Torchlight Energy prepares for the Johnson #2 well in Wilson County, TX
Friday, Dec 21, 2012
HOUSTON, Dec. 20, 2012 /PRNewswire/ -- Torchlight Energy Resources, Inc. (OTCBB:TRCH), an independent oil and gas company headquartered in Houston Texas is pleased to announce that we have paid the move in expenses relating to the drilling of our next well in Marcelina Creek, Wilson County, TX. The Johnson #2 well will be drilled as a vertical well bore to a total depth of 8700 ft. This allows us to evaluate the Georgetown formation for future production potential for very little additional cost. After logging all prospective zones, Torchlight and its partner Bayshore will evaluate the zones to determine the best completion methods and pay zones. It is contemplated that the well will be a vertical completion in the Buda zone; however, this may change when we properly evaluate the logs. The well site has been selected and Bayshore is currently working with vendors on scheduling in order to begin drilling the first quarter of 2013.
ABOUT TORCHLIGHT ENERGY
Torchlight Energy Resources, Inc, headquartered in Houston, TX, is positioned as an oil and gas company with a primary focus on oil. Torchlight will focus on highly probable and profitable drilling and working interest programs that have a short payback period, high IRR and proven reserves and are located in domestic, onshore fields.
With a proven management team and tremendous access to pre-market deal flow, the Company is positioned for tremendous near-term growth for our shareholders. Torchlight will identify drilling opportunities with a high probability of success, purchase working interest ownership in proven field development programs, spread the risk associated with drilling programs by entering into a variety of programs in different fields with differing economics but all with reputable operators and hedging production when possible for predictable cash flows.
SOURCE Torchlight Energy Resources, Inc.
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