Texas allows for single drilling and development units. 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. Regarding the change in address, IR replied: Torchlight purchased some assets from the mentioned company in 2012 following which they hired Roger (Wurtele) and began to occupy the address in Plano. At first glance, how to calculate price per acre (PPA) is a relatively simple equation. Orogrande which is comparatively their largest project, has not seen any development and is the big game changer. 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! Based on these calculations, the Orogrande Basin land would be expected to bring in about $2.4B ($4B adjusted to $2.4B after . . There may be additional engagements outside of primary listed on LinkedIn and the list may be incomplete. 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). 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. Thus the former operator (who assumedly would have a decent idea of the value of the acreage) of the Orogrande Project invested $9.5 million in the project, but ended up selling its stake for $2.5 million. However, analysts are expecting to range from anywhere between $1 per share and $20 per share. 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. Thankfully, the bulls took control of TRCH stock and ran it up in January. 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. Under a new law proposed by House Republicans, that price would go up to more than $2.50. In April 2019, TRCH said it will sell its Orogrande Project, but we dont believe that will ever happen. (10.72% of the property will not be operated on.) These top counties produce hundreds of thousands of barrels of oil per day. More:$1.9 billion oil and gas merger targets Permian Basin amid growing energy prices 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. Thus, comparisons to prime Permian acreage values (or even to the value of lesser Permian acreage such as the Hazel Project) are unfounded. The Orogrande Project is a speculative play that hasn't been proved out (zero proved reserves as of Torchlight's 2019 10-K). 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. 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. Despite making very little progress in the Orogrande Basin over the last few years, TRCH stock has rallied very far in 2019. 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. New information updated about the Orogrande Basin. Another Texas operator sought to increase is Permian Basin presence as Fort Worth-based FireBird Energy bought about 21,000 acres in the eastern Midland sub-basin in West Texas from Chevron USA. I have no business relationship with any company whose stock is mentioned in this article. SmallCapsDaily.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. It is also in a county that doesn't rank in the top 200 oil-producing counties in Texas. Each became targets for vertical drilling and multistage, multiformational fracturing over the last decade. Diamondback to Acquire Permian E&P Firebird for $1.6B in Cash/Stock. In comparison, Torchlight is trading now at around $1.46 per share. 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. 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. The sale could be for part or all of Shell's about 260,000 acres in the Permian Basin, located mostly in Texas. The Companys operations involve drilling and working interest programs within the United States. Has House? 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. Torchlight's stock closed at $0.80 on November 7, 2018, and reached its low of $0.53 on December 31, 2018. Torchlight Energy has an enterprise value of over $130M. However, this assumes that you have a certain . Certainly much less value than what some social media posts estimate. Oil & Gas Explorer Proves Up Exciting Measured Oil and Gas Production from Orogrande Basin Project. Can we trust Torchlights financial reporting? 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. 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. 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. Also, the Winkler Project at the Delaware Basin has seen some action as well. 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". In Arizona, the price is about . There were some contingences that need to be completed with Universi. APN #s 118-03-22909, unit 1, block 111, lot 11 Annual taxes $32.91 Recreational Vehicles (RVs) are allowed as follows: A. The company owns the Orogrande Basin Project in the Permian Basin, which is just over 100,000 acres. One piece of machinery that the company shows quite a bit in the Orogrande Project section, is a rig with the name: "Sendero Rig 11" on it. Firstly, it shows that the Companys revenues doubled on a year-on-year basis which is an important fact that the market has not factored in as well as it should have. The Permian will steadily increase production by about 19% each year through 2026, based on $55/bbl prices. Torchlight Energy has a net revenue (NRI) of 75%. Get these crazy Dem's out of office and you won't have to worry about electric vehicles. He is currently ranked in the top 2% of analysts by TipRanks. Information on assets, buyers and sellers, deal values, and more. They are a public company looking for investors. 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. 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. We have achieved all goals and are now ready to focus all efforts and capital into the Orogrande. 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. If those entreaties fail, Torchlight has acreage in Oklahoma, Kansas and the Texas Eagle Ford it can sell to generate funds for a completion, though the company prefers to partner with larger firms that have proven Permian horizontal completion experience. In the Permian . Price Per Acre. Analysts are forecasting a further jump in the top-line but the stock continues to trade at just 80 cents a share. The petrophysics . The average price of land listings and ranches for sale here is $96,515. The initial test was earmarked as a $1.5 million effort, but tricky drilling through cavernous stratigraphy and a painstaking effort to develop data for scientific evaluation in a remote part of West Texas boosted well costs to $3.5 million. Located in Winkler County, Texas, the project includes 640 gross (67.2 net) acres. 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. has pushed up prices. The former operator of the Orogrande leases sold its 9.5% working interest for $2.5 million back in 2018, after spending $9.5 million to earn that working interest initially. He noted that the 3.678 billion barrel estimate touted by the company is actually referring only to possible reserves. It appears that he has employed a similar strategy at Torchlight. In 2007, Mr. Brda was named as a defendant in a Federal Racketeer Influenced and Corrupt Organization Act ("RICO") case. Information about your device and internet connection, like your IP address, Browsing and search activity while using Yahoo websites and apps. At that price ($2.5 million for the sale of a 9.5% working interest), Torchlight's 66.5% working interest would be worth approximately $17.5 million. 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. It is the value of your property (v) divided by the number of acres (a). He has a B.S. Investors looking at the previous data on the revenues would probably ask Yes, the revenues have more than doubled but have Torchlights margins been up to the mark? The answer is Yes. We believe that both projects are worthless, and this will be revealed in a short amount of time. 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. We did our due diligence on this rig. 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 Delaware Sub-basin encompasses the Hobbs area of southeastern New Mexico and four counties of West Texas. Torchlight's reserves at the end of 2019 were entirely attributable to its Winkler asset. Direct costs are bound to go up as the extraction activity scales, but Torchlight is clearly profitable at the level of its gross margin. The province is named for the Orogrande Basin, which was a shallow marine basin during the Carboniferous. 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. 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. Shares even hit the $2 target on . Privacy Policy. Some of the discussion around the value of the Orogrande Project appears to involve comparisons to prime Permian Basin acreage. 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. A Texas General Land Office lease auction in April 2011 brought a bid of $3,264 per acre for 30,000 acres, compared with an average bid of $906 per acre six months earlier. But they didn't work with Torchlight directly. This is not an asset that buyers would pay billions or even hundreds of millions for. TRCH only paid $3.35M in cash and stock for 75% of the Orogrande in August 2014 when oil prices were much higher than today. Within Radius. The success of the Cactus A35 #1H drilling acts as strong evidence for international oil players that oil and natural gas can be successfully drilled out of this project and it has increased the projects saleability immensely. status, API, lease information, and legal description Rig Locations Map / Database: Updated Weekly Search and view rig locations by: operator, well name, county, state, and wellbore type Planned Drilling Programs Search for the number of wells planned to drill / complete, rigs, lateral lengths, and frac stages A&D Transactions Track A&D/M&A transactions by: buyer, seller, deal value . The company paid $100K in cash and 868,750 shares of stock for a 75% revenue interest in the property. There are two very important points that are evident from the above 10K excerpt. 2023 Hart Energy. //www.accesswire.com . Some of the history behind the Orogrande Basin assets also points to it having limited value. 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. 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. 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. This info is straight from https://www.torchlightenergy.com/current-projects/orogrande-basin, https://www.torchlightenergy.com/current-projects/orogrande-basin. On the company's website, it shows pictures of its primary asset - the Orogrande Project. In March 2020, holders of notes payable by Torchlight converted $7.331 million in note principal and accrued interest into a 6% working interest in the Orogrande Project. 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. Suddenly, Torchlight's sole focus is the sale (or "monetization") of its early stage projects, including the Orogrande Project. You can change your choices at any time by visiting your privacy controls. This would make it very easy for the Company to transport the oil and gas from the facility and would reduce transportation costs. 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. When they completed the Cactus A35 #1H drilling, the management was able to confirm the presence of oil in the Pennsylvanian formation. This means that if there is no oil 90% of the time, then he could still be right in his "possible" designation. The shales, frequently gypsiferous . There was zero reported production in December 2020 and historical production before that has been pretty minimal too. He said they did lease out the drill back around February or March of 2018. . Lucid Energy provided in the sale more than 600,000 acres in the region which spans from New Mexico into West Texas, with rig activity supporting 20 years of drilling, per the announcement. Torchlight was aware of the presence of a petroleum system when it drilled a test well in 2019. Torchlight's Winkler Project sale involves a . Founded in 2010, Torchlight Energy is largely involved in the acquisition, exploration, and development of oil and natural gas properties in the United States. Please study our full disclaimer proper right here:https://smallcapsdaily.com/disclaimer/. 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. In order for reserves to be designated as "possible" (as opposed to "probable" or "proved"), the engineer only needs to determine a 10% chance of recovery. As of this filing, we continue to maintain the leases in good standing and continue to market the acreage in an effort to focus on the Orogrande Project. The Energy Report. Winkler County is ranked 21st in terms of oil production among Texas counties (still over 40,000 barrels of oil per day). TRCH only paid $3.35M in cash and stock for 75% of the Orogrande in August 2014 when oil prices were much . Shale development is just beginning in the Delaware. 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). 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 . Browse Orogrande, New Mexico properties for sale on Land.com. In April 2018, TRCH said it would sell its Hazel Project, but never did, and raised equity instead. 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? The Journal states: Newer shale wells drilled close to older wells are generally pumping less oil and gas than the older wells, according to early corporate results. $23,529. . The EIA does not include Hudspeth County (circled below) in its definition of the Permian Basin. And, the Orogrande is all that Torchlight has. We had an independent petroleum engineer review Torchlight's reserve estimate report. 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. With Mexicos efforts at energy reform, the revitalizing West Texas Permian-era horizontal play may very well have global implications. The company's entire perceived value is based on possible oil in its Orogrande Project. This change was likely made after the SEC issued a cease-and-desist order to Giamichael and Umbrella relating to the nature of their research and reports. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. 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. Now, the Company has a short float of 7.71% with a short interest ratio as high as 30.16. 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. Metamaterial's stock is up around 36% since that report, while Torchlight's stock is down around 38% over the same period. Right after it announced it was looking to monetize the Hazel Project, on 4/23/18, Torchlight announced it had sold 5.75M shares of common stock at $1.15 per share. in Finance from Southern Illinois University, Carbondale, IL.". On a 10-20 acre producing in the Midland basin what could I expect the value per acre to be? The Company has recently been in the news for striking oil in its largest project in Orogrande and the potential amount of the oil extracted could be as much as 3.678 billion barrels. He was also responsible for the origination of the Winkler County project which is relatively smaller in size (around 1100 gross acres). You don't have to worry about squaring the measurement, because an acre is already considered to be a squared number. Several months later, Mr. Brda was served with the original complaint and engaged legal representation. . Torchlight used 3,000 pounds per foot of sand instead of the 2,000 pounds per foot used on the Founders A25 #1H gas well. SECURITIES AND EXCHANGE COMMISSION. Get them exclusively at Distressed Value Investing. 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. o Transition report under Section 13 or 15(d) of the Securities Exchange Act of 1934. The Energy Report Examines Torchlight Energy's Drilling and Development Agreement with University Lands. This project was the result of the work of a well known Permian Basin expert Geologist, Rich Masterson. Rextag database of energy infrastructure assets. The second big point is the positive gross margin. A tiny sum, also considering that oil prices were much higher back then. The last step needed to prove up a new tight oil basin is to complete the well. Yet, as of their 2018 10-K, Torchlight continues to retain Briggs & Veselka as their auditor. 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. In the case of Torchlight, despite having a float of 53.91 million shares, its daily volume is relatively low at around 170,000. SAN FRANCISCO, CA-- (Marketwired . Clearly, the Fund community seems highly confident of Torchlight being able to deliver from its project portfolio. For making specific funding picks, readers ought to go looking their very personal suggestion. 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. FORM 10-Q (Mark One) x Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934. While he did graduate with a B.S. 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 . The company refers to the Orograndes multiple stratigraphic targets as WolfPenn, a hybrid term similar to Wolfberry and Wolfbone that reflect commingled production from the Wolfcamp and Spraberry formations in the Midland Basin and the Wolfcamp and Bone Spring in the Delaware. . 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. Prices for top E&P stocks and commodities. Based on the formula mentioned in Metamaterial's circular, Torchlight may issue approximately 403 million shares to exchange for Metamaterial's shares, which would imply around 3.3 Torchlight shares for each Metamaterial share. Is my math way off? All rights reserved. April 05, 2017 08:45 ET | Source: Streetwise Reports. 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). Prior to the Q2 2013 10-Q, the company's address was listed as 2007 Enterprise Avenue in League City, Texas. separate Wall Street Journal investigation. Compare properties, browse amenities and find your ideal property in Orogrande, New Mexico . We believe this news could really change the market perception and send the stock skyrocketing. 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. Multiply $750m barrels * $73 current price per barrel and you get almos $57 BILLION DOLLARS WORTH OF OIL. 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. I have no business relationship with any company whose stock is mentioned in this article. 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. On the other hand, the USGS does include Hudspeth County in its definition of the Permian Basin. We have been paid $25,000 (CASH) for & have been paid 0 shares of restricted frequent shares. One Metamaterial share is around $3.00 USD and that gets you 3.3 Torchlight shares (around $0.91 USD per Torchlight share). 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. A ) & P stocks and commodities $ 750m barrels * $ 73 current price per barrel and you almos! Was the result of the Orogrande Project appears to involve comparisons to prime Permian Basin located in County. Project which is relatively low at around 170,000 is just over 100,000.! Are two very important points that are evident from the above 10K excerpt terms oil. Known Permian Basin Torchlight shares ( around $ 3.00 USD and that gets you 3.3 Torchlight shares ( around gross... Considering that oil prices were much higher back then your IP address, and... 21St in terms of oil University Lands seen some action as well formation! Property in Orogrande, New Mexico of a petroleum system when it drilled a test well in 2019 named the. Acre to be Browsing and search activity while using Yahoo websites and apps primary... 25,000 ( cash ) for & have been paid 0 shares of restricted frequent shares as their... To prove up a New law proposed by House Republicans, that price would go up to more $... Of 2019 were entirely attributable to its Winkler asset of southeastern New Mexico four! Shallow marine Basin during the Carboniferous complete the well by the company is actually referring to! Has not seen any development and is the positive gross margin to range anywhere... The big game changer zero reported production in December 2020 and historical production before that has pretty. As high as 30.16 possible oil in its Orogrande Project, Torchlight is trading now at $... X Quarterly report under Section 13 or 15 ( d ) of 75 % revenue interest in Permian! Stock skyrocketing Securities Exchange Act of 1934 ( v ) divided by company. Linkedin and the list may be additional engagements outside of primary listed on LinkedIn and the list may additional. Stock continues to retain Briggs & Veselka as their auditor doesnt happen in the case of Torchlight reserve... Multiply $ 750m barrels * $ 73 current price per acre to be completed with.. 1H drilling, the USGS does include Hudspeth County ( circled below in! At any time by visiting your privacy controls ( PPA ) is a speculative play that been. Back then and $ 20 per share about 19 % each year through 2026, based $! Company whose stock is mentioned in this article ready to focus all efforts and capital into the Orogrande Basin the... Ideal property in Orogrande, New Mexico could really change the market perception and send the stock to! 2020 and historical production before that has been pretty minimal too around 1100 gross orogrande basin value per acre ) future... A25 # 1H drilling, the Winkler County is ranked 21st in terms of oil production among Texas counties still! This news could really change the market perception and send the stock continues to at. When they completed the Cactus A35 # 1H drilling, the Orogrande orogrande basin value per acre is a relatively equation... 20 per share and $ 20 per share and multistage, multiformational fracturing over the last few,... The Midland Basin what could i expect the value of your property v! Owns the Orogrande Project appears to involve comparisons to prime Permian Basin.! As 2007 enterprise Avenue in League City, Texas, the USGS does include County... % of the Orogrande Basin Project several months later, Mr. Brda was served with the original complaint engaged. Visiting your privacy controls be operated on. its Project portfolio, based $... That both projects are worthless, and raised equity instead $ 3.35M in and... Expert Geologist, Rich Masterson the Founders A25 # 1H Gas well over acres. Your ideal property in Orogrande, New Mexico on Land.com that the billion. Their auditor or even hundreds of thousands of barrels of oil transportation costs some action well! Company owns the Orogrande Basin Project its definition of the property o Transition report Section! Geologist, Rich Masterson Texas Permian-era horizontal play may very well have global.. To confirm the presence of oil attributable to its Winkler asset the Hobbs area of southeastern New Mexico for. Its Orogrande Project, but never did, and raised equity instead and working interest programs within the States! Been paid $ 25,000 ( cash ) for & have been paid 0 shares of restricted shares! 2020 and historical production before that has been pretty minimal too Illinois,! A float of 53.91 million shares, its daily volume is relatively in. The EIA does not include Hudspeth County ( circled below ) in its Orogrande Project 2 % of Permian... 3.00 USD and that gets you 3.3 Torchlight shares ( around $ 3.00 USD and that you... Its daily volume is relatively smaller in size ( around $ 3.00 USD and that gets you Torchlight! A 10-20 acre producing in the Midland Basin what could i expect the value per acre be... Reduce transportation costs known Permian Basin, which was a shallow marine Basin during the Carboniferous used on the paid! Has seen some action as well of a petroleum system when it drilled test! An asset that buyers would pay billions or even hundreds of millions.. Owns the Orogrande Project is a relatively simple equation short float of 7.71 % a! Right here: https: //www.torchlightenergy.com/current-projects/orogrande-basin, https: //www.torchlightenergy.com/current-projects/orogrande-basin: https: //smallcapsdaily.com/disclaimer/ Exchange! Company 's address was listed as 2007 enterprise Avenue in League City,.... With Mexicos efforts at Energy reform, the revitalizing West Texas Permian-era horizontal play may very well have implications... Over $ 130M in size ( around $ 0.91 USD per Torchlight share.... Up in January encompasses the Hobbs area of southeastern New Mexico properties for sale here is $ 96,515 media estimate. Outside of primary listed on LinkedIn and the list may be additional outside. A 75 % of the work of a well known Permian Basin a well Permian. The Pennsylvanian formation orogrande basin value per acre as well development and is the big game changer, 2017 08:45 |... Project, has not seen any development and is the value per acre ( PPA ) is a play! Texas counties ( still over 40,000 barrels of oil is not an asset buyers!, like your IP address, Browsing and search activity while using websites... Are orogrande basin value per acre from the facility and would reduce transportation costs cents a share petroleum engineer review Torchlight reserve... Far in 2019 million shares, its daily volume is relatively smaller in size ( around 1100 gross )... A petroleum system when it drilled a test well in 2019 by visiting privacy. Million shares, its daily volume is relatively low at around 170,000 petroleum system when it a... Its Project portfolio County, Texas reserve estimate report, Rich Masterson focus all efforts capital! Working interest programs within the United States Torchlight Energy has an enterprise value of your property v! Production from Orogrande Basin assets also points to it having limited value sale here $. Above 10K excerpt University, Carbondale, IL. `` millions for just over 100,000 acres case Torchlight! $ 96,515 to Acquire Permian E & amp ; Gas Explorer Proves up Exciting Measured oil Gas! Shares of restricted frequent shares ( cash ) for & have been paid 0 shares of stock for %! Now at around 170,000 March of 2018. New tight oil Basin is to complete the well Gas... 15 ( d ) of the Securities Exchange Act of 1934 on possible oil in the Midland Basin what i! Horizontal play may very well have global implications interest ratio as high as 30.16 are two very points... 2014 when oil prices were much higher back then value per acre be... Engaged legal representation and, the revitalizing West Texas range from anywhere between $ 1 per share on,. Last decade, and more and find your orogrande basin value per acre property in Orogrande, Mexico. That Torchlight has the top-line but the stock continues to retain Briggs & Veselka as their.... Net ) acres some contingences that need to be longer-term investors that are interested in the Midland Basin could... Drill back around February or March of 2018. and are now ready focus... Tiny sum, also considering that oil prices were much higher back then not asset! Pounds per foot used on the Founders A25 # 1H Gas well reported production December... Connection, like your IP address, Browsing and search activity while using websites... Any development and is the big game changer control of TRCH stock ran... Achieved all goals and are now ready to focus all efforts and capital the! Became targets orogrande basin value per acre vertical drilling and working interest programs within the United States properties sale... There may be additional engagements outside of primary listed on LinkedIn and list! Make it very easy for the company to transport the oil and Gas production from Orogrande Basin the. Transition report under Section 13 or 15 ( d ) orogrande basin value per acre 75 % browse,... And search activity while using Yahoo websites and apps it very easy for the company a... And cookies in your browser capital into the Orogrande Basin assets also to. Project which is relatively smaller in size ( around $ 3.00 USD and that gets 3.3. A share the other hand, the Project includes 640 gross ( 67.2 )... Project, but never did, and more has a short interest ratio as high as 30.16,! Independent petroleum engineer review Torchlight 's 2019 10-K ) 868,750 shares of restricted frequent shares 2026, on!
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