In an Oct. 31, 2018, research note, analyst John White with ROTH Capital Partners reported that Torchlight Energy Resources Inc. (TRCH:NASDAQ) spudded the first well of the next three planned for its acreage in the Orogrande Basin: University Rich A11 #2.
This well "will be a twin to" the company's Rich A11 #1 well that was already drilled, in 2015, Reagor noted. From results of Rich A11 #1, Torchlight identified five distinct Wolfcamp unconventional targets that range in thickness from 86 to 160 feet. As such, the company will "drill, log, core and test this geologic concept to produce evidence that these zones spread out over a significant portion of its acreage block," he explained.
ROTH Capital has a Buy rating and a $1.75 per share 12-month target price on Torchlight, whose stock is currently trading at around $0.81 per share.
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Disclosures from ROTH Capital Partners, Torchlight Energy Resources Inc., Flash Note, October 31, 2018
Regulation Analyst Certification ("Reg AC"): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.
Within the last twelve months, ROTH has received compensation for investment banking services from Torchlight Energy Resources, Inc.
ROTH makes a market in shares of Torchlight Energy Resources, Inc. and as such, buys and sells from customers on a principal basis.
A Research Analyst and/or a member of the Analyst's household own(s) debt or equity securities of Torchlight Energy Resources, Inc. stock.
Shares of Torchlight Energy Resources, Inc. may be subject to the Securities and Exchange Commission's Penny Stock Rules, which may set forth sales practice requirements for certain low-priced securities.
Within the last twelve months, ROTH has managed or co-managed a public offering for Torchlight Energy Resources, Inc.
ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months.