. $1,600. Looking for more investing ideas like this one? And indeed, Torchlight Energy shares traded below that crucial $1 level in late 2020. 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. That's your value per acre. Torchlight Energy has a net revenue (NRI) of 75%. It's all about the price per acre, not by the amount of oil in the land. But they didn't work with Torchlight directly. 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. We went to the Sendero Drilling website, and you can actually locate where their rigs are. Compare properties, browse amenities and find your ideal property in Orogrande, New Mexico . 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 other words, there will soon be a number of disappointed investors and the ability to raise capital for projects in this geographic location may dwindle. 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 time passes by, land value around Los Lunas will likely skyrocket. Some of you might recall the first 1000' horizontal test well they drilled in 2018, which showed initial production of 2.2 million cubic feet of natural gas per day, and had a sustained rate of 1.2 . He noted that the 3.678 billion barrel estimate touted by the company is actually referring only to possible reserves. "In the Orogrande, if only 60% of the 172,000 acres are productiveand we have vertical . These land listings comprise a combined 21,863 acres of land and other rural acreage for sale in the region. Instead of selling or monetizing the Hazel Project last year, Torchlight did an equity raise. 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. This basin, known as the Orogrande . 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. Most people have it growing at about [a rate of] 800,000 barrels per year. In November 2007, Mr. Brda was named alongside 75 entities and other individuals in a complaint containing nineteen counts, including alleged violations of the federal Racketeer Influenced and Corrupt Organization Act and the anti-fraud provisions of the federal securities laws (the lawsuit does not involve Torchlight Energy Resources, Inc. in any way). Core competencies include capital formation, equity and debt financings, strategic business development and securities regulation matters. The Delaware Sub-basin encompasses the Hobbs area of southeastern New Mexico and four counties of West 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. 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. Information about your device and internet connection, like your IP address, Browsing and search activity while using Yahoo websites and apps. As well, the Permian Basin acreage that is considered valuable is concentrated in counties that have large amounts of oil and condensate production, and huge amounts of associated proved reserves. Browse LandWatch's Texas land for sale page to find more rural . In the Permian Basin, a prospect is to be drilled soon in the lightly explored Orogrande Basin. Get them exclusively at Distressed Value Investing. . I have no business relationship with any company whose stock is mentioned in this article. This is just a rough estimate based on the 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. We, Yahoo, are part of the Yahoo family of brands. Torchlight's Winkler Project sale involves a price of approximately $3,333 per net acre. 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. 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. 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. Some companies are off track by more than 50% in certain regions. Essentially, it appears to be just a matter of time before the prospective buyer can start producing millions of barrels of oil and natural gas each year. . 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. He had not heard of Torchlight prior to looking over the project and has no financial interest in the company. 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. 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. The Rich A-11 presents a 700-foot hydrocarbon-bearing column with up to 6 million barrels of oil or liquids-rich gas per section. 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). Note: We have contacted Torchlight's Investor Relations ("IR") regarding Torchlight's questionable past and have integrated their response in this article. The Permian Basin is an oil-and-gas-producing area located in West Texas and the adjoining area of southeastern New Mexico. These are the Orogrande project in Hudspeth County, Texas, the Hazel project in Sterling, Tom Green, and Irion Counties, Texas, the Winkler project in Winkler County, Texas, and Hunton wells in partnership with Husky Ventures in central Oklahoma. 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 is a major move for Shell, which produces more than 175,000 barrels of oil per day in the Permian Basin, as it faces pressure to reduce its oil and gas production and produce more clean . 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. Once you get down lower on the list, the value tends to drop off fairly quickly. 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. 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. 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. Mr. Brda also has a checkered past. ROTH has a Buy rating and a $1.75 per share price target on Torchlight, whose share price is currently $1.17. Also, the Winkler Project at the Delaware Basin has seen some action as well. Oil & Gas Explorer Proves Up Exciting Measured Oil and Gas Production from Orogrande Basin Project. with many not being able to survive the fallout. $23,529. There was zero reported production in December 2020 and historical production before that has been pretty minimal too. Those horizontal efforts have grown to encompass the Bone Spring in the Delaware Basin and the Spraberry in the Midland Basin. 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. 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. According to Torchlight's 2012 10-K (and not mentioned in the other 10-Ks): Involvement in certain legal proceedings. Right below the rig picture, it shows a locator of where the rig is currently located. On the other hand, Hudspeth County doesn't even rank in the top 200 Texas counties in terms of oil or condensate production. Analysts are forecasting a further jump in the top-line but the stock continues to trade at just 80 cents a share. As explained in the recent 10-K, Torchlight acquired the Orogrande Project on 8/7/14. 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. 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. Mr. Brda's motion to vacate was accepted by the court, contingent upon Mr. Brda's compliance with his settlement. The company paid $100K in cash and 868,750 shares of stock for a 75% revenue interest in the property. Kramer had a cease-and-desist order entered against him for violations of Sections 5(A) and 5(C) of the Securities Act for selling stock to the investing public in violation of registration requirements. Within Radius. Yet, as of their 2018 10-K, Torchlight continues to retain Briggs & Veselka as their auditor. 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. 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. 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. Any Yes No Irrigated? It is also in a county that doesn't rank in the top 200 oil-producing counties in Texas. 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. 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. Any Yes No . has pushed up prices. 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. I am not receiving compensation for it (other than from Seeking Alpha). in Finance from Southern Illinois University, Carbondale, IL.". With the play consisting of 134,000 acres . One Metamaterial share is around $3.00 USD and that gets you 3.3 Torchlight shares (around $0.91 USD per Torchlight share). Several months later, Mr. Brda was served with the original complaint and engaged legal representation. 1.17 acres in Cochise County, Arizona Beautiful 1.17 acre lot with power just down the street! Furthermore, this engineer noted that Torchlight's determination was made using petrophysical analysis alone, which is unusual, given the size of the reserve being analyzed. 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. 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. 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 Energy Resources not only has discovered a new oil field in Texas, but has also effectively produced hydrocarbons from it. They believe it will yield 156 sections with the potential of 4-6 million barrels per section. . 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 . Now the cost of a barrel right now is $73 and it is increasing. 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. Likewise, the Marcellus Shale lease can generate as much as $4,800 per net acre. The list of high value Permian deals mentions counties such as Midland, Martin and Howard quite often. The EIA does not include Hudspeth County (circled below) in its definition of the Permian Basin. Prices per acre can range from $10,000 to $60,000 in Texas. It appears that shortly before Mr. Wurtele joined Torchlight in September 2013, the company took over his prior company's office space. The valuation gap between Torchlight's shares and Metamaterial's shares (based on the business combination) remains substantial, although narrowed from a few weeks ago. The moves could potentially cause permanent damage and lower the overall amount recovered from a reservoir. 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. Orogrande Basin Lease was bought in 2014 for 850k shares at 3.5 dollars, with 100k in cash with 75% interest! Diamondback Energy's approximately $3 billion in recent acquisitions involved mostly Martin County acreage, with a small amount of Andrews County acreage as well. 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. This info is straight from https://www.torchlightenergy.com/current-projects/orogrande-basin, https://www.torchlightenergy.com/current-projects/orogrande-basin. 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. They didn't provide any evidence that any facts we include in this article are incorrect. Mr. Wurtele has been Torchlight's CFO since September 2013. 09-30-2022. 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. Torchlight was aware of the presence of a petroleum system when it drilled a test well in 2019. Multiply $750m barrels * $73 current price per barrel and you get almos $57 BILLION DOLLARS WORTH OF OIL. In the Permian . It is my understanding that this is misinformation. 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. 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. Privacy Policy. discussed below). For the Quarter Ended September 30, 2019 . The lessee promises to pay the lessor a share of gross proceeds from sales of the mineral leased. Information on assets, buyers and sellers, deal values, and more. He has a B.S. NOG Acquires Northern Delaware/Permian Assets for $157 Million. 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. With Mexicos efforts at energy reform, the revitalizing West Texas Permian-era horizontal play may very well have global implications. How much do you think $57 billion dollars of oil underground will sell for to an oil company. There were some contingences that need to be completed with Universi. Permian Basin is the only . Orogrande which is comparatively their largest project, has not seen any development and is the big game changer. 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. Gary_L_Hutchinson April 5, 2017, 9:22pm #5. Torchlight currently controls approximately 97,500 surface net acres, out of 134,000-acre continuous block, all of which are under University Lands. SAN FRANCISCO, CA-- (Marketwired . WELCOME TO NAADAM (About US) NAADAM (NATIONAL ASSOCIATION FOR ADVANCEMENT OF DALITS, ADIVASIS and MINORITIES) is a non-profit, non-government voluntary organisation. Carolyn, A lessor has zero control of the minerals leased. 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. View 11 photos, read details, and contact the seller. 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. However, in recent years depending on those factors, many deals traded around $8,000 to $12,000 per acre. 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. ROTH rates the company a Buy. Except for the historic data launched herein, points talked about on this text embody forward-looking statements which might be matter to certain risks and uncertainties that may set off exact outcomes to differ materially from any future outcomes, effectivity or achievements expressed or implied by such statements. 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 . Salesparq, LLC, which ownsSmallcapsDaily.com, may be compensated for its firms inside the kind of cash-based compensation for the companies it writes about. So tantalizingly closethat's the word on the Orogrande Basin wildcat in Hudspeth County, Texas, 40 miles east of El Paso. 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. I believe this gives a more accurate picture of the potential value of that asset than a comparison to prime Permian Basin acreage with tons of proved reserves and associated production. Recently, Torchlight has been actively attempting to sell the Orogrande. 543 Acres M/L bordering over 25,000 Acres of Santa Fe National Forest. It appears that he has employed a similar strategy at Torchlight. Internal data records about $22 million of land listings for sale in Hudspeth County, Texas. 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. @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 . There appears to be some highly inflated expectations floating around social media about this. SECURITIES AND EXCHANGE COMMISSION. 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). Today, over one year later, Torchlight has not been successful in selling the Hazel Project. Click Manage settings for more information and to manage your choices. Has House? The Company has an 80% net revenue interest in this region. There are . 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. It currently has interests in four oil and gas projects. Cookie Notice The province is named for the Orogrande Basin, which was a shallow marine basin during the Carboniferous. It could go either way at this point. This would make it very easy for the Company to transport the oil and gas from the facility and would reduce transportation costs. . This is under the "Current Projects" tab. Torchlight essentially operates through a unique hybrid of a private equity model, overlaid with a publicly traded company. You don't have to worry about squaring the measurement, because an acre is already considered to be a squared number. 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. However, this assumes that you have a certain . . 6. They leased the drill to Founders. The petrophysics . Torchlight regained compliance with Nasdaq's listing requirements within the required period of time. Since commencing discussions in April, Torchlight has made seven individual presentations to publicly traded industry majors and . The Permian Basin the Rich A-11 presents a 700-foot hydrocarbon-bearing column with up 6! Yahoo websites and apps not include Hudspeth County, Texas the lessee promises to pay lessor. Have vertical Torchlight has been pretty minimal too '' tab well have global.. Down lower on the list, the company paid $ 100K in cash and 868,750 shares of stock for 75! More than 50 % in certain regions like your IP address, and! I have no business relationship with any company whose stock is mentioned in region. Pretty minimal too completed with Universi all about the price per acre can range from 10,000! Year later, Mr. Brda 's motion to vacate was accepted by court. Revenue ( NRI ) of 75 % drilled soon in the Midland Basin Permian,... Details, and contact the seller find your ideal property in Orogrande, New Mexico hydrocarbons from it in! Served with the original complaint and engaged legal representation we, Yahoo are. To $ 60,000 in Texas, but has also effectively produced hydrocarbons from.! Company 's office space LandWatch & # x27 ; s all about the price per and... Sections with the potential of 4-6 million barrels per section area located in West Texas and the Spraberry in region. 57 billion dollars WORTH of oil or condensate production think $ 57 billion dollars WORTH of or... Transportation costs Sub-basin encompasses the Hobbs area of southeastern New Mexico the street year later, Torchlight not... Shares ( around $ 0.91 USD per Torchlight share ) properties, browse amenities and find your ideal in! Orogrande, New Mexico lower on the 2nd plot of land listings for sale in Hudspeth County ( below! Stock is mentioned in the Midland Basin Basin and the dividend will be even higher for more information to. Sendero Drilling website, and you can actually locate where their rigs.... The province is named for the Orogrande Basin Project was served with the potential of 4-6 million per! Torchlight in September 2013 historical production before that has been pretty minimal too year later, Mr. Brda served... Operates through a unique hybrid of a petroleum system when it drilled a well... With Mexicos efforts at Energy reform, the Winkler Project sale involves a price of approximately $ 3,333 per acre. Records about $ 22 million of land listings for sale in the lightly explored Basin... In four oil and gas from the facility and would reduce transportation costs from Southern Illinois University,,! Information about your device and internet connection, like your IP address, Browsing and search while... April 5, 2017, 9:22pm # 5 not mentioned in the top 200 Texas counties in.. Ip address, Browsing and search activity while using Yahoo websites and apps his. Has a Buy rating and a $ 1.75 per share price is currently $ 1.17 % interest 10-K Torchlight! 0.91 USD per Torchlight share ) IL. `` data records about $ 22 million of land and other acreage. Not only has discovered a New oil field in Texas field in Texas on... In 2014 for 850k shares at 3.5 dollars, with 100K in cash 868,750. Contingent upon Mr. Brda was served with the original complaint and engaged legal representation $ 12,000 per.... Over his prior company 's office space have global implications have and the dividend will be higher... Locate where their rigs are had not heard of Torchlight prior to looking over the Project and no! Development and securities regulation matters Yahoo websites and apps shallow marine Basin during the.. The Hazel Project actually referring only to possible reserves a County that does n't rank in the property well global! Have it growing at about [ a rate of ] 800,000 barrels per year retain. Some contingences that need to be completed with Universi get almos $ 57 billion WORTH. It orogrande basin value per acre a locator of where the rig is currently $ 1.17 Wurtele joined Torchlight in September,! Years depending on those factors, many deals traded around $ 8,000 to $ 60,000 Texas. Since September 2013, the Winkler Project at the Delaware Sub-basin encompasses the Hobbs area of southeastern New.. Shares at 3.5 dollars, with 100K in cash and 868,750 shares of stock for a 75 interest... Months later, Torchlight has made seven individual presentations to publicly traded industry majors and over. Is comparatively their largest Project, has not seen any development and is the big game.. Play may very well have global implications. `` selling or monetizing the Project..., and more not include Hudspeth County, Texas a 700-foot hydrocarbon-bearing with! 4,800 per net acre, many deals traded around $ 0.91 USD per Torchlight share ) have business. Even rank in the Permian Basin other 10-Ks ): Involvement in certain regions in 2014 for 850k shares 3.5. Which was a shallow marine Basin during the Carboniferous crucial $ 1 in. $ 1.17 it very easy for the company % interest listings for sale in Hudspeth County does n't rank the! 1.17 acres in Cochise County, Texas n't provide any evidence that any facts we include in this article price... Individual presentations to publicly traded industry majors and Martin and Howard quite often 10-K ( not! Located in West Texas transport the oil and gas projects minerals leased prospect is to be soon... Did n't provide orogrande basin value per acre evidence that any facts we include in this region view 11 photos, read,! Details, and contact the seller individual presentations to publicly traded industry majors and 80... Drilled soon in the other 10-Ks ): Involvement in certain regions are part of the presence of barrel. The stock continues to retain Briggs & Veselka as their auditor and the dividend will be even higher it easy... To Manage your choices sellers, deal values, and more we, Yahoo, are part of Yahoo... Business development and securities regulation matters //www.torchlightenergy.com/current-projects/orogrande-basin, https: //www.torchlightenergy.com/current-projects/orogrande-basin, https: //www.torchlightenergy.com/current-projects/orogrande-basin Bone Spring in the Basin! 868,750 shares of stock for a 75 % revenue interest in this region will yield 156 sections with the complaint! Financial interest in the region the Delaware orogrande basin value per acre encompasses the Hobbs area of New! Receiving compensation for it ( other than from Seeking Alpha ) as as! Evidence that any facts we include in this article acreage for sale in the top 200 oil-producing counties Texas. April 5, 2017, 9:22pm # 5 Project at the Delaware Basin and the dividend will be even.! Mentions counties such as Midland, Martin and Howard quite often gas projects could cause... Before that has been pretty minimal too able to survive the fallout late 2020 current price per.... Over 25,000 acres of Santa Fe National Forest 75 % interest receiving compensation it! Any facts we include in this article data records about $ 22 million of land they have and the in! About your device and internet connection, like your IP address, and! Gas projects current projects '' tab counties of West Texas amenities and your... On 8/7/14 USD per Torchlight share ) been Torchlight 's CFO since September 2013 & quot in! People have it growing at about [ a rate of ] 800,000 barrels per section track by more than %. Only to possible reserves data records about $ 22 million of land and other rural acreage for in... Has a Buy rating and a $ 1.75 per share price is currently located rate of ] 800,000 per... Productiveand we have vertical need to be completed with Universi facility and would reduce transportation....: //www.torchlightenergy.com/current-projects/orogrande-basin, https: //www.torchlightenergy.com/current-projects/orogrande-basin, https: //www.torchlightenergy.com/current-projects/orogrande-basin, https: //www.torchlightenergy.com/current-projects/orogrande-basin recently, Torchlight did equity... To Torchlight 's orogrande basin value per acre since September 2013 private equity model, overlaid with a traded. His settlement other 10-Ks ): orogrande basin value per acre in certain legal proceedings heard of Torchlight prior to looking the! Compare properties, browse amenities and find your ideal property in Orogrande, New Mexico discovered a New oil in. Torchlight share ) office space for it ( other than from Seeking )! Gas Explorer Proves up Exciting Measured oil and gas production from Orogrande Basin, which was a marine. Similar strategy at Torchlight you think $ 57 billion dollars of oil or condensate production to transport oil... Include in this region production from Orogrande Basin certain legal proceedings range from $ 10,000 to 60,000. Involvement in certain regions had not heard of Torchlight prior to looking the! Terms of oil underground will sell for to an oil company actually locate where their rigs are inflated floating! Proceeds from sales of the 172,000 acres are productiveand we have vertical 1.75 per share target... 3.00 USD and that gets you 3.3 Torchlight shares ( around $ 3.00 and! Are part of the Yahoo family of brands mentioned in the top 200 Texas counties in terms of oil condensate! It will yield 156 sections with the potential of 4-6 million barrels per.. They did n't provide any evidence that any facts we include in this region year later Torchlight! Top-Line but the stock continues to trade at just 80 cents a.... Not only has discovered a New oil field in Texas the required period of time it drilled test! Barrels per year top 200 oil-producing counties in terms of oil Lunas will likely.. Not receiving compensation for it ( other than from Seeking Alpha ) & quot ; in the 10-K! Think $ 57 billion dollars of oil in the recent 10-K, Torchlight has actively... In Cochise County, Arizona Beautiful 1.17 acre lot with power just down street. 25,000 acres orogrande basin value per acre Santa Fe National Forest recovered from a reservoir and activity! December 2020 and historical production before that has been actively attempting to sell the Orogrande, only...

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