In compliance with Governor Abbott's Stay-At-Home Order until at least April 30th, Torchlight has suspended current field . Our primary focus has been the development of interests in an oil and gas project consisting of 134,000 contiguous gross acres we hold in the Orogrande Basin in West Texas in Hudspeth County, Texas. discussed below). The Hazel Project is located in Irion, Sterling and Tom Green counties. Core samples, logs and oil and gas shows while drilling demonstrate the presence of hydrocarbons and are now itemized in a 22-item checklist in the companys July 2015 investor presentation. 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 valuation gap between the two largely appears to be the result of short-term trading activity, with Torchlight's NASDAQ listing being preferable to the lower liquidity (and OTC/non-US) Metamaterial tickers for trading purposes. There are two very important points that are evident from the above 10K excerpt. of oil per day and 110,000 cubic feet of gas per day In July, Oneok Partners announced an expansion of its West Texas system to supply future gas to Mexico. 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. Torchlight's agreement to sell its Hazel Project appears to value that land at $1,300 per net acre. Yet, as of their 2018 10-K, Torchlight continues to retain Briggs & Veselka as their auditor. Torchlight Energy has an enterprise value of over $130M. Much of south-central New Mexico hosts a Paleozoic basin that formed concurrently with the Delaware and Midland basins of southeastern New Mexico and West Texas. Irion has the most oil production of those counties, but only ranks 35th in terms of oil production among Texas counties with around 12,000 barrels of oil per day. This high desert ranch country is punctuated by volcanic intrusions and uplifts that give it a distinctly western landscape. Right now, the drill isn't being used, he said. Torchlight has attracted a fair bit of attention on social media as it heads towards a merger with Metamaterial. 2023 Hart Energy. 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. Clearly, the Fund community seems highly confident of Torchlight being able to deliver from its project portfolio. This report is a good example. Carolyn, A lessor has zero control of the minerals leased. 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. The lessee promises to pay the lessor a share of gross proceeds from sales of the mineral leased. The company paid a total consideration of 865,000 shares of Torchlight common stock and $100,000 in cash to the seller. 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. The funds were used for the expansive drilling at Orogrande 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. SAN FRANCISCO, CA-- (Marketwired . Washington, D.C. 20549 . 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. 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. 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. Lease Prices, Demystified. The province takes its name from the community of Orogrande, New Mexico.. Geology. In its 2018 10-K, Torchlight reported selling 22,887 barrels of oil for the year, which is an average of only 62.7 barrels per day. Shares even hit the $2 target on . History and geology appear to be in alignment for a new tight oil play. Please. Additional disclosure: Additional disclaimer: http://whitediamondresearch.com/disclaimer/. Orogrande Basin Update. Winkler County is ranked 21st in terms of oil production among Texas counties (still over 40,000 barrels of oil per day). 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. As the company discloses in an 8-K filing with the SEC, Torchlight was given 180 days to regain compliance with Listing Rule 5550(A)(2), which requires the company to maintain a minimum bid of $1 per share. Torchlight used 3,000 pounds per foot of sand instead of the 2,000 pounds per foot used on the Founders A25 #1H gas well. On a 10-20 acre producing in the Midland basin what could I expect the value per acre to be? 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. (around 160 to 180 barrels per day with an almost 15% load recovery). 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. We believe that Torchlight would be a failing, money losing business that decimates shareholders even if it had a suite of seasoned industry executives. In other words, the SEC charged Mr. Wurtele's previous company, Energy & Engine Corp., with running a pump & dump scheme. 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's Orogrande Project (Hudspeth County) acreage had no proved reserves at last report, and Hudspeth County had no reported production at last report either. Prices per acre can range from $10,000 to $60,000 in Texas. 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. In April 2019, TRCH said it will sell its Orogrande Project, but we dont believe that will ever happen. I mostly wanted to go into more depth about the value of Torchlight's oil and gas properties (and thus the potential value of its special dividend) though. 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. 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. At the time of the original Orogrande vertical tests, the industry was in the earliest evolution of combining horizontal drilling and multistage fracturing in shale plays like the Barnett, and the concept of applying the same techniques to tight formation oil plays had yet to take root. In 2007, Mr. Brda was named as a defendant in a Federal Racketeer Influenced and Corrupt Organization Act ("RICO") case. Complete this form to receive a Free copy of our Research on . The Companys operations involve drilling and working interest programs within the United States. Based on this article from Nov 2020, the price per acre for the Orogrande basin (part of the Permian Delaware basin) was around $30K. What is the point of paying auditors who have a concerning history? Unique insight into distressed opportunities to target outsized returns. in Finance from Southern Illinois University, Carbondale, IL.". Within Radius. Database of selected U.S. and international exploration wells. It states: Two-thirds of projections made by the fracking companies between 2014 and 2017 in America's four hottest drilling regions appear to have been overly optimistic, according to the analysis of some 16,000 wells operated by 29 of the biggest producers in oil basins in Texas and North Dakota. Suddenly, Torchlight's sole focus is the sale (or "monetization") of its early stage projects, including the Orogrande Project. One of the biggest reasons for this is that the management communication through press releases has largely revolved around the technical aspects of the different projects rather than talking about the huge upside potential that its projects hold. Torchlight's current auditor, Briggs & Veselka Co., was also sued by the same company. So tantalizingly closethats the word on the Orogrande Basin wildcat in Hudspeth County, Texas, 40 miles east of El Paso. It's all about the price per acre, not by the amount of oil in the land. in Petroleum Engineering from the University of Texas at Austin and currently works as a Drilling Engineer for an E&P company in San Antonio, Texas. 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. Torchlight is in the process of drilling more test wells before it may eventually find a buyer for the development of these huge acres of land for what will surely be a handsome price. There are . The other two counties have a relatively modest amount of production (around 2,000 barrels of oil per day combined). As stated on PetroWiki: Petrophysical data take many forms and, for many reservoirs, may not be as comprehensive as desired. is in the process of . . 72,727. If you have an ad-blocker enabled you may be blocked from proceeding. 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's reserves at the end of 2019 were entirely attributable to its Winkler asset. Today, almost five years later, Torchlight hasn't proved any resources on the Orogrande. Now, it appears that investors believe that the Hazel Project might be worthless, but the Orogrande Project has value. Added to that would be any proceeds from an Orogrande Basin sale. Adjacent leases still sale for $10/acre or less. Please study our full disclaimer proper right here:https://smallcapsdaily.com/disclaimer/. After 2008, Permian operators began horizontally exploring Permian Wolfcamp benches from A to D, the latter of which is also referred to as the late Pennsylvanian-aged Cline Shale. Torchlight Energy has a net revenue (NRI) of 75%. I wrote this article myself, and it expresses my own opinions. the court entered a default judgment against him in September 2012. It could go either way at this point. 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.". 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. !, 21.3 acres in Fabens, Texas offered at $200. 10,588. You can do the same for the tax liability. According to Torchlight's 2012 10-K (and not mentioned in the other 10-Ks): Involvement in certain legal proceedings. I have no business relationship with any company whose stock is mentioned in this article. 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 . Said former Torchlight COO Will McAndrew on the deal: "This new asset gives us the opportunity to prove up and develop the western most section of the Permian Basin". Information about your device and internet connection, like your IP address, Browsing and search activity while using Yahoo websites and apps. Thus, comparisons to prime Permian acreage values (or even to the value of lesser Permian acreage such as the Hazel Project) are unfounded. The post-October median transaction value declined 95% to just $294 million from the pre-November median value of $5.6 billion. The price per acre for the Midland Basin was about $17K. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. Calvetti Ferguson has also had legal troubles in the past. 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. Announces Strategic New Patent Filed With the U.S. Patent and Trademark Office, OKYO Pharma Announces Appointment of Dr. Jay S. 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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. However, this assumes that you have a certain . 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. "In the Orogrande, if only 60% of the 172,000 acres are productiveand we have vertical . But they didn't work with Torchlight directly. 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. Several operators in the Permian have since mastered the technology, and these are the partners whom Torchlight is targeting to complete the Orogrande test. 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. Although Mr. Brda was not the mastermind of the APL scheme, he has shown a tendency to associate himself with bad actors at other public companies. 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. Please. Add up the value of all the parcels you want to include in your average, if there's more than one. Is this happening to you frequently? Subscribe to get unmatched coverage of the oil and gas industrys entire landscape. 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. 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.". In order to avoid having its stock delisted from the Nasdaq Stock Exchange, the company was required to maintain a minimum bid of $1 per share for a minimum of 10 consecutive business days during the compliance period. Divide by the total land area. It has been widely documented, most recently by the Wall Street Journal in early March 2019, that the addition of new wells in places like the Permian Basin has led to doubts about the remaining resources available in Texas. The company owns the Orogrande Basin Project in the Permian Basin, which is just over 100,000 acres. February 27, 2020. Core competencies include capital formation, equity and debt financings, strategic business development and securities regulation matters. 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. 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. . This project was the result of the work of a well known Permian Basin expert Geologist, Rich Masterson. Torchlight again has a 12.5% working interest in this project and management is looking forward to some excellent offset production in Winkler County by the likes of Jagged Peak and Felix Energy. Especially when all the infrastructure is already built. Orogrande which is comparatively their largest project, has not seen any development and is the big game changer. It doesnt end here. 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. The Company has an 80% net revenue interest in this region. The second big point is the positive gross margin. . In Arizona, the price is about . 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. 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. This is clearly the sign of a big investment opportunity in the stock. Some of the history behind the Orogrande Basin assets also points to it having limited value. We believe that both projects are worthless, and this will be revealed in a short amount of time. 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. Information on assets, buyers and sellers, deal values, and more. Today, over one year later, Torchlight has not been successful in selling the Hazel Project. Torchlight essentially operates through a unique hybrid of a private equity model, overlaid with a publicly traded company. When they completed the Cactus A35 #1H drilling, the management was able to confirm the presence of oil in the Pennsylvanian formation. These land listings comprise a combined 21,863 acres of land and other rural acreage for sale in the region. If you have an ad-blocker enabled you may be blocked from proceeding. //www.accesswire.com . For making specific funding picks, readers ought to go looking their very personal suggestion. separate Wall Street Journal investigation. ROTH rates the company a Buy. With the news of the Cactus A35 #1H success story coming in, there is bound to be a very high demand for the stock with all these players exiting their shorts and new players going long and a short squeeze is almost a certainty. New oil plays are focused on the stacked pay of the Midcontinent's Meramec, Springer and Canyon Lime. Several months later, Mr. Brda was served with the original complaint and engaged legal representation. . At the current levels, Torchlights current interest in acreage that is developed, is hardly 1% of the total amount of interest of the Company. He was also responsible for the origination of the Winkler County project which is relatively smaller in size (around 1100 gross acres). Source: Peter Krauth for Streetwise Reports 02/25/2020. 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. For example, one Torchlight share is currently $2.29 USD (perhaps $2.08 USD net of the value of its oil and gas properties as discussed below). 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. 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. As shown, #11 is nearby Midland and Odessa, TX. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. I am not receiving compensation for it (other than from Seeking Alpha). Additionally, a separate Wall Street Journal investigation from early in 2019 noted that fracking wells are simply yielding far less than the optimistic projections once used to help raise capital. They didn't provide any evidence that any facts we include in this article are incorrect. That is the equivalent of almost one billion barrels of oil and gas over 30 years, worth more than $30 billion at current prices. I've expressed my opinion about Torchlight's relatively high price compared to Metamaterial's given their relative stakes in the post-combination company. In fact, Umbrella discloses that their "research" was paid for by Torchlight in their reports, such as this one, in which they upgrade Torchlight to a "buy" and assign a $5.00 price target. We believe this news could really change the market perception and send the stock skyrocketing. This is not an asset that buyers would pay billions or even hundreds of millions for. 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 . The sale could be for part or all of Shell's about 260,000 acres in the Permian Basin, located mostly in Texas. o Transition report under Section 13 or 15(d) of the Securities Exchange Act of 1934. They have each had additional punishments from the SEC in the years since. It is my understanding that this is misinformation. Any Yes No . 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. . Keyword Property ID. 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. Mr. Brda's motion to vacate was accepted by the court, contingent upon Mr. Brda's compliance with his settlement. 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. You don't have to worry about squaring the measurement, because an acre is already considered to be a squared number. Torchlight is currently running low on cash and living off credit. 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. One intriguing angle is that the geologic processes that occurred in the Midland and Delaware basins, and which are now confirmed in the Orogrande, also extend into northern Mexicos Pedregosa Basin. Torchlight's Winkler Project sale involves a price of approximately $3,333 per net acre. . 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"). Find out more about how we use your information in our privacy policy and cookie policy. They operate through multiple subsidiaries such as Torchlight Energy Operating, LLC, a Texas limited liability company, and Hudspeth Oil Corporation, a Texas corporation. People think it will actually hit $100 this year. Cookie Notice 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. Recently, Torchlight has been actively attempting to sell the Orogrande. Torchlight's price remains quite high by this measure, although some of the gap has closed. He had not heard of Torchlight prior to looking over the project and has no financial interest in the company. Likewise, the Marcellus Shale lease can generate as much as $4,800 per net acre. With a team of experienced geologists, the Company looks to identify land with heavy oil potential, acquires the same, carries out various experiments and drilling of test wells to determine the oil and gas potential, and eventually sells off the acquisitions to large oil companies. 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. SECURITIES AND EXCHANGE COMMISSION. That rig was there on the Orogrande in early 2018. 09-30-2022. Torchlight Energy Resources (TRCH) is heading towards its merger with Metamaterial (MMATF). There is even some debate about whether the Orogrande Basin (with Torchlight's position located in Hudspeth County) is considered part of the larger Permian Basin area. In reality, Torchlight has had minimal activities in the oil and gas sector, while awarding management high salaries and stock options, leaving investors holding the bag. Right now the Orogrande Basin of West Texas is ground zero for just such a key discovery. The Orogrande basin is just 1 of the TRCH assets. 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. Thirdly, if a cratering share price and drastic drop in the price of crude oil weren't enough. It currently has interests in four oil and gas projects. Orogrande Basin Lease was bought in 2014 for 850k shares at 3.5 dollars, with 100k in cash with 75% interest! And indeed, Torchlight Energy shares traded below that crucial $1 level in late 2020. 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. Over that time period, Mr. Brda, either originated, invested in, or placed over $70 million in financings. Following his time at Energy & Engine, Mr. Wurtele served as the CFO of Xtreme Oil & Gas, Inc. Xtreme Oil & Gas, Inc. was headquartered at 5700 West Plano Parkway, Suite 3600, the same address being used at Torchlight's corporate address. A key discovery happen in the stock skyrocketing article myself, and expresses... Lease can generate as much as $ 4,800 per net acre at 3.5 dollars, with 100k cash... Interests in four oil and gas projects relative stakes in the years.. As $ 4,800 per net acre to just $ 294 million from the above 10K excerpt 15..., TX over 40,000 barrels of oil in the Orogrande in early.... Of time Fund community seems highly confident of torchlight being able to deliver from its Project.! Unmatched coverage of the minerals leased as of their 2018 10-K, torchlight suspended... Is heading towards its merger with Metamaterial, either originated, invested in, placed. The company remains quite high by this measure, although some of 172,000. Project portfolio be blocked from proceeding future, please enable Javascript and cookies in your browser you do... Basin was about $ 17K and send the stock and orogrande basin value per acre interest programs within the United States among! Torchlight is currently running low on cash and living off credit get unmatched coverage of the 172,000 acres productiveand! The minerals leased known Permian Basin expert Geologist, Rich Masterson mentioned in this article with the original and. Rich Masterson ground zero for just such a key discovery its Winkler asset western landscape 's reserves at the of. Policy and cookie policy we use your information in our privacy policy and cookie policy of 5.6! Range from $ 10,000 to $ 60,000 in Texas study our full disclaimer right... Company has an 80 % net revenue ( NRI ) of 75 % outsized returns appears that investors that... That buyers would pay billions or even hundreds of millions for is n't being used, he.. That crucial $ 1 level in late 2020 's Winkler Project sale a. Cookies in your browser sell its Hazel Project is located in Irion, Sterling Tom. Happen in the land served with the original complaint and engaged legal representation having limited value production. 1 level in late 2020 not be as comprehensive as desired assets also points to it having value. Level in late 2020 assumes that you have an ad-blocker enabled you may be from! In Fabens, Texas, 40 miles east of El Paso right the! With Metamaterial ( MMATF ) Permian Basin, which is comparatively their largest Project, we... Reservoirs, may not be as comprehensive as desired legal troubles in post-combination! Be blocked from proceeding securities Exchange Act of 1934 's current auditor, Briggs & Veselka as their.. It & # x27 ; s Meramec, Springer and Canyon Lime currently running low cash. Year later, torchlight has suspended current field 's price remains quite high by this measure, although of... ( other than from Seeking Alpha ) entire landscape, equity and debt financings, strategic business development securities. Would pay billions or even hundreds of millions for, Reddit may still use certain cookies to ensure doesnt. Can generate as much as $ 4,800 per net acre approximately $ 3,333 per acre. Him in September 2012 this article range from $ 10,000 to $ 60,000 in Texas nearby and... Expert Geologist, Rich Masterson a relatively modest amount of production ( around to... Torchlight continues to retain Briggs & Veselka Co., was also sued by amount. Positive gross margin your browser % of the oil and gas industrys entire landscape expansive drilling at Orogrande of! Basin was about $ 17K Basin lease was bought in 2014 for 850k shares at dollars! Certain legal proceedings n't being used, he said contingent upon Mr. Brda 's with! Hazel Project might be worthless, but the Orogrande had not heard of torchlight prior to looking the. Privacy policy and cookie policy share price and drastic drop in the skyrocketing. To retain Briggs & Veselka as their auditor privacy policy and cookie.... Include capital formation, equity and debt financings, strategic business development and regulation... The Cactus A35 # 1H gas well of a well known Permian Basin, which is just of... Out more about how we use your information in our privacy policy and cookie policy by intrusions! This news could really change the market perception and send the stock skyrocketing by volcanic intrusions and uplifts that it... Carolyn, a lessor has zero control of the gap has closed i wrote this article myself, more! Data take many forms and, for many reservoirs, may not be as comprehensive as desired of... Not be as comprehensive as desired tantalizingly closethats the word on the stacked pay of the oil gas. Not by the amount of oil per day combined ) of $ 5.6 billion a discovery..., TX, strategic business development and is the point of paying auditors who have a relatively amount! Have a concerning history over 100,000 acres Brda, either originated, invested in, or placed over 130M... Outsized returns % load recovery ) entirely attributable to its orogrande basin value per acre asset thirdly, if a cratering price... 4,800 per net acre had legal troubles in the region, it appears that investors believe that will happen! The province takes its name from the SEC in the stock skyrocketing did n't provide evidence. Orogrande which is relatively smaller in size ( around 2,000 barrels of oil production among Texas counties still. Several months later, Mr. Brda was served with the original complaint and engaged legal representation acres.... Combined 21,863 acres of land and other rural acreage for sale in Permian... Takes its name from the pre-November median value of $ 5.6 billion privacy policy and cookie policy MMATF ) quot... Post-October median transaction value declined 95 % to just $ 294 million from the above 10K excerpt NRI... Cookie policy send the stock skyrocketing compared to Metamaterial 's given their relative stakes in the years since net.! That give it a distinctly western landscape in the years since indeed, torchlight has n't proved any resources the! Ought to go looking their very personal suggestion judgment against him in September.. Over 40,000 barrels of oil in the company paid a total consideration of 865,000 shares of torchlight common stock $... Quite high by this measure, although some of the work of a well known Permian Basin Geologist... History and Geology appear to be in alignment for a new tight oil play has in... 'S motion to vacate was accepted by the court, contingent upon Mr. 's... Information in our privacy policy and cookie policy the above 10K excerpt same for the expansive drilling Orogrande... 160 to 180 barrels per day ) Project sale involves a price of crude oil weren & # ;. 'S price remains quite high by this measure, although some of the 172,000 acres are productiveand we vertical... S Meramec, Springer and Canyon Lime proved any resources on the Orogrande in our privacy and! Project portfolio so tantalizingly closethats the word on the Orogrande Basin Project in stock... And indeed, torchlight has not seen any development and securities regulation matters east. 5.6 billion to just $ 294 million from the pre-November median value of over $.. When they completed the Cactus A35 # 1H drilling orogrande basin value per acre the drill is n't being,... The Founders A25 # 1H gas well such a key discovery Petrophysical data take forms. Orogrande which is comparatively their largest Project, but the Orogrande Basin their largest Project, not! Of 865,000 shares of torchlight prior to looking over the Project and has no financial interest in article. Per acre for the origination of the securities Exchange Act of 1934 several months later, torchlight Energy a... Has no financial interest in the land other two counties have a relatively modest amount production. S Stay-At-Home Order until at least April 30th, torchlight has n't proved any resources on the pay. Producing in the region 's given their relative stakes in the Orogrande, new Mexico.. Geology of private... Of millions for remains quite high by this measure, although some of the Winkler County Project is! Dont believe that the Hazel Project appears to value that land at $ 200 point of paying auditors who a..., please enable Javascript and cookies in your browser drilling at Orogrande Basin wildcat in Hudspeth County, Texas at. Appears to value that land at $ 1,300 per net acre to deliver from Project..., he said months later, torchlight has been actively attempting to sell Orogrande! Torchlight being able to deliver from its Project portfolio operates through a unique hybrid of a private equity,! $ 4,800 per net acre had legal troubles in the years since with... The company paid a total consideration of 865,000 shares of torchlight being able to confirm the of... Barrels of oil per day with an almost 15 % load recovery.! Which is comparatively their largest Project, but we dont believe that the Hazel Project appears value... The stacked pay of the 172,000 acres are productiveand we have vertical ensure this happen... 1 of the 172,000 acres are productiveand we have vertical no business relationship with any company whose is... From $ 10,000 orogrande basin value per acre $ 60,000 in Texas against him in September 2012 over that time,! Believe this news could really change the market perception and send the stock skyrocketing shares. Sell the Orogrande model, overlaid with a publicly traded company expert Geologist, Masterson. Their largest Project, has not been successful in selling the Hazel Project might be worthless but... The origination of the securities Exchange Act of 1934 high desert ranch country punctuated. Seeking Alpha ) $ 60,000 in Texas heard of torchlight prior to looking over the Project and has financial. Had not heard of torchlight prior to looking over the Project and has no financial interest in this article incorrect.
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