A11 #2 was drilled to a vertical depth of 4,009 feet and then cased. Prior to casing, well logs and core samples were taken and are being analyzed. By the time they are fully evaluated preliminarily, they will likely confirm the existence of four additional Wolfcamp intervals.
"Electric logs show excellent hydrocarbon potential in multiple intervals with the presence of both oil and gas," noted the company. "These intervals represent potentially economical conventional (vertical) and unconventional (horizontal) formations." The main targeted zone, a Wolfcamp unconventional, seems to be 190 feet thick between 3,800 and 3,990 feet down.
Torchlight noted that it will complete the 190-foot interval using the most up-to-date well stimulation technology to show the viability of movable hydrocarbons. Successful completion of intervals is expected to confirm both vertical and horizontal development potential.
The drill rig will be moved to Torchlight's next well, University Hueco A39 #1. Drilling of it, slated to start after the Thanksgiving holiday, will test two shallower zones down to 3,200 feet. The company noted it will also drill below 3,200 feet to test for additional Wolfcamp intervals encountered in the Rich A11 #2 well.
"We are excited to have indications of hydrocarbons on the A11 #2 and are ready to further our development thesis with the targets on the Hueco A39 #1," CEO John Brda said in the release. "The results we are finding prove viability for much larger developmental undertaking and will accelerate our ongoing discussions with larger independents who have expressed interest in the project as a partner or acquirer."
Read what other experts are saying about:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Torchlight Energy Resources. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with Torchlight Energy Resources. Please click here for more information.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Torchlight Energy Resources, a company mentioned in this article.