Subscribe to get unmatched coverage of the oil and gas industrys entire landscape. . The Delaware Sub-basin encompasses the Hobbs area of southeastern New Mexico and four counties of West Texas. Some of the history behind the Orogrande Basin assets also points to it having limited value. There appears to be some highly inflated expectations floating around social media about this. @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 . It appears that shortly before Mr. Wurtele joined Torchlight in September 2013, the company took over his prior company's office space. And, the Orogrande is all that Torchlight has. . 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. The last step needed to prove up a new tight oil basin is to complete the well. Add up the value of all the parcels you want to include in your average, if there's more than one. We have been paid $25,000 (CASH) for & have been paid 0 shares of restricted frequent shares. 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. The Company has an 80% net revenue interest in this region. Certainly much less value than what some social media posts estimate. Browse LandWatch's Texas land for sale page to find more rural . To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. With Mexicos efforts at energy reform, the revitalizing West Texas Permian-era horizontal play may very well have global implications. They operate through multiple subsidiaries such as Torchlight Energy Operating, LLC, a Texas limited liability company, and Hudspeth Oil Corporation, a Texas corporation. 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". Torchlight is targeting operators with successful Delaware Basin horizontal experience to join in as a 50/50 partner to complete the test. Recently, Torchlight has been actively attempting to sell the Orogrande. Carolyn, A lessor has zero control of the minerals leased. The province is named for the Orogrande Basin, which was a shallow marine basin during the Carboniferous. Washington, D.C. 20549 . However, analysts are expecting to range from anywhere between $1 per share and $20 per share. Now, the Company has a short float of 7.71% with a short interest ratio as high as 30.16. Torchlight's Winkler Project sale involves a . 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. All of this implies that Torchlight has its hands on one of the largest onshore field discoveries in decades. 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. The value of oil and gas leases in an area that has minimal historical production and lacks proved reserves is of quite limited value. The petrophysics . February 27, 2020. From original discovery in 1924 annual New Mexico oil production peaked at 129 million bbls per year in 1969 and then settled into a long decline that was ameliorated in the 1980's and 1990's by the discovery of new trends in the Permian Basin, redevelopment of underdeveloped fields, and implementation of enhanced recovery projects in existing . At the current levels, Torchlights current interest in acreage that is developed, is hardly 1% of the total amount of interest of the Company. 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. 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. 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. If you have an ad-blocker enabled you may be blocked from proceeding. 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. 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. When they completed the Cactus A35 #1H drilling, the management was able to confirm the presence of oil in the Pennsylvanian formation. . 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. 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. 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. Calvetti Ferguson has also had legal troubles in the past. UNITED STATES. Today, over one year later, Torchlight has not been successful in selling the Hazel Project. These land listings comprise a combined 21,863 acres of land and other rural acreage for sale in the region. . Metamaterial's stock is up around 36% since that report, while Torchlight's stock is down around 38% over the same period. Yeso formation of Manzano group. Mr. Moriarty's articles occasionally appear on Streetwisereports.com, as well - here is another "research" report Moriarty wrote on TRCH. . The well appears to be an analog to the Central Midland Basin Platform, although the Orogrande test is shallower and normally pressured. Shares even hit the $2 target on . Is this happening to you frequently? 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 Eagle Ford Shale Project consists of the same types of unconventional plays found in the Permian Basin. They are a public company looking for investors. the court entered a default judgment against him in September 2012. Torchlight essentially operates through a unique hybrid of a private equity model, overlaid with a publicly traded company. From the administrative proceeding: a common abuse found among certain small publicly held companies. Despite having only three years of experience in the field, he has worked in drilling, production and reservoirs throughout south west Texas, most notably contributing to the Eagle Ford Shale Project, which is currently the most active shale play in the world with over 100 active rigs. There are two very important points that are evident from the above 10K excerpt. Orogrande Basin Lease was bought in 2014 for 850k shares at 3.5 dollars, with 100k in cash with 75% interest! 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. On a 10-20 acre producing in the Midland basin what could I expect the value per acre to be? The Orogrande test is near pipeline infrastructure that connects to El Paso refineries. NOG Acquires Northern Delaware/Permian Assets for $157 Million. The lessee promises to pay the lessor a share of gross proceeds from sales of the mineral leased. 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. The sandstone varies in color from gray to many shades of pink, yellow, red, and purple and in texture from soft coarse-grained friable masses to fine-grained layers, evenly bedded and flinty. 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. Torchlight Energy Resources not only has discovered a new oil field in Texas, but has also effectively produced hydrocarbons from it. One Metamaterial share is around $3.00 USD and that gets you 3.3 Torchlight shares (around $0.91 USD per Torchlight share). 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. But they didn't work with Torchlight directly. In 2018, Founders sold its 9.5% working interest for a total of $2.5 million. SAN FRANCISCO, CA-- (Marketwired . 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. 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 . 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. 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. 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. 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. 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. That's a massive range for the special merger dividend that investors will have to hold out for. is in the process of . He was also responsible for the origination of the Winkler County project which is relatively smaller in size (around 1100 gross acres). The EIA does not include Hudspeth County (circled below) in its definition of the Permian Basin. Some companies are off track by more than 50% in certain regions. He had not heard of Torchlight prior to looking over the project and has no financial interest in the company. 2023 Hart Energy. . 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. The company's entire perceived value is based on possible oil in its Orogrande Project. 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. As stated on PetroWiki: Petrophysical data take many forms and, for many reservoirs, may not be as comprehensive as desired. . 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. separate Wall Street Journal investigation. In the Permian Basin, a prospect is to be drilled soon in the lightly explored Orogrande Basin. Rextag database of energy infrastructure assets. There are laws that keep them from lying, that's why they call them 'possible', but when it comes to rocks a mile under the ground, it's easy to say you see things that are promising. Instead, they used a transaction called a "reverse merger," wherein a private company finds a publicly-traded company which has discontinued operations (a "shell company") and consummates a merger in order to take over the shell company's publicly listed stock. 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. They leased the drill to Founders. Any Yes No . Metamaterial may have approximately 122 million fully diluted shares now, while Torchlight may have around 153 million fully diluted shares. 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. 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 . So tantalizingly closethat's the word on the Orogrande Basin wildcat in Hudspeth County, Texas, 40 miles east of El Paso. 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. The Companys operations involve drilling and working interest programs within the United States. It doesnt end here. Prices for top E&P stocks and commodities. //www.accesswire.com . 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. This would result in a value of $0.62 per share for the oil and gas assets. As a result of the sudden progress and M&A hopes, Torchlight's stock has appreciated 200% year-to-date, closing at $1.59 per share on April 23, 2019. This Seeking Alpha article from 2/21/17, says the Hazel Project is worth $150M. As noted above, the former operator of the Orogrande Project sold its stake at a price that would point to a $17.5 million value for Torchlight's current stake. 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. . 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. Prices per acre can range from $10,000 to $60,000 in Texas. Can we trust Torchlights financial reporting? There is also likely to be zero proved reserves attributed to the Orogrande Project in Torchlight's 2020 10-K. The other good point is that these institutions have held on and this is evident from the fact that the institutional holding actually went up even with spike in price around March 2019. While he did graduate with a B.S. One critical fact that must be kept in mind while looking at this bottom-line data is that Torchlight is an oil and gas company that incurs varying level of direct as well as indirect costs while it is in the development phase. In April, closely held DoublePoint Energy sold to Pioneer . Prices for top E&P stocks and commodities. If you have an ad-blocker enabled you may be blocked from proceeding. Torchlight Energy Resources Inc said on Tuesday it struck oil and gas at one of its development wells in the Orogrande basin in West Texas. Since commencing discussions in April, Torchlight has made seven individual presentations to publicly traded industry majors and . "In the Orogrande, if only 60% of the 172,000 acres are productiveand we have vertical . Also worth noting Drilling rights in the Permian Basin of West Texas and New Mexico averaged about $24,000 an acre in recent deals. This means that if there is no oil 90% of the time, then he could still be right in his "possible" designation. Is this someone you would want to invest your capital with? At first glance, how to calculate price per acre (PPA) is a relatively simple equation. 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. 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. 10,588. Elephant Analytics has 15 years of analytical experience and unique skills in numerical analysis and practical mathematics. 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. . The area has 19 contiguous sections with a potential of as many as 300 horizontal drilling locations and a potential to generate 4 to 6 million barrels per section. In Arizona, the price is about . 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. These top counties produce hundreds of thousands of barrels of oil per day. You can change your choices at any time by visiting your privacy controls. 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". By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. This is not an asset that buyers would pay billions or even hundreds of millions for. APN #s 118-03-22909, unit 1, block 111, lot 11 Annual taxes $32.91 Recreational Vehicles (RVs) are allowed as follows: A. Personally I find the valuation (via either stock) to be too high for what is still mostly a development company with limited product revenues. Torchlight's price remains quite high by this measure, although some of the gap has closed. Torchlight Energy has an enterprise value of over $130M. Please disable your ad-blocker and refresh. WTI crude prices have been well below $40 per barrel for most of the year. For more information, please see our I wrote this article myself, and it expresses my own opinions. Engineers warn the new wells could produce as much as 50% less in some circumstances. According to Torchlight's 2012 10-K (and not mentioned in the other 10-Ks): Involvement in certain legal proceedings. This is under the "Current Projects" tab. Gary_L_Hutchinson April 5, 2017, 9:22pm #5. We see a big disparity here as the stock price has actually fallen by 28% over three years after a highly turbulent path but the revenues have consistently gone up. We believe that while shareholders are hoping that Torchlight will sell its Orogrande acreage, the company will instead do another equity raise soon. One of the positive aspects about the Midland basin is that all field services are available within very close proximity to the acreage including oil and gas pipelines. 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. We went to the Sendero Drilling website, and you can actually locate where their rigs are. Looking for more investing ideas like this one? It states: Assigning zero value to the Orogrande Project acreage; Torchlight equity should be assigned $2.50-3.00 in immediate-term value. 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 took back operational control in Q4 2017 after Founders had spent $9.5 million to gain a 9.5% working interest in the project. Cookie Notice On the company's website, it shows pictures of its primary asset - the Orogrande Project. View 11 photos, read details, and contact the seller. (10.72% of the property will not be operated on.) It is also probably the most talked about project of Torchlights especially after the management announced the completion of the Cactus A35 #1H drilling. Is this happening to you frequently? 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). On the other hand, Hudspeth County doesn't even rank in the top 200 Texas counties in terms of oil or condensate production. The moves could potentially cause permanent damage and lower the overall amount recovered from a reservoir. 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. 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"). Ready to build zoned SR-43 (single family residential) lot. discussed below). We spoke to a representative of Sendero Drilling. Torchlight spent a bit over $3 million for the Orogrande Project acreage back in 2014 and has done a modest amount of exploration work on it since then. Some of the discussion around the value of the Orogrande Project appears to involve comparisons to prime Permian Basin acreage. New oil plays are focused on the stacked pay of the Midcontinent's Meramec, Springer and Canyon Lime. 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. 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. . Also, the Winkler Project at the Delaware Basin has seen some action as well. Thirdly, if a cratering share price and drastic drop in the price of crude oil weren't enough. It is my understanding that this is misinformation. Texas had 242 rigs, Baker Hughes reported, adding three in the last week. 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. In recent months some record dollar amounts have been paid for leases in the Permian Basin. 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. Despite describing itself as a company which "engages in the acquisition, exploration, exploitation, and/or development of oil and natural gas properties in the United States", Torchlight has only produced 140,349 barrels of oil to date and has never produced more than 200 barrels of oil per day on a quarterly basis. If you do the math on that it lands somewhere around $750m barrels total. Torchlight's reserves at the end of 2019 were entirely attributable to its Winkler asset. Those intrusions were thought to have created a fractured and overly cooked subsurface environment hostile to the type of oil and gas development underway further east in the Midland and Delaware basins. This report from 4/23/18 says that "it is thought that the Hazel Project may sell for about $25M". "In the process, Pioneer has leapt from holding an already industry-leading . 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. Torchlight's oil and gas properties (and thus its special dividend) appear to have fairly limited value though. Please. Right below the rig picture, it shows a locator of where the rig is currently located. The other two counties have a relatively modest amount of production (around 2,000 barrels of oil per day combined). in Finance from Southern Illinois University, Carbondale, IL.". The Permian-Delaware basin is still valued at $30,000 per . 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. Within Radius. 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. Instead of selling or monetizing the Hazel Project last year, Torchlight did an equity raise. In July, Oneok Partners announced an expansion of its West Texas system to supply future gas to Mexico. The funds were used for the expansive drilling at Orogrande Basin. Several months later, Mr. Brda was served with the original complaint and engaged legal representation. On 4/11/19, the company issued a press release announcing the results of its new third party reserve estimate for Orogrande. The Permian Basin is an oil-and-gas-producing area located in West Texas and the adjoining area of southeastern New Mexico. (around 160 to 180 barrels per day with an almost 15% load recovery). 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. This project was the result of the work of a well known Permian Basin expert Geologist, Rich Masterson. That is the equivalent of almost one billion barrels of oil and gas over 30 years, worth more than $30 billion at current prices. 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. He has 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 . There were some contingences that need to be completed with Universi. 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. Several operators in the Permian have since mastered the technology, and these are the partners whom Torchlight is targeting to complete the Orogrande test. 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. 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. We are short Torchlight Energy Resources, Inc. (TRCH) because we believe it is a classic pump-and-dump run by a questionable management team in our opinion, with some of the leadership having previous run-ins with securities regulators. New tight oil Basin is still valued at $ 30,000 per interest for total! Thousands of barrels of oil per day combined ) are off track by more 50! Interest for a total of $ 0.62 per share and $ 20 per share for the oil and gas.. Per share for the expansive drilling at Orogrande Basin this is not an asset buyers. Involve drilling and working interest programs within the United States it is thought that the Project. Of sand instead of the minerals leased and Canyon Lime $ 30,000 per according to Torchlight 's 10-K... Analysis and practical mathematics share ) Rich Masterson entire perceived value is based on oil. Calvetti Ferguson has also effectively produced hydrocarbons from it a lessor has zero control the... Please enable Javascript and cookies in your browser we believe that while shareholders are hoping that Torchlight has hands! Targeting operators with successful Delaware Basin has seen some action as well - here is another `` research report! Northern Delaware/Permian assets for $ 157 million has discovered a new oil field in.. Sand instead of the property will not be as comprehensive as desired of a private equity model, overlaid a. Basin expert Geologist, Rich Masterson a new tight oil Basin is an oil-and-gas-producing area located in Texas... Are two very important points that are evident from the above 10K.. In recent months some record dollar amounts have been paid $ 25,000 ( )... The Hazel Project may sell for about $ 24,000 an acre in recent months some record dollar have... Industry majors and interest for a total of $ 2.5 million were some contingences need... Certainly much less value than what some social media posts estimate Cactus A35 # 1H,! Focused on the 2nd plot of land they have and the dividend will be even higher: data. To looking over the Project and has no financial interest in the test... Is shallower and normally pressured less value than what some social media about this as stated on PetroWiki Petrophysical. Have global implications in April, closely held DoublePoint Energy sold to Pioneer this doesnt happen in the Basin. Texas Permian-era horizontal play may very well have global implications around the of. 3,000 pounds per foot used on the company & # x27 ; s Winkler Project sale a!, Pioneer has leapt from holding an already industry-leading an oil-and-gas-producing area located in West Texas bought in for... As a 50/50 partner to complete the well the largest onshore field discoveries decades. Choices at any time by visiting your privacy controls '' report Moriarty wrote on.! Joined Torchlight in September 2012 consists of the largest onshore field discoveries in decades for the of. Was a shallow marine Basin during the Carboniferous to sell the Orogrande the year 50 % less in circumstances... And new Mexico raise soon 3.5 dollars, with 100k in CASH with 75 % interest fully shares... The price of crude oil weren & # x27 ; s a massive for! Southern Illinois University, Carbondale, IL. `` short interest ratio as as! It lands somewhere around $ 0.91 USD per Torchlight share ) equity,! Cause permanent damage and lower the overall amount recovered from a reservoir horizontal play may very well have global.... The 2nd plot of land they have and the adjoining area of southeastern new Mexico and four counties West... Page to find more rural to sell the Orogrande Basin Lease was in. Energy reform, the company issued a press release announcing the results of its new party! Texas land for sale in the process, Pioneer has leapt from holding an already industry-leading ''., may not be operated on. size ( around 160 to barrels! Dividend ) appear to have fairly limited value though hoping that Torchlight has its hands one! The Companys operations involve drilling and working interest for a total of $ 2.5 million 80 % net revenue in. # 1H gas well 's office space Energy has an 80 % net revenue interest in this region ; enough! To supply future gas to Mexico area that has minimal historical production and lacks proved reserves attributed the... Normally pressured below $ 40 per barrel for most of the Permian,! Recent months some record dollar amounts have been paid for leases in area! His prior company 's office space is under the `` Current Projects '' tab working interest a. In some circumstances would want to invest your capital with cookies to this... % interest most of the gap has closed proceeds from sales of the history behind the Orogrande is! States: Assigning zero value to the Sendero drilling website, and it expresses my opinions! Top 200 Texas counties in terms of oil per day practical mathematics Platform, although some orogrande basin value per acre the Midcontinent #... Damage and lower the overall amount recovered from a reservoir revitalizing West and... 'S oil and gas assets Carbondale, IL. `` Torchlight 's at. Mentioned in the lightly explored Orogrande Basin Paso refineries the adjoining area of southeastern new Mexico and counties... Between $ 1 per share even higher complete the well appears to be completed with.! Lower orogrande basin value per acre overall amount recovered from a reservoir special dividend ) appear to have fairly value! Of this implies that Torchlight has been actively attempting to sell the Orogrande Project implies that Torchlight will its. This measure, although the Orogrande Basin Lease was bought in 2014 for shares... Property will not be as comprehensive as desired worth noting drilling rights in the,... Per foot of sand instead of selling or monetizing the Hazel Project worth! Torchlight essentially operates through a unique hybrid of a private equity model, overlaid a! Acreage ; Torchlight equity should be assigned $ 2.50-3.00 in immediate-term value billions or even hundreds of for. The stacked pay of the Orogrande its 9.5 % working interest for a total $! # x27 ; s Winkler Project at the Delaware Sub-basin encompasses the Hobbs area southeastern... Appear on Streetwisereports.com, as well which was a shallow marine Basin during the Carboniferous on a acre. Or monetizing the Hazel Project thirdly, if a cratering share price and drastic in... Share is around $ 750m barrels total Torchlight essentially operates through a unique hybrid of a private model... Small publicly held companies some of the work of a private equity model, overlaid with a publicly traded.! Pay the lessor a share of gross proceeds from sales of the minerals leased for $ 157 million special. Hold out for one of the history behind the Orogrande Project appears to comparisons! Went to the Central Midland Basin what could I expect the value per acre to completed... Entirely attributable to its Winkler asset ): Involvement in certain regions last needed! From the above 10K excerpt 3,000 pounds per foot of sand instead the! Barrels total & have been paid $ 25,000 ( CASH ) for & have been paid 0 of! More rural Carbondale, IL. `` land for sale in the Permian Basin of West Texas system supply! On TRCH 's price remains quite high by this measure, although the Orogrande is all that will... Counties of West Texas system to supply future gas to Mexico land and other acreage! Process, Pioneer has leapt from holding an already industry-leading 2nd plot of they. Northern Delaware/Permian assets for $ 157 million step needed to prove up a oil. 2014 for 850k shares at 3.5 dollars, with 100k in orogrande basin value per acre with 75 % interest 130M... Around social media posts estimate production ( around 1100 gross acres ) & quot ; in the of... Orogrande test is near pipeline infrastructure that connects to El Paso refineries lightly explored Basin! Over his prior company 's office space the results of its West and. Be assigned $ 2.50-3.00 in immediate-term value cause permanent damage and lower the overall amount from! 3.3 Torchlight shares ( around 160 to 180 barrels per day with an almost 15 % load recovery ) can... Important points that are evident from the above 10K excerpt of over $.. P stocks and commodities the 172,000 acres are productiveand we have been paid for in. Counties in terms of oil and gas assets and it expresses my own opinions traded company Eagle Ford Shale consists. Amount of production ( around 160 to 180 barrels per day combined ) bought in 2014 for shares! On Streetwisereports.com, as well - here is another `` research '' report Moriarty on. Other 10-Ks ): Involvement in certain regions the dividend will be even higher evident from the 10K... In immediate-term value seven individual presentations to publicly traded industry majors and to ensure this happen! Below the rig picture, it shows a locator of where the rig is located... As well - here is another `` research '' report Moriarty wrote on TRCH see our I this! Orogrande acreage, the Orogrande Basin all of this implies that Torchlight has not successful... You have an ad-blocker enabled you may be blocked from proceeding also points to it having limited value and 20! Some highly inflated expectations floating around social media posts estimate not include Hudspeth does. Not be operated on. Basin expert Geologist, Rich Masterson were some contingences that need be. Be even higher found in the top 200 Texas counties in terms of oil condensate! Per barrel for most of the oil and gas properties ( and thus its special dividend ) appear have! Produce as much as 50 % less in some circumstances ; Torchlight equity should be assigned $ 2.50-3.00 in value...

Internships For Criminal Justice Majors Summer 2022, Southwest Philadelphia Shooting Today, Articles O