Information on assets, buyers and sellers, deal values, and more. The deteriorating environment in the Permian Basin, combined with the company's ugly financials and continued risks associated with capital needs, makes TRCH equity and its $120M valuation a risky bet in what we believe is becoming a speculative industry. The above chart looks to summarize the price movement of Torchlight, while looking at the evolution of its top-line over the past 3 years. 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 . "In the process, Pioneer has leapt from holding an already industry-leading . 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. That would depend on the results from the Flying B Ranch #4H well, although the overall commodity price environment is more favorable to the sale now. Mr. Brda also has a checkered past. This project was the result of the work of a well known Permian Basin expert Geologist, Rich Masterson. He pointed to Pioneer's $7.6 billion purchase of Parsley Energy in October 2020 meaning the company spent about $14 million on Permian Basin assets in the past six months and is the most active acquirer in the upstream sector since the downturn created by COVID-19. Please. 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. 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. So tantalizingly closethats the word on the Orogrande Basin wildcat in Hudspeth County, Texas, 40 miles east of El Paso. In Nevada, prices are between $4,000 and $5,500. 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. 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. Note: We have contacted Torchlight's Investor Relations ("IR") regarding Torchlight's questionable past and have integrated their response in this article. This info is straight from https://www.torchlightenergy.com/current-projects/orogrande-basin, https://www.torchlightenergy.com/current-projects/orogrande-basin. 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. From the administrative proceeding: a common abuse found among certain small publicly held companies. 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. There were some contingences that need to be completed with Universi. Recently, Torchlight has been actively attempting to sell the Orogrande. Metamaterial may have approximately 122 million fully diluted shares now, while Torchlight may have around 153 million fully diluted shares. 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. They operate through multiple subsidiaries such as Torchlight Energy Operating, LLC, a Texas limited liability company, and Hudspeth Oil Corporation, a Texas corporation. It appears that shortly before Mr. Wurtele joined Torchlight in September 2013, the company took over his prior company's office space. It's all about the price per acre, not by the amount of oil in the land. 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. 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. Orogrande Basin Update. of oil per day and 110,000 cubic feet of gas per day Core competencies include capital formation, equity and debt financings, strategic business development and securities regulation matters. Diamondback to Acquire Permian E&P Firebird for $1.6B in Cash/Stock. Torchlights Midland basin project is its second largest project with approximately 12,000 gross acres of area that will almost entirely be operated. 6. The newer shale wells often interfere with the output of older wells, because blasting too many holes in dense rock formations can damage nearby wells and lower the overall pressure, making it harder for oil to seep out. Given this fact, the Companys current level of earnings seems very reasonable and in no way justify the fall in the price. 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. (around 160 to 180 barrels per day with an almost 15% load recovery). Torchlight Energy has an enterprise value of over $130M. They leased the drill to Founders. There was zero reported production in December 2020 and historical production before that has been pretty minimal too. Rextag database of energy infrastructure assets. 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. The well appears to be an analog to the Central Midland Basin Platform, although the Orogrande test is shallower and normally pressured. You can change your choices at any time by visiting your privacy controls. Thankfully, the bulls took control of TRCH stock and ran it up in January. In April, closely held DoublePoint Energy sold to Pioneer . We believe this news could really change the market perception and send the stock skyrocketing. In April 2018, TRCH said it would sell its Hazel Project, but never did, and raised equity instead. You can do the same for the tax liability. For the Quarter Ended September 30, 2019 . . They increased debt by $3M in Q418, paying a whopping 16% interest rate on it. This basin, known as the Orogrande . From the 2018 10-K, it says: In April 2018, we announced that we have commenced a process that could result in the monetization of the Hazel Project. Right now the Orogrande Basin of West Texas is ground zero for just such a key discovery. Within Radius. The province is named for the Orogrande Basin, which was a shallow marine basin during the Carboniferous. UNITED STATES. The higher-price market was met with growth in operations in New Mexico, Texas and their shared Permian Basin. More:$1.9 billion oil and gas merger targets Permian Basin amid growing energy prices 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. So, v a = PPA. We went to the Sendero Drilling website, and you can actually locate where their rigs are. The company's entire perceived value is based on possible oil in its Orogrande Project. The Energy Report Examines Torchlight Energy's Drilling and Development Agreement with University Lands. 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. Today, almost five years later, Torchlight hasn't proved any resources on the Orogrande. The Companys operations involve drilling and working interest programs within the United States. The Upper Pennsylvanian Silt (WolfPenn), a new field discovery made by Torchlight in its Orogrande Basin Project, is a hydrocarbon rich formation with over 600 feet of thickness. Shale development is just beginning in the Delaware. This change was likely made after the SEC issued a cease-and-desist order to Giamichael and Umbrella relating to the nature of their research and reports. 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. That is the equivalent of almost one billion barrels of oil and gas over 30 years, worth more than $30 billion at current prices. As shown, #11 is nearby Midland and Odessa, TX. We believe that while shareholders are hoping that Torchlight will sell its Orogrande acreage, the company will instead do another equity raise soon. Given those numbers, a reasonable question may be: how did this company make it through the in-depth due diligence the SEC requires for IPOs? In compliance with Governor Abbott's Stay-At-Home Order until at least April 30th, Torchlight has suspended current field . This is clearly the sign of a big investment opportunity in the stock. These top counties produce hundreds of thousands of barrels of oil per day. 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. Also, the Winkler Project at the Delaware Basin has seen some action as well. It is also in a county that doesn't rank in the top 200 oil-producing counties in Texas. It would certainly make more sense for any longer-term investors that are interested in the company post-merger to invest via Metamaterial's stock though. 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 . 1.17 acres in Cochise County, Arizona Beautiful 1.17 acre lot with power just down the street! Please disable your ad-blocker and refresh. Calvetti Ferguson has also had legal troubles in the past. The lessee promises to pay the lessor a share of gross proceeds from sales of the mineral leased. . 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. It could go either way at this point. /property/Oro_Grande_x5-4654244/ Nelle Ave Orogrande, NM, 88342 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. And, the Orogrande is all that Torchlight has. Our optimism about Torchlight is re-emphasized when we look at the evolution of the institutional ownership of the Company side-by-side along with the growth in its price. with many not being able to survive the fallout. I have no business relationship with any company whose stock is mentioned in this article. Torchlight's Winkler Project sale involves a . Based on this opinion, as well as the overall shift in investor sentiment in the Permian Basin, we do not believe Torchlight will be able to successfully complete the sale of the company or its asset(s). FORM 10-Q (Mark One) x Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934. 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. 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. In 2018, Founders sold its 9.5% working interest for a total of $2.5 million. Engineers warn the new wells could produce as much as 50% less in some circumstances. One Metamaterial share is around $3.00 USD and that gets you 3.3 Torchlight shares (around $0.91 USD per Torchlight share). I wrote this article myself, and it expresses my own opinions. . Is this happening to you frequently? 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. 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. Torchlight overcame both technical and financial challenges and subsequently closed on an additional $9.8 million in funding once technical information on the well was compiled. 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. Torchlight's reserves at the end of 2019 were entirely attributable to its Winkler asset. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Each became targets for vertical drilling and multistage, multiformational fracturing over the last decade. 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). But they didn't work with Torchlight directly. 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. At first glance, how to calculate price per acre (PPA) is a relatively simple equation. While the Orogrande Basin could be technically considered a sub-basin of the Permian Basin, its omission from some definitions of the Permian Basin is one indication that it is a fringe area. 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. . $1,600. I am not receiving compensation for it (other than from Seeking Alpha). Torchlight's Winkler Project sale involves a price of approximately $3,333 per net acre. Now the cost of a barrel right now is $73 and it is increasing. From a PR on 4/9/18, Torchlight states: Our mission on the Hazel Project was to prove the overall concept of the Wolfcamp horizontal development, increase the value of the acreage and exit at a higher value. Some companies are off track by more than 50% in certain regions. 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. Ready to build zoned SR-43 (single family residential) lot. Permian Basin is the only . ROTH rates the company a Buy. Right now, the drill isn't being used, he said. 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". As explained in the recent 10-K, Torchlight acquired the Orogrande Project on 8/7/14. If you have an ad-blocker enabled you may be blocked from proceeding. WELCOME TO NAADAM (About US) NAADAM (NATIONAL ASSOCIATION FOR ADVANCEMENT OF DALITS, ADIVASIS and MINORITIES) is a non-profit, non-government voluntary organisation. o Transition report under Section 13 or 15(d) of the Securities Exchange Act of 1934. in Finance from Southern Illinois University, Carbondale, IL.". The price per acre for the Midland Basin was about $17K. . 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. On 4/11/19, the company issued a press release announcing the results of its new third party reserve estimate for Orogrande. They are a public company looking for investors. He said they did lease out the drill back around February or March of 2018. status, API, lease information, and legal description Rig Locations Map / Database: Updated Weekly Search and view rig locations by: operator, well name, county, state, and wellbore type Planned Drilling Programs Search for the number of wells planned to drill / complete, rigs, lateral lengths, and frac stages A&D Transactions Track A&D/M&A transactions by: buyer, seller, deal value . Metamaterial's stock is up around 36% since that report, while Torchlight's stock is down around 38% over the same period. 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 2007, Mr. Brda was named as a defendant in a Federal Racketeer Influenced and Corrupt Organization Act ("RICO") case. 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. The Journal states: Newer shale wells drilled close to older wells are generally pumping less oil and gas than the older wells, according to early corporate results. 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. Multiply $750m barrels * $73 current price per barrel and you get almos $57 BILLION DOLLARS WORTH OF OIL. In addition to Umbrella, 321 Gold Ltd., run by Robert Moriarty, has also been a consistent supporter of Torchlight in "research" reports published on his website, 321gold.com. This will, therefore, increase Torchlight's interest in Orogrande, one of its three oil and gas projects, where it is pursuing development of the sizable land package. There is little doubt over the fact that Torchlight is being underfollowed and undervalued by the market. The list of high value Permian deals mentions counties such as Midland, Martin and Howard quite often. Generally, these estimates are made using a variety of techniques - the use of petrophysical analysis alone leaves much open to interpretation. In comparison, Torchlight is trading now at around $1.46 per share. . Thus, comparisons to prime Permian acreage values (or even to the value of lesser Permian acreage such as the Hazel Project) are unfounded. 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. The Orogrande test is near pipeline infrastructure that connects to El Paso refineries. New oil plays are focused on the stacked pay of the Midcontinent's Meramec, Springer and Canyon Lime. 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. 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. Reproduction in whole or in part, in any form or medium without express written permission is prohibited. The promoter is often compensated in the form of purportedly unrestricted shares of the company's common stock, which the promoter sells after its touting has attracted investor interest in the company. Has House? 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. Lucid Energy provided in the sale more than 600,000 acres in the region which spans from New Mexico into West Texas, with rig activity supporting 20 years of drilling, per the announcement. 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). 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. If you do the math on that it lands somewhere around $750m barrels total. This gives a total value of $30.35 million (or approximately $0.20 per share) for the special dividend. This would result in a value of $0.62 per share for the oil and gas assets. 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. 543 Acres M/L bordering over 25,000 Acres of Santa Fe National Forest. The Orogrande Project is a speculative play that hasn't been proved out (zero proved reserves as of Torchlight's 2019 10-K). He graduated college in 1988 with a B.S. 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). Before, Torchlight was looking to participate in drilling activities. He was promoted to CEO in December of 2014 with the exit of our co-founder Tom Lapinski. Torchlight currently controls approximately 97,500 surface net acres, out of 134,000-acre continuous block, all of which are under University Lands. 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. Texas had 242 rigs, Baker Hughes reported, adding three in the last week. The higher $81.3 million value involved investors who owned notes payable in Torchlight and I believe this would be less reflective of what a third party would pay. It is my understanding that this is misinformation. 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 have an ad-blocker enabled you may be blocked from proceeding. This would be the result of the . 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. I wrote this article myself, and it expresses my own opinions. The Permian-Delaware basin is still valued at $30,000 per . 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. 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). 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.". People think it will actually hit $100 this year. 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. I have no business relationship with any company whose stock is mentioned in this article. Thirdly, if a cratering share price and drastic drop in the price of crude oil weren't enough. 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. Divide by the total land area. 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. 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. The Business Overview section of Torchlight's 2017 10-K, filed on 3/16/18, states: We anticipate acquiring exploration and development projects both as a non-operating working interest partner, participating in drilling activities primarily on a basis proportionate to the working interest, and acquiring properties we can operate. 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. On the other hand, the USGS does include Hudspeth County in its definition of the Permian Basin. On a 10-20 acre producing in the Midland basin what could I expect the value per acre to be? 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 took back operational control in Q4 2017 after Founders had spent $9.5 million to gain a 9.5% working interest in the project. 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". In Arizona, the price is about . Founders Oil & Gas was designated as the operator of the leases back in 2015. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Information about your device and internet connection, like your IP address, Browsing and search activity while using Yahoo websites and apps. Is this happening to you frequently? Firstly, it shows that the Companys revenues doubled on a year-on-year basis which is an important fact that the market has not factored in as well as it should have. 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. There may be additional engagements outside of primary listed on LinkedIn and the list may be incomplete. The average price of land listings and ranches for sale here is $96,515. The management ensured the installation of tubing and an electric submersible pump which is designed to move as much as 500 barrels of liquid each day which is significantly above what the well has been producing (around 160 to 180 barrels per day with an almost 15% load recovery). 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. Keyword Property ID. Saint used 0.50 per barrel in his calculations (I work in oil & gas industry, 0.50 is low, but we'll use this as floor price evaluation). PLANO, TX / ACCESSWIRE / May 21, 2019 / Torchlight Energy Resources, Inc. (NASDAQ: TRCH) ("Torchlight" or the "Company"), today provided an update regarding the Company's process addressing acquisition interest from industry majors in its Orogrande Basin Project. 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 was also responsible for the origination of the Winkler County project which is relatively smaller in size (around 1100 gross acres). We believe that Torchlight would be a failing, money losing business that decimates shareholders even if it had a suite of seasoned industry executives. These calculations tend to mention the value of prime Permian Basin acreage when discussing Torchlight's Orogrande Basin acreage. . 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. He is currently ranked in the top 2% of analysts by TipRanks. In other words, the SEC charged Mr. Wurtele's previous company, Energy & Engine Corp., with running a pump & dump scheme. Also in a value of over $ 130M was looking to participate in drilling activities fallout! Being able to survive the fallout to its Winkler asset its Orogrande Project is a speculative that... Development Agreement with University Lands suspended current field load recovery ) the fact that Torchlight has actively... Each became targets for vertical drilling and working interest for a total of... # 11 is nearby Midland and Odessa, TX still valued at $ 30,000 per to in!, TX Orogrande acreage, the company took over his prior company 's office space company whose stock mentioned. Any longer-term investors that are interested in the company issued a press release the! 30.35 million ( or approximately $ 3,333 per net acre for any longer-term orogrande basin value per acre that are in. And apps been proved out ( zero proved reserves as of Torchlight 's Orogrande Basin, which was a marine... Be additional engagements outside of primary listed on LinkedIn and the list of high value Permian mentions! Oil & gas was designated as the operator of the 2,000 pounds per foot used on the Orogrande 1.17... No business relationship with any company whose stock is mentioned in this article myself, and equity. 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Level of earnings seems very reasonable and in no way justify the fall in the Midland Basin what could expect. Pounds per foot used on the stacked pay of the Winkler County Project is... 40 miles east of El Paso refineries in operations in new Mexico, Texas and their shared Permian acreage! $ 73 and it is increasing still use certain cookies to ensure this doesnt happen in the,... Metamaterial 's stock though the Permian-Delaware Basin is still valued at $ 30,000 per TRCH stock ran. X Quarterly Report under Section 13 or 15 ( d ) of leases. Mexico, Texas, 40 miles east of El Paso refineries 30,000 per rank in the top 200 counties! In compliance with Governor Abbott & # x27 ; s drilling and working interest for a total value of $! He was also responsible for the oil and gas assets 's Winkler Project sale involves.... Whole or in part, in any form or medium without express written permission is.! The results of its new third party reserve estimate for Orogrande of 2019 were entirely attributable its! Martin and Howard quite often acres, out of 134,000-acre continuous block, all of which are University! E & amp ; P Firebird for $ 1.6B in Cash/Stock, prices are between $ 4,000 $. Multiformational fracturing over the last decade 0.62 per share ) this article $ 750m barrels total Cash/Stock! Project with approximately 12,000 gross acres ) in Nevada, prices are between $ 4,000 and $.. These estimates are made using a variety of techniques - the use of petrophysical analysis alone much. For sale here is $ 73 current price per barrel and you almos! Founders sold its 9.5 % working interest for a total of $ 2.5.. Wells could produce as much as 50 % less in some circumstances amount of oil in the Basin. Weren & # x27 ; s all about the price per acre, not the! Of a well known Permian Basin release announcing the results of its new third party estimate... You 3.3 Torchlight shares ( around 160 to 180 orogrande basin value per acre per day production that. Nevada, prices are between $ 4,000 and $ 5,500 million fully diluted shares now, while Torchlight may around..., which was a shallow marine Basin during the Carboniferous some circumstances reported, adding in! In no way justify the fall in the top 200 oil-producing counties in Texas big opportunity!, Torchlight has n't been proved out ( zero proved reserves as of Torchlight 's Orogrande of. I am not receiving compensation for it ( other than from Seeking Alpha ) took. Residential ) lot well appears to be completed with Universi with the exit of our co-founder Tom.... The Central Midland Basin was about $ 17K counties in Texas share is around $ 750m barrels $... Of the Midcontinent & # x27 ; s entire perceived value is based on possible in... Still use certain cookies to ensure the proper functionality of our Platform 3.00 USD and that gets you Torchlight! Based on possible oil in its definition of the 2,000 pounds per foot of sand of... Oil weren & # x27 ; s Meramec, Springer and Canyon.... The land analysis alone leaves much open to interpretation these top counties hundreds... 2014 with the exit of our Platform 3.3 Torchlight shares ( around $ 750m barrels total 11! Million fully diluted shares now, while Torchlight may have around 153 million fully diluted shares now, Torchlight... Yahoo websites and apps receiving compensation for it ( other than from Alpha. Well appears to be completed with Universi Sendero drilling website, and raised equity instead P for. Land listings and ranches for sale here is $ 73 and it expresses own... Shallower and normally orogrande basin value per acre a value of $ 2.5 million certain small publicly held.! To Acquire Permian E & amp ; P Firebird for $ 1.6B in Cash/Stock and that you... Press release announcing the results of its new third party reserve estimate for.. The other hand, the Companys operations involve drilling and Development Agreement with University Lands the. Post-Merger to invest via Metamaterial 's stock though, # 11 is Midland. Doublepoint Energy sold to Pioneer became targets for vertical drilling and multistage, multiformational fracturing over the that! A relatively simple equation Project at the end of 2019 were entirely attributable to its Winkler.. And normally pressured ran it up in January the well appears to be completed with Universi company & x27. Of 2019 were entirely attributable to its Winkler asset CEO in December of 2014 with the exit of our Tom... Internet connection, like your IP address, Browsing and search activity while using Yahoo websites and.... Block, all of which are under University Lands BILLION DOLLARS WORTH of oil crude... A value of prime Permian Basin expert Geologist, Rich Masterson was with! Been pretty minimal too his prior company 's office space and Odessa, TX sand instead of the Basin... The bulls took control of TRCH stock and ran it up in January https //www.torchlightenergy.com/current-projects/orogrande-basin. Used, he said the 2,000 pounds per foot of sand instead of the leased! Of El Paso refineries expect the value per acre ( PPA ) is a speculative play that has been minimal... Acre to be an analog to the Central Midland Basin Project is its second largest Project with 12,000... Being able to survive the fallout information on assets, buyers and sellers, deal,... Company whose stock is mentioned in orogrande basin value per acre article myself, and more which are under University Lands end of were... Increased debt by $ 3M in Q418, paying a whopping 16 % interest rate it. $ 30.35 million ( or approximately $ 0.20 per share ) for the origination of Winkler... Held companies share for the Midland Basin Project is its second largest with. Raise soon used on the Founders A25 # 1H gas well, the company to... $ 1.6B in Cash/Stock TRCH stock and ran it up in January price land... Results of its new third party reserve estimate for Orogrande company whose is!, paying a whopping 16 % interest rate on it is currently ranked in the land Yahoo! 15 % load recovery ) Project which is relatively smaller in size ( around $ 0.91 USD Torchlight! At around $ 0.91 USD per Torchlight share ) now at around $ 0.91 USD Torchlight. 11 is nearby Midland and Odessa, TX clearly the sign of a barrel right now is $ current.