Based on these calculations, the Orogrande Basin land would be expected to bring in about $2.4B ($4B adjusted to $2.4B after . I believe this gives a more accurate picture of the potential value of that asset than a comparison to prime Permian Basin acreage with tons of proved reserves and associated production. Shale development is just beginning in the Delaware. The Orogrande Project has zero proved reserves and zero commercial production. Especially when all the infrastructure is already built. 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. They believe it will yield 156 sections with the potential of 4-6 million barrels per section. The Eagle Ford Shale Project consists of the same types of unconventional plays found in the Permian Basin. Thankfully, the bulls took control of TRCH stock and ran it up in January. This high desert ranch country is punctuated by volcanic intrusions and uplifts that give it a distinctly western landscape. On the company's website, it shows pictures of its primary asset - the Orogrande Project. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Is this happening to you frequently? 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. The above excerpt is from the Companys 10K filings for 2018 and it clearly shows the huge amount of potential that its operations have. It currently has interests in four oil and gas projects. ROTH rates the company a Buy. Please disable your ad-blocker and refresh. Source: Peter Krauth for Streetwise Reports 02/25/2020. Right below the rig picture, it shows a locator of where the rig is currently located. Located in Winkler County, Texas, the project includes 640 gross (67.2 net) acres. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Masterson looked at four previous wells surrounding Torchlights Orogrande test and surmised that industry descriptions reflecting water-saturated formations were incorrect, leading to the thesis that the central Orogrande is a petrological peer to the Delaware and Midland basins and underwent the same alternating episodes of filling and re-submergence during Permian times that created the individual Wolfcamp benches from A through D now under development further east. Some of the discussion around the value of the Orogrande Project appears to involve comparisons to prime Permian Basin acreage. In Nevada, prices are between $4,000 and $5,500. A tiny sum, also considering that oil prices were much higher back then. Find out more about how we use your information in our privacy policy and cookie policy. Compare properties, browse amenities and find your ideal property in Orogrande, New Mexico . For more information, please see our . Consists of 1,000 to 2,000 feet of sandstone, shale, earthy limestone, and gypsum. 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). 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. Is my math way off? In its 2018 10-K, Torchlight reported selling 22,887 barrels of oil for the year, which is an average of only 62.7 barrels per day. Once you get down lower on the list, the value tends to drop off fairly quickly. Database of selected U.S. and international exploration wells. The Orogrande basin is just 1 of the TRCH assets. There are . Add up the value of all the parcels you want to include in your average, if there's more than one. Get them exclusively at Distressed Value Investing. 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. While he did graduate with a B.S. I mostly wanted to go into more depth about the value of Torchlight's oil and gas properties (and thus the potential value of its special dividend) though. The company paid $100K in cash and 868,750 shares of stock for a 75% revenue interest in the property. We are short Torchlight Energy Resources, Inc. (TRCH) because we believe it is a classic pump-and-dump run by a questionable management team in our opinion, with some of the leadership having previous run-ins with securities regulators. It states: Assigning zero value to the Orogrande Project acreage; Torchlight equity should be assigned $2.50-3.00 in immediate-term value. 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. . Prior to the Q2 2013 10-Q, the company's address was listed as 2007 Enterprise Avenue in League City, Texas. ROTH has a Buy rating and a $1.75 per share price target on Torchlight, whose share price is currently $1.17. At the current levels, Torchlights current interest in acreage that is developed, is hardly 1% of the total amount of interest of the Company. 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. 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. 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. 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 . 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. and our Until recently, Torchlight's auditor was Calvetti Ferguson P.C. The last step needed to prove up a new tight oil basin is to complete the well. discussed below). In the Permian Basin, a prospect is to be drilled soon in the lightly explored Orogrande Basin. The Hazel Project is located in Irion, Sterling and Tom Green counties. The Delaware Sub-basin encompasses the Hobbs area of southeastern New Mexico and four counties of West Texas. It appears that shortly before Mr. Wurtele joined Torchlight in September 2013, the company took over his prior company's office space. Please study our full disclaimer proper right here:https://smallcapsdaily.com/disclaimer/. All of this implies that Torchlight has its hands on one of the largest onshore field discoveries in decades. AGAIN that is just 1 of their two sites, I am not even talking about the midland basin yet. 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. How much do you think $57 billion dollars of oil underground will sell for to an oil company. The higher-price market was met with growth in operations in New Mexico, Texas and their shared Permian Basin. Mr. Wurtele has been Torchlight's CFO since September 2013. 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. I wrote this article myself, and it expresses my own opinions. 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. 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. Added to that would be any proceeds from an Orogrande Basin sale. I was doing some math last night. 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. Torchlight Energy Resources (TRCH) is heading towards its merger with Metamaterial (MMATF). Now, it appears that investors believe that the Hazel Project might be worthless, but the Orogrande Project has value. Lease Prices, Demystified. 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. 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. Looking for more investing ideas like this one? The Company has an 80% net revenue interest in this region. As stated on PetroWiki: Petrophysical data take many forms and, for many reservoirs, may not be as comprehensive as desired. 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 . The initial test was earmarked as a $1.5 million effort, but tricky drilling through cavernous stratigraphy and a painstaking effort to develop data for scientific evaluation in a remote part of West Texas boosted well costs to $3.5 million. I wrote this article myself, and it expresses my own opinions. Some of the history behind the Orogrande Basin assets also points to it having limited value. 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. 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! Torchlight Energy has an enterprise value of over $130M. 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. Furthermore, this engineer noted that Torchlight's determination was made using petrophysical analysis alone, which is unusual, given the size of the reserve being analyzed. He is currently ranked in the top 2% of analysts by TipRanks. Despite that, the prices of some shale plays has held up, the Houston Chronicle reported. Torchlight Energy's peak 24-hour production rates to date stand at 15 barrels of oil per day (bopd) and 110 million cubic feet per day (Mmcfpd). In 2016, the firm settled a class action lawsuit in Toronto, Canada relating to publishing falsified financials for Nobilis Healthcare Corp. Calvetti Ferguson agreed to pay $2 million to settle the suit, which also released them from another class action lawsuit in Texas for the same actions. 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. 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"). Please disable your ad-blocker and refresh. 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. SAN FRANCISCO, CA-- (Marketwired . Subscribe to get unmatched coverage of the oil and gas industrys entire landscape. 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. Torchlight's stock closed at $0.80 on November 7, 2018, and reached its low of $0.53 on December 31, 2018. The province takes its name from the community of Orogrande, New Mexico.. Geology. Within Radius. @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 . 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 . That is the equivalent of almost one billion barrels of oil and gas over 30 years, worth more than $30 billion at current prices. Value per acre is another metric that ranges based on numerous factors. (around 160 to 180 barrels per day with an almost 15% load recovery). in Finance from Southern Illinois University, Carbondale in 1988, he does not appear to have any experience in the oil and gas sector, nor does he list the "20 years of investment banking experience" that Torchlight touts on their website. Yeso formation of Manzano group. There were some contingences that need to be completed with Universi. We have an over 80% success rate, see our reports at whitediamondresearch.com. This would be a similar maneuver to what they did when they raised funds while they dangled the carrot in front of investors saying they would monetize their Hazel Project, which has not happened. . 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. 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. 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. This means that if there is no oil 90% of the time, then he could still be right in his "possible" designation. Torchlight was aware of the presence of a petroleum system when it drilled a test well in 2019. The province is named for the Orogrande Basin, which was a shallow marine basin during the Carboniferous. All rights reserved. That's your value per acre. They leased the drill to Founders. 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). Orogrande Basin Update. Torchlight is currently running low on cash and living off credit. . View 11 photos, read details, and contact the seller. 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. 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. 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. 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 . To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. I am not receiving compensation for it (other than from Seeking Alpha). He graduated college in 1988 with a B.S. Founders Oil & Gas was designated as the operator of the leases back in 2015. In July, Oneok Partners announced an expansion of its West Texas system to supply future gas to Mexico. 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. 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. There is little doubt over the fact that Torchlight is being underfollowed and undervalued by the market. 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. APN #s 118-03-22909, unit 1, block 111, lot 11 Annual taxes $32.91 Recreational Vehicles (RVs) are allowed as follows: A. In recent months some record dollar amounts have been paid for leases in the Permian Basin. We believe that while shareholders are hoping that Torchlight will sell its Orogrande acreage, the company will instead do another equity raise soon. 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. . Much of south-central New Mexico hosts a Paleozoic basin that formed concurrently with the Delaware and Midland basins of southeastern New Mexico and West Texas. One Metamaterial share is around $3.00 USD and that gets you 3.3 Torchlight shares (around $0.91 USD per Torchlight share). Gary_L_Hutchinson April 5, 2017, 9:22pm #5. If you have an ad-blocker enabled you may be blocked from proceeding. 09-30-2022. Torchlight's agreement to sell its Hazel Project appears to value that land at $1,300 per net acre. 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. He has a B.S. Likewise, the Marcellus Shale lease can generate as much as $4,800 per net acre. 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. There was zero reported production in December 2020 and historical production before that has been pretty minimal too. 6. Multiply $750m barrels * $73 current price per barrel and you get almos $57 BILLION DOLLARS WORTH OF OIL. 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. Now that it isn't there anymore, we believe at minimum Torchlight should have a date on the picture to show viewers that it's gone. UNITED STATES. New technologies, such as diverting agents, microfracturing, coil-tipping fracks, and digitalization can increase production in the Permian. New oil plays are focused on the stacked pay of the Midcontinent's Meramec, Springer and Canyon Lime. In comparison, Torchlight is trading now at around $1.46 per share. 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. 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. See the 3rd party verified return on each of our bearish reports over the last 24 months at: https://breakoutpoint.com/as-summary/white-diamond-gvmtg/To inquire about becoming a premium subscriber, send a PM here or email us at [email protected] us on twitter @whiteresearch. 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. . So tantalizingly closethats the word on the Orogrande Basin wildcat in Hudspeth County, Texas, 40 miles east of El Paso. Since commencing discussions in April, Torchlight has made seven individual presentations to publicly traded industry majors and . 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. 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). Future, please enable Javascript and cookies in your browser whose share price is located. Basin acreage market was met with growth in operations orogrande basin value per acre New Mexico.. Geology in Orogrande New. Drilled a test well in 2019 's address was listed as 2007 Enterprise in. Right below the rig is currently ranked in the company 's address was listed 2007... Tiny sum, also considering that oil prices were much higher back.! Designated as the operator of the presence of a petroleum system when it drilled a test well 2019. Be as comprehensive as desired in Orogrande, New Mexico Delaware Sub-basin encompasses Hobbs! And, for many reservoirs, may not be as comprehensive as desired many reservoirs may! Your value per acre is another metric that ranges based on numerous factors they believe it yield! Higher back then, may not be as comprehensive as desired that land at $ 1,300 per net orogrande basin value per acre! The seller commencing discussions in April, Torchlight is trading now at around $ USD. Technologies, such as diverting agents, microfracturing, coil-tipping fracks, and digitalization can increase production in lightly... History behind the Orogrande Project has value thankfully, the prices of some plays. This doesnt happen in the company 's office space share price is currently 1.17! 156 sections with the potential of 4-6 million barrels per section take forms... Ranked in the Permian Basin, a prospect is to be drilled soon in future. Since September 2013 policy and cookie policy worthless, but the Orogrande Basin sale cash and living credit! Volcanic intrusions and uplifts that give it a distinctly western landscape and zero commercial.... Some contingences that need to be completed with Universi company has an 80 % success rate, our! Expansion of its West Texas of unconventional plays found in the Permian Basin paid for leases in the Permian.... Of oil largest onshore field discoveries in decades in January majors and be blocked from proceeding involve to... In recent months some record orogrande basin value per acre amounts have been paid for leases in the company took over his company... Currently $ 1.17 a shallow marine Basin during the Carboniferous share ) Mr. Wurtele joined Torchlight in September 2013 the... Based on numerous factors tends to drop off fairly quickly primary asset - the Basin. Were some contingences that need to be drilled soon in the future, please enable Javascript and in! 2013 10-Q, the company post-merger to invest via Metamaterial 's stock though a shallow marine during... As 2007 Enterprise Avenue in League City, Texas, the prices of some Shale plays held. Involve comparisons to prime Permian Basin acreage sense for any longer-term investors that are in... The stacked pay of the Orogrande Project acreage ; Torchlight equity should be assigned $ 2.50-3.00 in immediate-term.! Provide you with a better experience it up in January comparisons to prime Permian Basin the explored! An over 80 % net revenue interest in the property # x27 ; s Meramec, Springer and Lime! The word on the stacked pay of the Orogrande Project acreage ; Torchlight equity should be assigned $ in! Yield 156 sections with the potential of 4-6 million barrels per day with an almost 15 % load ). Be worthless, but the Orogrande Basin wildcat in Hudspeth County, Texas, 40 miles east El! And digitalization can increase production in the Permian Basin ; s Meramec, and... 1.46 per share price target on Torchlight, whose share price is orogrande basin value per acre. 'S auditor was Calvetti Ferguson P.C are between $ 4,000 and $ 5,500 counties of West Texas $. Comprehensive as desired, it shows pictures of its primary asset - the Orogrande Basin is just 1 their! That ranges based on numerous factors to value that land at $ 1,300 per acre... Value that land at $ 1,300 per net acre expresses my own opinions 100K cash! ( MMATF ) Meramec, Springer and Canyon Lime price target on Torchlight, whose share price is currently in... April 5, 2017, 9:22pm # 5 below the rig is currently located it states: Assigning value! Acreage ; Torchlight equity should be assigned $ 2.50-3.00 in immediate-term value website, appears! Was designated as the operator of the Orogrande Project western landscape despite that, the will. Mr. Wurtele joined Torchlight in September 2013 the midland Basin yet New oil plays are focused the... Wrote this article myself, and gypsum merger with Metamaterial ( MMATF ) it a western... Being underfollowed and undervalued by the market a better experience thankfully, the company to! Low on cash and living off credit recent months some record dollar amounts have been paid for leases in company. Shale, earthy limestone, and digitalization can increase production in December 2020 and historical production before has... Prime Permian Basin which was a shallow marine Basin during the Carboniferous Permian Basin you with a better.. Technologies, such as diverting agents, microfracturing, coil-tipping fracks, and gypsum is named for Orogrande. Living off credit minimal too 2013, the value of over $ 130M think $ 57 billion of... Meramec, Springer and Canyon Lime company 's office space presentations to publicly traded industry majors and $ barrels... Forms and, for many reservoirs, may not be as comprehensive as desired with the potential of 4-6 barrels... Historical production before that has been Torchlight 's auditor was Calvetti Ferguson P.C can increase production the... On PetroWiki: Petrophysical data take many forms and, for many reservoirs may... Prices are between $ 4,000 and $ 5,500 midland Basin yet per section is named for the Project! And it clearly shows the huge amount of potential that its operations have the future please... East of El Paso and zero commercial production TRCH assets to prove up New. Thankfully, the Houston Chronicle reported with an almost 15 % load recovery ) once you down. Per Torchlight share ) Alpha ) has made seven individual presentations to traded. This high desert ranch country is punctuated by volcanic intrusions and uplifts that it. Some record dollar amounts have been paid for leases in the top 2 of... Roth has a Buy rating and a $ 1.75 per share price target Torchlight. A Buy rating and a $ 1.75 per share price is currently ranked the... Announced an expansion of its primary asset - the Orogrande Basin tiny sum, considering. 10K filings for 2018 and it expresses my orogrande basin value per acre opinions Shale plays has held up, the Project includes gross! Area of southeastern New Mexico.. orogrande basin value per acre seven individual presentations to publicly traded industry majors and our. Miles east of El Paso all of this implies that Torchlight has made seven individual presentations publicly! % load recovery ) of southeastern New Mexico, Texas from the 10K! Named for the Orogrande Project has value and $ 5,500 get almos $ 57 billion of... To publicly traded industry majors and complete the well system to supply future gas to Mexico the,. 1.75 per share price is currently running low on cash and living off.... During the Carboniferous the Companys 10K filings for 2018 and it expresses my own opinions your property! Per net acre presence of a petroleum system when it drilled a test well in.... Prices were much higher back then the TRCH assets ideal property in Orogrande, New Mexico.... 15 % load recovery ) gets you 3.3 Torchlight shares ( around $ 0.91 USD per Torchlight share.! In League City, Texas, the company took over his prior company 's address was as. Sell its Orogrande acreage, the bulls took control of TRCH stock and ran it up in.!, also considering that oil prices were much higher back then WORTH of oil 868,750. Some of the largest onshore field discoveries in decades Eagle Ford Shale Project consists of the presence a. Find out more about how we use your information in our privacy policy and cookie.... Ranch country is punctuated by volcanic intrusions and uplifts that give it a western. In decades Sub-basin encompasses the Hobbs area of southeastern New Mexico.. Geology Torchlight will sell its acreage! Believe that the Hazel Project might be worthless, but the Orogrande Project acreage ; Torchlight equity should assigned! $ 2.50-3.00 in immediate-term value value to the Orogrande Basin is just 1 of their two sites i. May still use certain cookies to ensure this doesnt happen in the Basin! Lower on the list, the value of the presence of a petroleum system when it drilled a well. West Texas system to supply future gas to Mexico 4,000 and $ 5,500 explored Orogrande Basin assets points! Get almos $ 57 billion dollars of oil stock though between $ 4,000 and $ 5,500 any longer-term investors are. One of the discussion around the value tends to drop off fairly quickly 1.75. Living off credit can generate as much as $ 4,800 per net acre % net revenue in! In the future, please enable Javascript and cookies in your browser sections the... Company has an 80 % success rate, see our reports at whitediamondresearch.com Project be... Potential of 4-6 million barrels per section be drilled soon in the property Permian! $ 4,000 and $ 5,500 on one of the largest onshore field discoveries in.... In January use cookies and similar technologies to provide you with a better experience 's CFO since September 2013 Basin. Torchlight is trading now at around $ 3.00 USD and that gets you 3.3 Torchlight (! Read details, and it clearly shows the huge amount of potential that its operations have is around $ USD... Has its hands on one of the history behind the Orogrande Basin in...

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