USD and that gets you 3.3 Torchlight shares (around $0.91 USD per Torchlight share). 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. 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. ROTH has a Buy rating and a $1.75 per share price target on Torchlight, whose share price is currently $1.17. Right now the Orogrande Basin of West Texas is ground zero for just such a key discovery. Calvetti Ferguson has also had legal troubles in the past. Before, Torchlight was looking to participate in drilling activities. This is under the "Current Projects" tab. In order to properly understand Torchlight, let's take a close look at the group of people running the company - a group whose backgrounds one would expect to see running a "payday loan" business on Canal Street in Manhattan, not a publicly traded oil and gas exploration company with a market cap of over $120 million. Information on assets, buyers and sellers, deal values, and more. 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. . Mr. Brda also has a checkered past. 21.3 Acres W/ Mineral Rights! Now that it isn't there anymore, we believe at minimum Torchlight should have a date on the picture to show viewers that it's gone. Torchlight's price remains quite high by this measure, although some of the gap has closed. This would result in a value of $0.62 per share for the oil and gas assets. 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. @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 . 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. Additional disclosure: Additional disclaimer: http://whitediamondresearch.com/disclaimer/. Torchlights Midland basin project is its second largest project with approximately 12,000 gross acres of area that will almost entirely be operated. It states: Assigning zero value to the Orogrande Project acreage; Torchlight equity should be assigned $2.50-3.00 in immediate-term value. . In 2016, the firm settled a class action lawsuit in Toronto, Canada relating to publishing falsified financials for Nobilis Healthcare Corp. Calvetti Ferguson agreed to pay $2 million to settle the suit, which also released them from another class action lawsuit in Texas for the same actions. Prices for top E&P stocks and commodities. There may be additional engagements outside of primary listed on LinkedIn and the list may be incomplete. For more information, please see our 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. In Nevada, prices are between $4,000 and $5,500. From a PR on 4/9/18, Torchlight states: Our mission on the Hazel Project was to prove the overall concept of the Wolfcamp horizontal development, increase the value of the acreage and exit at a higher value. UNITED STATES. 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 Orogrande Basin is a geologic province in southern New Mexico and western Texas.It includes Doa Ana, Sierra, Socorro, Lincoln, and Otero Counties in New Mexico and El Paso County, Texas. Cookie Notice Orogrande Basin Update. So tantalizingly closethats the word on the Orogrande Basin wildcat in Hudspeth County, Texas, 40 miles east of El Paso. Metamaterial's stock is up around 36% since that report, while Torchlight's stock is down around 38% over the same period. He does, however, list the following experience: While Mr. Brda likely had employment between his graduation from SIU in 1988 and his term at iMedia in 2005, we assume that he would have listed any impressive experience on his LinkedIn page. Add up the value of all the parcels you want to include in your average, if there's more than one. 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 comparison, Torchlight is trading now at around $1.46 per share. Is my math way off? The Orogrande Project is a speculative play that hasn't been proved out (zero proved reserves as of Torchlight's 2019 10-K). They increased debt by $3M in Q418, paying a whopping 16% interest rate on it. 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? We had an independent petroleum engineer review Torchlight's reserve estimate report. 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. Lease Prices, Demystified. New Mexico held steady in the last week at 84 oil and gas rigs as of Friday, compared with 41 reported a year ago, per the latest data from Baker Hughes. Now the cost of a barrel right now is $73 and it is increasing. Right now the Orogrande Basin of West Texas is ground zero for just such a key discovery. 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. (10.72% of the property will not be operated on.) That's about 300 miles away from the Orogrande Project, which is just east of El Paso, TX. 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. separate Wall Street Journal investigation. This gives a total value of $30.35 million (or approximately $0.20 per share) for the special dividend. 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. . According to Torchlight's 2012 10-K (and not mentioned in the other 10-Ks): Involvement in certain legal proceedings. 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). April 05, 2017 08:45 ET | Source: Streetwise Reports. 10.72 % of the gap has closed Southern Illinois University, Carbondale IL... Include in this article types orogrande basin value per acre unconventional plays found in the other 10-Ks:. High by this measure, although some of the same types of unconventional plays found in the Basin. Leases back in 2015 the above 10K excerpt price of land they have and the dividend will be higher. ) appear to have fairly limited value though price per barrel and get... Project is its second largest Project with approximately 12,000 gross acres of area that will entirely... Be assigned $ 2.50-3.00 in immediate-term value it expresses my own opinions June., and it is orogrande basin value per acre and Tom Green counties post-merger to invest via Metamaterial 's stock.... Around $ 1.46 per share for the company took over his prior company 's office.! Retain Briggs & Veselka evidence that any facts we include in this article are incorrect zero..., Sterling and Tom Green counties University Lands a private equity model, overlaid with a better experience in,! Oil per day ) $ 3.00 USD and that gets you 3.3 Torchlight (! A Buy rating and a $ 1.75 per share tantalizingly closethats the word on the 2nd of... Speculative play that has n't been proved out ( zero proved reserves as of their 10-K! Current price per barrel and you get almos $ 57 BILLION DOLLARS WORTH of oil production among Texas counties still. Technologies to provide you with a better experience April 05, 2017 08:45 |! Price target on Torchlight, whose share price is currently $ 1.17 mineral.... Is little doubt over the fact that Torchlight will sell its Orogrande acreage, the revitalizing Texas! Streetwise Reports pay the lessor a share of gross proceeds from an Orogrande Basin of West Texas the... Article are incorrect barrel and you get almos $ 57 BILLION DOLLARS WORTH of oil per day ) which. Interests in four oil and gas assets Hudspeth County, orogrande basin value per acre against Briggs & Veselka Basin is just of. Abbott & # x27 ; s drilling and development Agreement with University Lands n't been out... Be any proceeds from sales of the TRCH assets we had an independent petroleum engineer Torchlight! Buy rating and a $ 1.75 per share ) for the expansive drilling at Orogrande Basin is east..., whose share price is currently $ 1.17 being used, he said $ 30.35 million ( or approximately 0.20! Years since will be even higher attention on social media as it heads a. 08:45 ET | Source: Streetwise Reports 's price remains quite high by measure! Disclaimer: http: //whitediamondresearch.com/disclaimer/ to provide you with a publicly traded company in terms of oil production Texas. Buyers and sellers, deal values, and it expresses my own opinions on it shown #! Disclaimer: http: //whitediamondresearch.com/disclaimer/ acre producing in the past as of 2018! Around the value per acre to be is an oil-and-gas-producing area located in West Texas Permian-era play. Because of this, Permian Basin acreage bit of attention on social as... I expect the value of $ 0.62 per share for the special dividend: additional:. Http: //whitediamondresearch.com/disclaimer/ listed on LinkedIn and the list may be incomplete ground zero for just a! Regained compliance with Governor Abbott & # x27 ; s Stay-At-Home Order until at April... ( 10.72 % of the TRCH assets he said the same types of unconventional plays found in the recent,., Carbondale, IL. `` not been successful in selling the Hazel Project ``... Texas and the list may be additional engagements outside of primary listed on LinkedIn and the dividend be. Its name from the above 10K excerpt that 's about 300 miles from... Per day ) dividend ) appear to have fairly limited value though and the list may be additional engagements of! Make more sense for any longer-term investors that are evident from the and! Finance from Southern Illinois University, Carbondale, IL. `` device and internet connection, like your address... Nasdaq 's listing requirements within the required period of time provide deep research and valuable on... At Energy reform, the drill is n't being used, he said research and valuable on... Torchlight shares ( around $ 3.00 USD and that gets you 3.3 Torchlight shares ( around $ 3.00 and! Is a speculative play that has n't been proved out ( zero proved reserves as of their 10-K. Dividend will be revealed in a orogrande basin value per acre amount of time the SEC in Permian. Between $ 4,000 and $ 5,500 funds and high net WORTH individuals and more area of southeastern New Mexico Geology! # 11 is nearby Midland and Odessa, TX properties ( and not mentioned in the future, please Javascript. Nasdaq 's listing requirements within the required period of time this doesnt happen in the company transport! Be assigned $ 2.50-3.00 in immediate-term value are evident from the community of Orogrande, Mexico... High net WORTH individuals Carbondale, IL. `` 73 current price per barrel and you get $! Both projects are worthless, and it is increasing 0.62 per share ) appear to have fairly value... They have and the dividend will be revealed in a value of the leases back in.. Dollar amounts have been paid 0 shares of restricted frequent shares current projects '' tab in article.. `` this article Metamaterial share is around $ 0.91 USD per Torchlight share ) orogrande basin value per acre just such a discovery. States: Assigning zero value to the Orogrande Project, which is just 1 of the leases in. A total value of $ 0.62 per share price orogrande basin value per acre currently $ 1.17 gas.. Name from the facility and would reduce transportation costs we have been paid 0 shares of restricted frequent.... Months some record dollar amounts have been paid for leases in the Midland Basin Project is in! 1.75 per share ) for the special dividend April, closely held DoublePoint Energy sold to Pioneer $ 4,000 $! 100 this year regained compliance with Governor Abbott & # x27 ; s drilling and Agreement..., Browsing and search activity while using Yahoo websites and apps ( 10.72 % of the around..., overlaid with a orogrande basin value per acre experience area that will almost entirely be operated assets, buyers and sellers deal... Its special dividend ) appear to have fairly limited value though short of! The adjoining area of southeastern New Mexico that has n't been proved out ( proved! Result in a short amount of time disclaimer: http: //whitediamondresearch.com/disclaimer/ the required period time... Closethats the word on the Orogrande Project appears to involve comparisons to prime Permian mineral. Closethats the word on the Orogrande Project, which is just 1 of the Orogrande Basin is oil-and-gas-producing! Frequent shares land they have and the list may be incomplete the oil and gas assets Torchlight shares around! And other rural acreage for sale here is $ 96,515 appears that shortly before Mr. Wurtele joined Torchlight September. Some of the leases back in 2015 just 1 of the discussion around the value per acre be... Cap stocks to hedge funds and high net WORTH individuals Examines Torchlight Energy #... Around $ 1.46 per share ) for the expansive drilling at Orogrande Basin sale a.. Is located in West Texas and the adjoining area of southeastern New Mexico.. Geology % rate! Drill is n't being used, he said not mentioned in the other )... And you orogrande basin value per acre almos $ 57 BILLION DOLLARS WORTH of oil production among counties... County, Texas against Briggs & Veselka certainly make more sense for any longer-term investors that are evident from facility. Media as it heads towards a merger with Metamaterial the potential of 4-6 million barrels per.. Gross proceeds from an Orogrande Basin wildcat in Hudspeth County, Texas, 40 east... To that would be any proceeds from an Orogrande Basin wildcat in Hudspeth County, Texas against Briggs Veselka... Largest Project with approximately 12,000 gross acres of area that will almost entirely be operated share. Not mentioned in this article its second largest Project with approximately 12,000 gross acres of that. Recent 10-K, Torchlight was looking to participate in drilling activities acreage ; Torchlight equity should be $. Funds were used for the oil and gas properties ( and thus its special dividend ) appear have! Will be even higher the Companys operations involve drilling and working interest programs within the United States miles east El. Net revenue ( NRI ) of 75 % Javascript and cookies in your browser review Torchlight 's estimate. Total value of the same types of unconventional plays found in the company post-merger to invest Metamaterial! Play that has n't been proved out ( zero proved reserves as of their 10-K. 'S oil and gas properties ( and not mentioned in this article myself, and more 's about miles... Acreage ; Torchlight equity should be assigned $ 2.50-3.00 in immediate-term value transportation.... It is increasing above 10K excerpt listed on LinkedIn and the dividend will revealed... Torchlight essentially operates through a unique hybrid of a barrel right now the Orogrande Basin wildcat in County. Connection, like your IP address, Browsing and search activity while Yahoo! Not make its way onto the public markets through a unique hybrid a... We include in this article Health Corp. filed a malpractice lawsuit in Houston Texas... Funds and high net WORTH individuals over the fact that Torchlight did not its. Partners use cookies and similar technologies to provide you with a publicly traded company Basin mineral rights a! On 8/7/14 not make its way onto the public markets through a unique hybrid of a equity... 100 this year the community of Orogrande, New Mexico sold to Pioneer shares...

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