!, 21.3 acres in Fabens, Texas offered at $200. In Arizona, the price is about . 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. 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. There were some contingences that need to be completed with Universi. Torchlight's current auditor, Briggs & Veselka Co., was also sued by the same company. Torchlight has attracted a fair bit of attention on social media as it heads towards a merger with Metamaterial. Pursuant to a settlement between TraDigital IR and Salesparq, LLC, which ownsSmallcapsDaily.com, weve got been employed for a interval from 1/10/2020 1/17/2020 to publicly disseminate particulars about Torchlight Energy Resources, Inc., along with on the Website, e mail and totally different media, together with however not restricted to, Facebook and Twitter. WELCOME TO NAADAM (About US) NAADAM (NATIONAL ASSOCIATION FOR ADVANCEMENT OF DALITS, ADIVASIS and MINORITIES) is a non-profit, non-government voluntary organisation. Based on this article from Nov 2020, the price per acre for the Orogrande basin (part of the Permian Delaware basin) was around $30K. . Torchlight currently controls approximately 97,500 surface net acres, out of 134,000-acre continuous block, all of which are under University Lands. 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. Information about your device and internet connection, like your IP address, Browsing and search activity while using Yahoo websites and apps. They operate through multiple subsidiaries such as Torchlight Energy Operating, LLC, a Texas limited liability company, and Hudspeth Oil Corporation, a Texas corporation. The province is named for the Orogrande Basin, which was a shallow marine basin during the Carboniferous. A searchable database of oil and gas debt and equity offerings. The Hazel Project is located in Irion, Sterling and Tom Green counties. We spoke to a representative of Sendero Drilling. Multiply $750m barrels * $73 current price per barrel and you get almos $57 BILLION DOLLARS WORTH OF OIL. 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. Indeed, this property is a gem! In comparison, Torchlight is trading now at around $1.46 per share. By clicking Accept all you agree that Yahoo and our partners will process your personal information, and use technologies such as cookies, to display personalised ads and content, for ad and content measurement, audience insights, and product development. Yeso formation of Manzano group. SECURITIES AND EXCHANGE COMMISSION. Institutions have quietly accumulated the stock and it is a matter of time before the Company delivers a solid result making the stock price go through the roof. 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"). Permian Basin is the only . But they didn't work with Torchlight directly. 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. 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. While it is true that prime Permian Basin acreage can sell for tens of thousands of dollars per net acre, that is not a valid comparison for the Orogrande Basin. And, the Orogrande is all that Torchlight has. 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. 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. This report from 4/23/18 says that "it is thought that the Hazel Project may sell for about $25M". More:$1.9 billion oil and gas merger targets Permian Basin amid growing energy prices 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. 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. You don't have to worry about squaring the measurement, because an acre is already considered to be a squared number. Now the cost of a barrel right now is $73 and it is increasing. This basin, known as the Orogrande . Washington, D.C. 20549 . We, Yahoo, are part of the Yahoo family of brands. Shares even hit the $2 target on . Value per acre is another metric that ranges based on numerous factors. 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. September 16, 2019 by PBOG. However, this assumes that you have a certain . We have an over 80% success rate, see our reports at whitediamondresearch.com. 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. Now, it appears that investors believe that the Hazel Project might be worthless, but the Orogrande Project has value. 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. Information on assets, buyers and sellers, deal values, and more. The last step needed to prove up a new tight oil basin is to complete the well. Reproduction in whole or in part, in any form or medium without express written permission is prohibited. Winkler County is ranked 21st in terms of oil production among Texas counties (still over 40,000 barrels of oil per day). 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. Northern Oil and Gas, Inc. Alpha Energy Partners. Given this fact, the Companys current level of earnings seems very reasonable and in no way justify the fall in the price. I have no business relationship with any company whose stock is mentioned in this article. Yet, as of their 2018 10-K, Torchlight continues to retain Briggs & Veselka as their auditor. 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. Torchlight essentially operates through a unique hybrid of a private equity model, overlaid with a publicly traded company. 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. . Diamondback to Acquire Permian E&P Firebird for $1.6B in Cash/Stock. Torchlight Energy Resources not only has discovered a new oil field in Texas, but has also effectively produced hydrocarbons from it. 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. They believe it will yield 156 sections with the potential of 4-6 million barrels per section. Is my math way off? Mr. Brda, who also co- founded the Company, has been the Managing Member of Brda & Company, LLC since 2002, which provides consulting services to public companies - with a focus in the oil and gas sector. We are currently offering a free two-week trial to Distressed Value Investing. Torchlight spudded the Rich A-11 in March 2015 based on prospect work by Permian Basin geologist Rich Masterson, who is credited with originating the Wolfbone play in the Delaware Basin. 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 . Prices for top E&P stocks and commodities. (10.72% of the property will not be operated on.) Located in Winkler County, Texas, the project includes 640 gross (67.2 net) acres. Calvetti Ferguson has also had legal troubles in the past. We know they are the same entity as a result of the disclosure below, which names Umbrella "analysts" Dmitriy Shapiro and Joe Giamichael as the controllers of voting and investment power for Catalytic. . 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. We provide deep research and valuable information on small cap stocks to hedge funds and high net worth individuals. This Seeking Alpha article from 2/21/17, says the Hazel Project is worth $150M. So tantalizingly closethat's the word on the Orogrande Basin wildcat in Hudspeth County, Texas, 40 miles east of El Paso. The Orogrande basin is just 1 of the TRCH assets. Salesparq, LLC, which ownsSmallcapsDaily.com, may be compensated for its firms inside the kind of cash-based compensation for the companies it writes about. 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. 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. This would make it very easy for the Company to transport the oil and gas from the facility and would reduce transportation costs. New oil plays are focused on the stacked pay of the Midcontinent's Meramec, Springer and Canyon Lime. "In the Orogrande, if only 60% of the 172,000 acres are productiveand we have vertical . 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. 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. In 2018, Founders sold its 9.5% working interest for a total of $2.5 million. The Energy Report Examines Torchlight Energy's Drilling and Development Agreement with University Lands. the court entered a default judgment against him in September 2012. Click Manage settings for more information and to manage your choices. Torchlight's special dividend is likely to have limited value though. Price Per Acre. With the play consisting of 134,000 acres . The Orogrande Project has zero proved reserves and zero commercial production. 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. This would result in a value of $0.62 per share for the oil and gas assets. Consists of 1,000 to 2,000 feet of sandstone, shale, earthy limestone, and gypsum. Texas had 242 rigs, Baker Hughes reported, adding three in the last week. Torchlight still appears significantly overvalued based on the percentage of the post-combination company it will own, although the valuation gap has closed a fair bit over the last few weeks. This would be the result of the . Looking for more investing ideas like this one? For the transition period from _____ to _____. View 11 photos, read details, and contact the seller. Because of this, Permian Basin mineral rights have a higher value, ranging from $7,000 to $58,000 per net mineral acre. 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. He said they did lease out the drill back around February or March of 2018. Recently a Bone Spring well was drilled and IPd at over 3000 barrels of oil per day, directly offsetting Torchlights lease. Source: Peter Krauth for Streetwise Reports 02/25/2020. 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. Certainly much less value than what some social media posts estimate. Each became targets for vertical drilling and multistage, multiformational fracturing over the last decade. That's your value per acre. At that price ($2.5 million for the sale of a 9.5% working interest), Torchlight's 66.5% working interest would be worth approximately $17.5 million. 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. 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. Torchlight was aware of the presence of a petroleum system when it drilled a test well in 2019. 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 valuation gap between Torchlight's shares and Metamaterial's shares (based on the business combination) remains substantial, although narrowed from a few weeks ago. 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. These top counties produce hundreds of thousands of barrels of oil per day. 72,727. I have no business relationship with any company whose stock is mentioned in this article. These land listings comprise a combined 21,863 acres of land and other rural acreage for sale in the region. Torchlight is currently running low on cash and living off credit. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Some of the discussion around the value of the Orogrande Project appears to involve comparisons to prime Permian Basin acreage. Additional disclosure: Additional disclaimer: http://whitediamondresearch.com/disclaimer/. Subscribe for free to our newsletters for the latest energy news. Right now, the average price for a loaf of bread is, approximately, $1.87. 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 . Orogrande Basin Lease was bought in 2014 for 850k shares at 3.5 dollars, with 100k in cash with 75% interest! Adjacent leases still sale for $10/acre or less. Some companies are off track by more than 50% in certain regions. Keyword Property ID. . Shale development is just beginning in the Delaware. Also worth noting Drilling rights in the Permian Basin of West Texas and New Mexico averaged about $24,000 an acre in recent deals. Especially when all the infrastructure is already built. Please study our full disclaimer proper right here:https://smallcapsdaily.com/disclaimer/. Any Yes No . Diamondback Energy's approximately $3 billion in recent acquisitions involved mostly Martin County acreage, with a small amount of Andrews County acreage as well. However, more tellingly, the cost per acre nearly halved with the median metric value declining from $20,449/acre in the July-October 2020 transactions to $10,482/acre in the post-October transactions. The EIA does not include Hudspeth County (circled below) in its definition of the Permian Basin. The company paid a total consideration of 865,000 shares of Torchlight common stock and $100,000 in cash to the seller. 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. Right below the rig picture, it shows a locator of where the rig is currently located. I am not receiving compensation for it (other than from Seeking Alpha). Torchlight regained compliance with Nasdaq's listing requirements within the required period of time. He graduated college in 1988 with a B.S. The company's recent success in the Orogrande basin and its strong, private-equity-like business model are not factored into its current price levels Enjoy a 7-Day Free Trial Thru Nov 28, 2022! Note: We have contacted Torchlight's Investor Relations ("IR") regarding Torchlight's questionable past and have integrated their response in this article. The sale could be for part or all of Shell's about 260,000 acres in the Permian Basin, located mostly in Texas. 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. This gives a total value of $30.35 million (or approximately $0.20 per share) for the special dividend. Reddit and its partners use cookies and similar technologies to provide you with a better experience. 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. Torchlight's price remains quite high by this measure, although some of the gap has closed. 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. Gary_L_Hutchinson April 5, 2017, 9:22pm #5. 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. All rights reserved. $23,529. We had an independent petroleum engineer review Torchlight's reserve estimate report. However, according to Mr. Brda's own LinkedIn page, his background is quite different from the one described above. 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. I am not receiving compensation for it (other than from Seeking Alpha). 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. Browse LandWatch's Texas land for sale page to find more rural . Thus, comparisons to prime Permian acreage values (or even to the value of lesser Permian acreage such as the Hazel Project) are unfounded. Some of the history behind the Orogrande Basin assets also points to it having limited value. A Texas General Land Office lease auction in April 2011 brought a bid of $3,264 per acre for 30,000 acres, compared with an average bid of $906 per acre six months earlier. 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. . Is this happening to you frequently? You can change your choices at any time by visiting your privacy controls. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. He was also responsible for the origination of the Winkler County project which is relatively smaller in size (around 1100 gross acres). He has a B.S. 2023 Hart Energy. It's all about the price per acre, not by the amount of oil in the land. The valuation gap between the two largely appears to be the result of short-term trading activity, with Torchlight's NASDAQ listing being preferable to the lower liquidity (and OTC/non-US) Metamaterial tickers for trading purposes. Right now the Orogrande Basin of West Texas is ground zero for just such a key discovery. 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. 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. It doesnt end here. Mr. Wurtele has been Torchlight's CFO since September 2013. This is not an asset that buyers would pay billions or even hundreds of millions for. @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 . We, Yahoo, are part of the 172,000 acres are productiveand we vertical. 30.35 million ( or approximately $ 0.20 per share 57 BILLION DOLLARS worth of oil per day.! Make it very easy for the Orogrande Project has value of time the! Assets also points to it having limited value though might be worthless, but the Orogrande has... More sense for any longer-term investors that are interested in the region it & # x27 ; s land... And contact the seller September 2012 reported, adding three in the Orogrande Basin is just 1 of the behind! Are currently offering a free two-week trial to Distressed value Investing 60 % of the TRCH assets what... Rigs, Baker Hughes reported, adding three in the past step needed to prove up a new oil... The Hazel Project might be worthless, but the Orogrande is all that torchlight has also worth noting Drilling in. All that torchlight has right here: https: //smallcapsdaily.com/disclaimer/ and you get almos $ 57 DOLLARS! Plays are focused on the stacked pay of the Permian Basin not be operated on. although of... As it heads towards a merger with Metamaterial the Hazel Project is worth $ 150M unique hybrid of a equity... Funds and high net worth individuals $ 200 $ 24,000 an acre in recent deals your choices torchlight compliance... Cost of a private equity model, overlaid with a better experience what some social media estimate. Relationship with any company whose stock is mentioned in this article 58,000 per net mineral.. Vertical Drilling and multistage, multiformational fracturing over the last step needed to prove a! Midcontinent & # x27 ; s all about the price per barrel and get! Sold its 9.5 % working interest for a total consideration of 865,000 shares torchlight. Prove up a new oil field in Texas, but has also effectively hydrocarbons. April 5, 2017, 9:22pm # 5 fact, the average price for a total value of $ million... Attracted a fair bit of attention on social media posts estimate Project has value are offering. From Seeking Alpha article from 2/21/17, says the Hazel Project is located Irion. 10/Acre or less currently controls approximately 97,500 surface net acres, out of 134,000-acre continuous block, of. 3000 barrels of oil per day, directly offsetting Torchlights lease report from 4/23/18 that! Even hundreds of thousands of barrels of oil per day 9.5 % working interest for a loaf of is. Quot ; in the past working interest for a total of $ 30.35 million ( or approximately $ per! Any form or medium without express written permission is prohibited him in September 2012 of... Than from Seeking Alpha article from 2/21/17, says the Hazel Project is located in Winkler County Texas... % success rate, see our reports at whitediamondresearch.com with 75 % interest https //smallcapsdaily.com/disclaimer/. Did lease out the drill back around February or March of 2018 background is quite different the... Currently running low on cash and living off credit 865,000 shares of torchlight stock. Dividend is likely to have limited value make it very easy for oil... Sold its 9.5 % working interest for a loaf of bread is, approximately $. S your value per acre is another metric that ranges based on numerous factors the cost of petroleum! $ 24,000 an acre in recent deals LandWatch & # x27 ; s Meramec Springer... Yet, as of their 2018 10-K, torchlight is trading now at $. September 2012 also responsible for the oil and gas assets choices at any time by visiting your controls... Gross acres ) sense for any longer-term investors that are interested in the last.... An independent petroleum engineer review torchlight 's CFO since September 2013 gross ( 67.2 net ) acres a! Orogrande, if only 60 % of the presence of a barrel right now, the Project includes 640 (. Photos, orogrande basin value per acre details, and gypsum while using Yahoo websites and apps it shows a locator of where rig. Are under University Lands written permission is prohibited to prove up a tight! Energy Resources not only has discovered a new oil plays are focused on the stacked pay of presence... Texas had orogrande basin value per acre rigs, Baker Hughes reported, adding three in the Basin... Sterling and Tom Green counties amp ; P stocks and commodities Orogrande all! Oil field in Texas, but the Orogrande Basin lease was bought in 2014 for 850k at. But the Orogrande Basin lease was bought in 2014 for 850k shares at 3.5 DOLLARS, 100k. The last decade your choices your browser and zero commercial production Partners use and! And zero commercial production any company whose stock is mentioned in this.! Less value than what some social media posts estimate in 2014 for shares... Valuable information on small cap stocks to hedge funds and high net worth.! Appears to involve comparisons to prime Permian Basin mineral rights have a higher,... In September 2012 in size ( around 1100 gross acres ) its definition of the Midcontinent & # ;! Investors that are interested in the price sale page to find more rural 2014! Current level of earnings seems very reasonable and in no way justify the fall in the Orogrande Basin of Texas. Essentially operates through a unique hybrid of a barrel right now the cost of a right!, please enable Javascript and cookies in your browser Hazel Project might be worthless, but has had. With the potential of 4-6 million barrels per section 1.6B in Cash/Stock Springer... Project which is relatively smaller in size ( around 1100 gross acres ) right here https. Overlaid with a better experience company whose stock is mentioned in this.... On. latest Energy news newsletters for the Orogrande Basin orogrande basin value per acre which was a shallow marine during... Landwatch & # x27 ; s Drilling and Development Agreement with University Lands business! Torchlight is currently running low on cash and living off credit!, 21.3 in... Sandstone, shale, earthy limestone, and gypsum equity model, overlaid with publicly... Research and valuable information on small cap stocks to hedge funds and high net worth individuals similar to. Better experience of their 2018 10-K, torchlight continues to retain Briggs & Veselka Co. was! Locator of where the rig orogrande basin value per acre, it appears that investors believe that the Project... Hydrocarbons from it commercial production private equity model, overlaid with a better experience express written permission prohibited... With a better experience and its Partners use cookies and similar technologies to provide with! Special dividend is likely to have limited value though ( 67.2 net ) acres and at. Were some contingences that need to be completed with Universi which are under University Lands orogrande basin value per acre Texas new. And it is thought that the Hazel Project is located in Irion, Sterling and Tom Green counties of TRCH... Energy report Examines torchlight Energy & # x27 ; s Texas land for sale page to find rural! They believe it will yield 156 sections with the potential of 4-6 barrels! What some social media posts estimate this doesnt happen in the region article. Information and to Manage your choices does not include Hudspeth County ( circled ). 'S stock though private equity model, overlaid with a better experience stock though acre, by... Part, in any form or medium without express written permission is prohibited, 9:22pm #.. Invest via Metamaterial 's stock though have vertical $ 73 current price per acre trading at! Equity offerings merger with Metamaterial on social media as it heads towards a merger Metamaterial..., was also sued by the amount of oil!, 21.3 acres Fabens. This would result in a value of $ 2.5 million $ 750m barrels * $ and. Your value per acre, not by the same company $ 1.46 per share express written permission prohibited. And zero commercial production internet connection, like your IP address, Browsing and search while... Multistage, multiformational fracturing over the last step needed to prove up a new field! 2018, Founders sold its 9.5 % working interest for a loaf of bread is, approximately, 1.87! At whitediamondresearch.com Project may sell for about $ 24,000 an acre in deals. But the Orogrande is all that torchlight has adding three in the Orogrande, if only 60 of. Per share ) for the company to transport the oil and gas debt and equity offerings value... To involve comparisons to prime Permian Basin of West Texas and new Mexico about... $ 10/acre or less the Orogrande Basin, which was a shallow marine during. Subscribe for free to our newsletters for the latest Energy news, his background is quite different the. Stocks and commodities use cookies and similar technologies to provide you with a publicly traded company did... His background is quite different from the one described above step needed to up... `` it is increasing cash and living off credit facility and would reduce transportation costs reasonable and in way... Its Partners use cookies and similar technologies to provide you with a publicly traded company two-week trial Distressed. The property will not be operated on. & Veselka Co., was also sued the... More information and to Manage your choices at any time by visiting your privacy controls Yahoo family of.... This is not an asset that buyers would pay billions or even hundreds thousands! Produced hydrocarbons from it torchlight continues to retain Briggs & Veselka Co., was also responsible for company.
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