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TICKERS: TRCH

Texas Oil & Gas Firm Halts Operations on Governor's COVID-19 Order
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Once it gets the green light, Torchlight Energy Resources intends to resume work on its two key projects.

In a news release, Torchlight Energy Resources Inc. (TRCH:NASDAQ) provided an update on its Orogrande basin oil and gas project in Texas.

The energy company temporarily halted field operations there in compliance with Governor Greg Abbott's order to stay at home through April 30 at least. "The safety of our operations team, as well as the field personnel of the service companies, is our first priority," CEO John Brda said in the release. He added, however, that as soon as Abbott lifts the mandate, Torchlight intends to immediately pick up where it left off.

Those efforts include completing the installation of a gas lift system on its oil producing Cactus #1H well in the Penn silt pay zone. The new system should increase the hydrocarbon the well produces by reducing the hydrostatic pressure on the dually porous formation, the company noted.

Also, the Texas-based firm will conduct a fracture treatment on the Founders A25 #2 well in the Atoka formation, the first on Torchlight's acreage to recover hydrocarbons from a conventional zone. Most recently, swab testing of the well was done, during which it recovered oil and gas but did not produce any formation water.

"Torchlight's focus has been on unlocking the unconventional resources in our Orogrande Basin acreage," stated Greg McCabe, chairman of the Torchlight's Board of Directors. "Our recent oil production from the Cactus well out of the unconventional Penn silt is a true game changer. Now that we have recovered hydrocarbons from the conventional Atoka formation, our upside potential has increased dramatically."

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Torchlight Energy. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with Torchlight Energy. Please click here for more information.
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5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Torchlight Energy, a company mentioned in this article.




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