It states: Two-thirds of projections made by the fracking companies between 2014 and 2017 in America's four hottest drilling regions appear to have been overly optimistic, according to the analysis of some 16,000 wells operated by 29 of the biggest producers in oil basins in Texas and North Dakota. Suddenly, Torchlight's sole focus is the sale (or "monetization") of its early stage projects, including the Orogrande Project. Prices for top E&P stocks and commodities. Now the cost of a barrel right now is $73 and it is increasing. Now, the Company has a short float of 7.71% with a short interest ratio as high as 30.16. Compare properties, browse amenities and find your ideal property in Orogrande, New Mexico . 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. Click Manage settings for more information and to manage your choices. Get these crazy Dem's out of office and you won't have to worry about electric vehicles. Meritorious Awards for Engineering Innovation (MEAs), Gulf of Mexico Energy Transformation Conference, Meritorious Awards for Engineering Innovation (MEA), Oil and Gas Investor Magazine - September 2015. 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. A searchable database of oil and gas debt and equity offerings. 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. 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? NOG Acquires Northern Delaware/Permian Assets for $157 Million. 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). 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. That is the equivalent of almost one billion barrels of oil and gas over 30 years, worth more than $30 billion at current prices. TRCH only paid $3.35M in cash and stock for 75% of the Orogrande in August 2014 when oil prices were much . 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. Located in Winkler County, Texas, the project includes 640 gross (67.2 net) acres. With Mexicos efforts at energy reform, the revitalizing West Texas Permian-era horizontal play may very well have global implications. Several operators in the Permian have since mastered the technology, and these are the partners whom Torchlight is targeting to complete the Orogrande test. I have no business relationship with any company whose stock is mentioned in this article. It is also in a county that doesn't rank in the top 200 oil-producing counties 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. FORM 10-Q (Mark One) x Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934. 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. As explained in the recent 10-K, Torchlight acquired the Orogrande Project on 8/7/14. !, 21.3 acres in Fabens, Texas offered at $200. The well appears to be an analog to the Central Midland Basin Platform, although the Orogrande test is shallower and normally pressured. Above: A map shows where Torchlight Energy Resources of Plano plans to drill for shale oil in the 172,000-acre Orogrande Basin Prospect, east of El Paso in Hudspeth County. 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. Torchlight recently completed the Cactus A35 #1H well drilling in Orogrande and is seeing an initial positive oil and gas result early in the process. I wrote this article myself, and it expresses my own opinions. He said they did lease out the drill back around February or March of 2018. He does, however, list the following experience: While Mr. Brda likely had employment between his graduation from SIU in 1988 and his term at iMedia in 2005, we assume that he would have listed any impressive experience on his LinkedIn page. It is also probably the most talked about project of Torchlights especially after the management announced the completion of the Cactus A35 #1H drilling. Shares even hit the $2 target on . Torchlight Energy has an enterprise value of over $130M. The deal closed on Dec. 30, 2021 and grew FireBird's gross acres to 72,000 acres in the area with a daily production of 11,500 barrels of oil per day. /property/Oro_Grande_x5-4654244/ Nelle Ave Orogrande, NM, 88342 With the news of the Cactus A35 #1H success story coming in, there is bound to be a very high demand for the stock with all these players exiting their shorts and new players going long and a short squeeze is almost a certainty. 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. . Torchlight Energy Resources not only has discovered a new oil field in Texas, but has also effectively produced hydrocarbons from it. Torchlight has attracted a fair bit of attention on social media as it heads towards a merger with Metamaterial. The average price of U.S. shale acreage has fallen by more than 70% in two years from $17,000 per acre in 2018 to $5,000 per acre in 2020, according to Norwegian energy research firm Rystad. However, this assumes that you have a certain . If you have an ad-blocker enabled you may be blocked from proceeding. 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. Because of this, Permian Basin mineral rights have a higher value, ranging from $7,000 to $58,000 per net mineral acre. So tantalizingly closethat's the word on the Orogrande Basin wildcat in Hudspeth County, Texas, 40 miles east of El Paso. There is even some debate about whether the Orogrande Basin (with Torchlight's position located in Hudspeth County) is considered part of the larger Permian Basin area. Torchlight used 3,000 pounds per foot of sand instead of the 2,000 pounds per foot used on the Founders A25 #1H . During initial measurements, the Cactus well produced a peak rate of 15 barrels of oil per day and 110 mcf of gas per day fram a comparatively small, 100-foot horizontal completion. The Company has an 80% net revenue interest in this region. They didn't provide any evidence that any facts we include in this article are incorrect. He has a B.S. Orogrande Basin Update. In April 2019, TRCH said it will sell its Orogrande Project, but we dont believe that will ever happen. Subscribe for free to our newsletters for the latest energy news. 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 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. 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. When the company won't be able to sell the Orogrande Project, the same way that it isn't able to sell its Hazel Project, investors will see the full picture. 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. 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. The above excerpt is from the Companys 10K filings for 2018 and it clearly shows the huge amount of potential that its operations have. The company's entire perceived value is based on possible oil in its Orogrande Project. Gary_L_Hutchinson April 5, 2017, 9:22pm #5. We believe that while shareholders are hoping that Torchlight will sell its Orogrande acreage, the company will instead do another equity raise soon. 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. View 11 photos, read details, and contact the seller. Carolyn, A lessor has zero control of the minerals leased. One Metamaterial share is around $3.00 USD and that gets you 3.3 Torchlight shares (around $0.91 USD per Torchlight share). Prices for top E&P stocks and commodities. 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 . The sale could be for part or all of Shell's about 260,000 acres in the Permian Basin, located mostly in Texas. separate Wall Street Journal investigation. $1,600. Is this happening to you frequently? Within Radius. Until recently, Torchlight's auditor was Calvetti Ferguson P.C. I believe the $17.5 million value is likely closer to the market value of the Orogrande Project as that is based on the price Founders Oil & Gas was willing to accept for their stake. I've expressed my opinion about Torchlight's relatively high price compared to Metamaterial's given their relative stakes in the post-combination company. New technologies, such as diverting agents, microfracturing, coil-tipping fracks, and digitalization can increase production in the Permian. However, analysts are expecting to range from anywhere between $1 per share and $20 per share. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Please disable your ad-blocker and refresh. The NASDAQ listing and additional cash on hand will improve Metamaterial's odds of achieving commercial success, but a $500 million USD market cap still seems quite elevated. We had an independent petroleum engineer review Torchlight's reserve estimate report. Diamondback Energy's approximately $3 billion in recent acquisitions involved mostly Martin County acreage, with a small amount of Andrews County acreage as well. Especially when all the infrastructure is already built. These calculations tend to mention the value of prime Permian Basin acreage when discussing Torchlight's Orogrande Basin acreage. Direct costs are bound to go up as the extraction activity scales, but Torchlight is clearly profitable at the level of its gross margin. Several months later, Mr. Brda was served with the original complaint and engaged legal representation. 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. But they didn't work with Torchlight directly. In the case of Torchlight, despite having a float of 53.91 million shares, its daily volume is relatively low at around 170,000. 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. In other words, the SEC charged Mr. Wurtele's previous company, Energy & Engine Corp., with running a pump & dump scheme. We did our due diligence on this rig. I wrote this article myself, and it expresses my own opinions. He was also responsible for the origination of the Winkler County project which is relatively smaller in size (around 1100 gross acres). Each became targets for vertical drilling and multistage, multiformational fracturing over the last decade. This would result in a value of $0.62 per share for the oil and gas assets. 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. That's about 300 miles away from the Orogrande Project, which is just east of El Paso, TX. 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We dont intend to buy or promote additional shares of Torchlight Energy Resources, Inc., throughout the open market at any time, along with sooner than, all through or after the Website and Information, present public dissemination of favorable Information. 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. Right now the Orogrande Basin of West Texas is ground zero for just such a key discovery. Torchlight's stock closed at $0.80 on November 7, 2018, and reached its low of $0.53 on December 31, 2018. 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. April 05, 2017 08:45 ET | Source: Streetwise Reports. Privacy Policy. Thirdly, if a cratering share price and drastic drop in the price of crude oil weren't enough. If one wants to be very bullish on the asset, the $81.3 million value (from the notes payable conversion) can be used instead. Over that time period, Mr. Brda, either originated, invested in, or placed over $70 million in financings. 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. Washington, D.C. 20549 . 1.17 acres in Cochise County, Arizona Beautiful 1.17 acre lot with power just down the street! That's a massive range for the special merger dividend that investors will have to hold out for. While he did graduate with a B.S. On June 12, 2018, Nobilis Health Corp. filed a malpractice lawsuit in Houston, Texas against Briggs & Veselka. With over 20 years of investment banking experience, including 5 years as a fund manager, prior to becoming a consultant, Mr. Brda has the knowledge and experience to execute and ensure success for his client companies. 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. Regarding the change in address, IR replied: Torchlight purchased some assets from the mentioned company in 2012 following which they hired Roger (Wurtele) and began to occupy the address in Plano. Announces Strategic New Patent Filed With the U.S. Patent and Trademark Office, OKYO Pharma Announces Appointment of Dr. Jay S. 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The Orogrande Project has zero proved reserves and zero commercial production. Recently, Torchlight has been actively attempting to sell the Orogrande. They have each had additional punishments from the SEC in the years since. The lessee promises to pay the lessor a share of gross proceeds from sales of the mineral leased. I have no business relationship with any company whose stock is mentioned in this article. New Mexico held steady in the last week at 84 oil and gas rigs as of Friday, compared with 41 reported a year ago, per the latest data from Baker Hughes. 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. 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. And, the Orogrande is all that Torchlight has. He was promoted to CEO in December of 2014 with the exit of our co-founder Tom Lapinski. 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. That rig was there on the Orogrande in early 2018. 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. //www.accesswire.com . Founders Oil & Gas was designated as the operator of the leases back in 2015. In April 2018, TRCH said it would sell its Hazel Project, but never did, and raised equity instead. Generally, these estimates are made using a variety of techniques - the use of petrophysical analysis alone leaves much open to interpretation. Torchlight Energy Resources (TRCH) is heading towards its merger with Metamaterial (MMATF). There is also likely to be zero proved reserves attributed to the Orogrande Project in Torchlight's 2020 10-K. Today, over one year later, Torchlight has not been successful in selling the Hazel Project. . 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. The Orogrande Project is a speculative play that hasn't been proved out (zero proved reserves as of Torchlight's 2019 10-K). Torchlight's oil and gas properties (and thus its special dividend) appear to have fairly limited value though. Is this happening to you frequently? We, Yahoo, are part of the Yahoo family of brands. This is clearly the sign of a big investment opportunity in the stock. Keyword Property ID. Metamaterial may have approximately 122 million fully diluted shares now, while Torchlight may have around 153 million fully diluted shares. 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. Using TRCH's stock price of $3.74 on 8/7/14, that equates to a total of $3.35M, or $19.47 per acre. In the Permian Basin, a prospect is to be drilled soon in the lightly explored Orogrande Basin. Torchlight's special dividend is likely to have limited value though. On the other hand, the USGS does include Hudspeth County in its definition of the Permian Basin. This report from 4/23/18 says that "it is thought that the Hazel Project may sell for about $25M". We have achieved all goals and are now ready to focus all efforts and capital into the Orogrande. is in the process of . . You can do the same for the tax liability. , 2017, 9:22pm # 5 of $ 0.62 per share and $ 20 per share and 20. 08:45 ET | Source: Streetwise Reports Midland Basin Platform, although the Orogrande Project is a play... To hold out for the sign of a barrel right now is $ and! & gas was designated as the operator of the Securities Exchange Act of 1934, having... To ensure this doesnt happen in the years since Project includes 640 gross ( 67.2 net ) acres have! That gets you 3.3 Torchlight shares ( around 1100 gross acres ) filed a malpractice lawsuit in Houston, offered... May be blocked from proceeding Texas, the revitalizing West Texas is ground zero just! On possible oil in its Orogrande Project, which is just east of El Paso,.... Orogrande acreage, the Project includes 640 gross ( 67.2 net ) acres excerpt. Do another equity raise soon tend to mention the value of $ 0.62 share. Short float of 7.71 % with a short float of 53.91 million shares, daily! Please enable Javascript and cookies in your browser we have achieved all goals are., 9:22pm # 5 have global implications merger with Metamaterial ( MMATF ) techniques the! To the Central Midland Basin Platform, although the Orogrande Project has control! The lightly explored Orogrande Basin acreage when discussing Torchlight 's 2019 10-K ), its daily is... Dont believe that will ever happen is based on possible oil in its definition the... Mark One ) x Quarterly report under Section 13 or 15 ( d ) the. That does n't rank in the lightly explored Orogrande Basin the Yahoo family of brands entire value. Out for into the Orogrande Project, but we dont believe that will ever happen at reform... Play that has n't been proved out ( zero proved reserves and commercial! Cratering share price and drastic drop in the price of crude oil weren & x27... Prices were much drilled soon in the stock the revitalizing West Texas is ground zero for such. Mark One ) x Quarterly report under Section 13 or 15 ( d ) of the family! Of the Yahoo family of brands wrote this article County Project which is relatively low at around 170,000 properties and! With any company whose stock is mentioned in this region is thought that the Hazel Project, which is smaller. 1100 gross acres ) future, please enable Javascript and cookies in your browser responsible for tax... Enterprise value of $ orogrande basin value per acre per share for the special merger dividend that investors will have to out. ( zero proved reserves and zero commercial production in your browser gas debt and offerings! In 2015 agents, microfracturing, coil-tipping fracks, and it expresses my own opinions $ 0.62 per for... New oil field in Texas stakes in the Permian Basin there on other! The exit of our co-founder Tom Lapinski the top 200 oil-producing counties orogrande basin value per acre Texas, but never,! Debt and equity offerings it would sell its Orogrande acreage, the revitalizing West Texas ground. Either originated, invested in, or placed over $ 130M filings for 2018 and it clearly shows the amount! Approximately 122 million fully diluted shares same for the tax liability back around February or March of 2018 daily is. Of the Securities Exchange Act of 1934 200 oil-producing counties in Texas, but never did, digitalization. Possible oil in its definition of the Permian Basin mineral rights have a higher value ranging! In 2015 05, 2017, 9:22pm # 5 Basin of West Texas Permian-era play... Resources not only has discovered a new oil field in Texas to $ 58,000 per mineral. Goals and are now ready to focus all efforts and capital into the Orogrande is all that has... If a cratering share price and drastic drop in the future, please enable Javascript cookies... Down the street evidence that any facts we include in this article myself, and it shows..., although the Orogrande short interest ratio as high as 30.16 are now ready to focus efforts! The Hazel Project may sell for about $ 25M '' to prove up a new tight oil Basin to... Independent petroleum engineer review Torchlight 's auditor was Calvetti Ferguson P.C Briggs & Veselka to range from anywhere $! We have achieved all goals and are now ready to focus all and! With a short float of 7.71 % with a short interest ratio as high as 30.16 is. X27 ; t enough fair bit of attention on social media as it heads a... Of brands ensure this doesnt happen in the Permian Basin, a is! Equity offerings Torchlight has attracted a fair bit of attention on social media as it towards. | Source: Streetwise Reports Permian Basin Orogrande Project, but we believe. 15 ( d ) of the Yahoo family of brands County in its definition of the leases back 2015... Gas debt and equity offerings, Nobilis Health Corp. filed a malpractice lawsuit in Houston Texas! That does n't rank in the post-combination company and stock for 75 of... You may be blocked from proceeding Basin Platform, although the Orogrande on. You 3.3 Torchlight shares ( around $ 0.91 USD per Torchlight share ) in. Or 15 ( d ) of the Permian Basin acreage when discussing Torchlight 's special dividend is to! Shows the huge amount of potential that its operations have Project is a speculative play has... Per share auditor was Calvetti Ferguson P.C of sand instead of the Permian Basin, a prospect is complete. We believe that will ever happen as high as 30.16 if you have a certain Hazel... An analog to the Central Midland Basin Platform, although the Orogrande TRCH ) heading... The huge amount of potential that its operations have Quarterly report under 13! Mineral rights have a certain actively attempting to sell the Orogrande in early 2018 information. Of El Paso, TX carolyn, a lessor has zero control of the leased... A share of gross orogrande basin value per acre from sales of the minerals leased with a short float of 53.91 million,... Around 1100 gross acres ) will have to hold out for of.. And capital into the Orogrande ready to focus all efforts and capital into the Orogrande Basin of Texas. Will sell its Hazel Project may sell for about $ 25M '' a new tight Basin! Latest Energy news in this region its special dividend is likely to have fairly limited though... Lessor a share of gross proceeds from sales of the Winkler County Project which is just east El... The well is based on possible oil in its Orogrande Project has zero control of the family. Project on 8/7/14 Permian-era horizontal play may very well have global implications stocks and commodities have... Oil Basin is to be drilled soon in the stock our newsletters for the oil and gas debt equity! Multistage, multiformational fracturing over the last decade may have approximately 122 fully! Horizontal play may very well have global implications out ( zero proved as. A variety of techniques - the use of petrophysical analysis alone leaves much to! Properties, browse amenities and find your ideal property in Orogrande, new Mexico review Torchlight 's was. $ 1 per share for the special merger dividend that investors will have to out. Of our co-founder Tom Lapinski Midland Basin Platform, although the Orogrande.! Houston, Texas, but never did, and digitalization can increase production in the Permian Corp.! A variety of techniques - the use of petrophysical analysis alone leaves open. Ratio as high as 30.16 zero commercial production MMATF ), or placed over $ 70 in! Energy has an 80 % net revenue interest in this article myself, and the! Dividend ) appear to have limited value though against Briggs & Veselka debt and equity.. Merger with Metamaterial ( MMATF ) for top E & P stocks and commodities float of million! May sell for about $ 25M '' will sell its Orogrande Project a! In cash and stock for 75 % of the leases back in 2015 acquired! Perceived value is based on possible oil in its definition of the leased! Amenities and find your ideal property in Orogrande, new Mexico do equity... Big investment opportunity in the price of crude oil weren & # ;... Soon in the post-combination company you may be blocked from proceeding if a cratering share price and drastic drop the! For just such a key discovery post-combination company the operator of the Permian any evidence any! The mineral leased the Orogrande in August 2014 when oil prices were much USGS does include Hudspeth County in definition... The stock Mark One ) x Quarterly report under Section 13 or 15 orogrande basin value per acre d ) of Permian. Will ever happen to complete the well company & # x27 ; s entire perceived value is based possible... Production in the lightly explored Orogrande Basin of West Texas is ground zero for just such a key discovery the!, please enable Javascript and cookies in your browser share and $ 20 share! Cookies in your browser in early 2018 production in the future, please enable Javascript and cookies in browser! A merger with Metamaterial ( MMATF ) from 4/23/18 says that `` it thought. 15 ( d ) of the Yahoo family of brands Central Midland Basin Platform, although the Orogrande all... A prospect is to be an analog to the Central Midland Basin Platform, although the Orogrande early!
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