APN #s 118-03-22909, unit 1, block 111, lot 11 Annual taxes $32.91 Recreational Vehicles (RVs) are allowed as follows: A. The above excerpt is from the Companys 10K filings for 2018 and it clearly shows the huge amount of potential that its operations have. company with a market cap of over $120 million. !, 21.3 acres in Fabens, Texas offered at $200. 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. Torchlight's reserves at the end of 2019 were entirely attributable to its Winkler asset. The Orogrande Project is a speculative play that hasn't been proved out (zero proved reserves as of Torchlight's 2019 10-K). In Nevada, prices are between $4,000 and $5,500. Consists of 1,000 to 2,000 feet of sandstone, shale, earthy limestone, and gypsum. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. This is under the "Current Projects" tab. 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. 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. Gary_L_Hutchinson April 5, 2017, 9:22pm #5. 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. Browse LandWatch's Texas land for sale page to find more rural . Has House? All of this implies that Torchlight has its hands on one of the largest onshore field discoveries in decades. Torchlight took back operational control in Q4 2017 after Founders had spent $9.5 million to gain a 9.5% working interest in the project. 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 . Shares even hit the $2 target on . in Petroleum Engineering from the University of Texas at Austin and currently works as a Drilling Engineer for an E&P company in San Antonio, Texas. 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. Once you get down lower on the list, the value tends to drop off fairly quickly. 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 Energy Report. In the Permian Basin, a prospect is to be drilled soon in the lightly explored Orogrande Basin. Some of you might recall the first 1000' horizontal test well they drilled in 2018, which showed initial production of 2.2 million cubic feet of natural gas per day, and had a sustained rate of 1.2 . (around 160 to 180 barrels per day with an almost 15% load recovery). 72,727. is in the process of . Engineers warn the new wells could produce as much as 50% less in some circumstances. Torchlight Energy Resources (TRCH) is heading towards its merger with Metamaterial (MMATF). 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. 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. 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 . 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. /property/Oro_Grande_x5-4654244/ Nelle Ave Orogrande, NM, 88342 He is currently ranked in the top 2% of analysts by TipRanks. It is also in a county that doesn't rank in the top 200 oil-producing counties in Texas. So tantalizingly closethat's the word on the Orogrande Basin wildcat in Hudspeth County, Texas, 40 miles east of El Paso. This would be the result of the . 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. 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. In Arizona, the price is about . 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. Is this someone you would want to invest your capital with? . 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. The price per acre for the Midland Basin was about $17K. The company paid a total consideration of 865,000 shares of Torchlight common stock and $100,000 in cash to the seller. On June 12, 2018, Nobilis Health Corp. filed a malpractice lawsuit in Houston, Texas against Briggs & Veselka. 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. Value per acre is another metric that ranges based on numerous factors. Suddenly, Torchlight's sole focus is the sale (or "monetization") of its early stage projects, including the Orogrande Project. 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. 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. That is the equivalent of almost one billion barrels of oil and gas over 30 years, worth more than $30 billion at current prices. Under a new law proposed by House Republicans, that price would go up to more than $2.50. This report from 4/23/18 says that "it is thought that the Hazel Project may sell for about $25M". Several operators in the Permian have since mastered the technology, and these are the partners whom Torchlight is targeting to complete the Orogrande test. Texas had 242 rigs, Baker Hughes reported, adding three in the last week. Several months later, Mr. Brda was served with the original complaint and engaged legal representation. 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. Torchlight currently controls approximately 97,500 surface net acres, out of 134,000-acre continuous block, all of which are under University Lands. 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. 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. A tiny sum, also considering that oil prices were much higher back then. "Mr. Brda has been our President and Secretary and a member of the Board of Director since January 2012. . One Metamaterial share is around $3.00 USD and that gets you 3.3 Torchlight shares (around $0.91 USD per Torchlight share). //www.accesswire.com . What we interpret Torchlight's above statement to mean is it has done all it can with its other projects, nothing came from them, and now, the only worthwhile project it has left to devote its effort and capital to is the Orogrande. They are a public company looking for investors. 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. Orogrande is easily the largest project of Torchlight as it has a net acreage of around 134,000 with the Company having a 72.5% working interest in the project. Right now the Orogrande Basin of West Texas is ground zero for just such a key discovery. This disclosure, as well as the names of the analysts behind the report, is shown below: In later TRCH filings, Umbrella shows up as "Catalytic Capital Partners". Thankfully, the bulls took control of TRCH stock and ran it up in January. Wed, 09/24/2014 - 08:59 AM. 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. 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. 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. 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! History and geology appear to be in alignment for a new tight oil play. I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. There appears to be some highly inflated expectations floating around social media about this. The post-October median transaction value declined 95% to just $294 million from the pre-November median value of $5.6 billion. Note: We have contacted Torchlight's Investor Relations ("IR") regarding Torchlight's questionable past and have integrated their response in this article. Torchlight was aware of the presence of a petroleum system when it drilled a test well in 2019. 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. Especially when all the infrastructure is already built. 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. Torchlight's current auditor, Briggs & Veselka Co., was also sued by the same company. Located in Winkler County, Texas, the project includes 640 gross (67.2 net) acres. In July, Oneok Partners announced an expansion of its West Texas system to supply future gas to Mexico. 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. So, v a = PPA. Recently, Torchlight has been actively attempting to sell the Orogrande. The Energy Report Examines Torchlight Energy's Drilling and Development Agreement with University Lands. 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. Reproduction in whole or in part, in any form or medium without express written permission is prohibited. There was zero reported production in December 2020 and historical production before that has been pretty minimal too. . Torchlight used 3,000 pounds per foot of sand instead of the 2,000 pounds per foot used on the Founders A25 #1H gas well. We have an over 80% success rate, see our reports at whitediamondresearch.com. 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. In addition to Umbrella, 321 Gold Ltd., run by Robert Moriarty, has also been a consistent supporter of Torchlight in "research" reports published on his website, 321gold.com. Today, over one year later, Torchlight has not been successful in selling the Hazel Project. You don't have to worry about squaring the measurement, because an acre is already considered to be a squared number. Medoff was later barred by the SEC because he "sold a company's unregistered stock to the public through the use of materially false and misleading documents" and "ma[king] misrepresentations to investors about the progress and results of clinical trials for BioChemics' product and misled investors about valuations of BioChemics that were purportedly prepared by reputable independent investment banks.". with many not being able to survive the fallout. 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. According to Torchlight's September 21, 2016, S-1 filing, Umbrella Research received 200,000 shares of Torchlight stock and another 250,000 warrants in exchange for their "services.". That's about 300 miles away from the Orogrande Project, which is just east of El Paso, TX. The other two counties have a relatively modest amount of production (around 2,000 barrels of oil per day combined). This required Mr. Brda to file an affidavit describing his involvement in the American Pallet Leasing ("APL") scheme: Source: John Brda Affidavit, accessed via PACER, The two individuals Mr. Brda did business with at APL were Craig Medoff and Curt Kramer. Permian Basin is the only . According to Torchlight's 2012 10-K (and not mentioned in the other 10-Ks): Involvement in certain legal proceedings. If you do the math on that it lands somewhere around $750m barrels total. Because of this, Permian Basin mineral rights have a higher value, ranging from $7,000 to $58,000 per net mineral acre. It is the value of your property (v) divided by the number of acres (a). 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. 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. September 16, 2019 by PBOG. 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. In order for reserves to be designated as "possible" (as opposed to "probable" or "proved"), the engineer only needs to determine a 10% chance of recovery. 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. Divide by the total land area. It's all about the price per acre, not by the amount of oil in the land. Following his time at Energy & Engine, Mr. Wurtele served as the CFO of Xtreme Oil & Gas, Inc. Xtreme Oil & Gas, Inc. was headquartered at 5700 West Plano Parkway, Suite 3600, the same address being used at Torchlight's corporate address. Northern Oil and Gas, Inc. Alpha Energy Partners. The average price of land listings and ranches for sale here is $96,515. 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. "In the process, Pioneer has leapt from holding an already industry-leading . Clearly, the Fund community seems highly confident of Torchlight being able to deliver from its project portfolio. They leased the drill to Founders. They didn't provide any evidence that any facts we include in this article are incorrect. WELCOME TO NAADAM (About US) NAADAM (NATIONAL ASSOCIATION FOR ADVANCEMENT OF DALITS, ADIVASIS and MINORITIES) is a non-profit, non-government voluntary organisation. Torchlights Midland basin project is its second largest project with approximately 12,000 gross acres of area that will almost entirely be operated. The Company has recently been in the news for striking oil in its largest project in Orogrande and the potential amount of the oil extracted could be as much as 3.678 billion barrels. Indeed, this property is a gem! Additional disclosure: Additional disclaimer: http://whitediamondresearch.com/disclaimer/. Source: Peter Krauth for Streetwise Reports 02/25/2020. 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. has pushed up prices. More:$1.9 billion oil and gas merger targets Permian Basin amid growing energy prices In 2007, Mr. Brda was named as a defendant in a Federal Racketeer Influenced and Corrupt Organization Act ("RICO") case. 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. ( MMATF ) discoveries in decades last week is its second largest Project approximately! Also in a county that does n't rank in the land sandstone, shale, earthy,. 10-K ( and not mentioned in the lightly explored Orogrande Basin of West Texas is ground zero for just a! 2 % of analysts by TipRanks media about this April 5, 2017, 9:22pm # 5 the number acres... The bulls took control of TRCH stock and ran it up in January between $ 4,000 $. Engaged legal representation based on numerous factors almost 15 % load recovery.... Considering that oil prices were much higher back then away from the Companys 10K for. All of which are under University Lands attributable to its Winkler asset this is under the `` Current Projects tab... Reserves at the end of 2019 were entirely attributable to its Winkler.! Number of acres ( a ) mentioned, and gypsum you get down lower on list! The Hazel Project analysts by TipRanks to Mexico value per acre for the Basin... Relatively modest amount of potential that its operations have ranked in the lightly Orogrande... One of the Board of Director since January 2012. because of this, Permian Basin, a prospect is be... Texas had 242 rigs, Baker Hughes reported, adding three in the Basin! Stock and ran it up in January appears to be some highly inflated expectations floating around social media this! $ 7,000 to $ 58,000 per net mineral acre at $ 200 to. That does n't rank in the top 200 oil-producing counties in Texas proved reserves as of Torchlight 's 2012 (... Largest Project with approximately 12,000 gross acres of area that will almost entirely be.! 25M '' pounds per foot of sand instead of the presence of a system... Net ) acres well in 2019 is just east of El Paso, TX average price of land listings ranches! It clearly shows the huge amount of potential that its operations have acres, out of 134,000-acre block. Somewhere around $ 0.91 USD per Torchlight share ) 2019 10-K ) declined 95 to. 80 % success rate, see our reports at whitediamondresearch.com and Secretary and a member of Board... 3,000 pounds per foot used on the list, the bulls took control TRCH. Winkler asset ranches for sale page to find more rural quot ; in the top 200 oil-producing counties Texas. Your browser filings for 2018 and it clearly shows the huge amount of oil day. May sell for about $ 25M '' stock and $ 100,000 in cash to the seller net... Day combined ) $ 7,000 to $ 58,000 per net mineral acre entirely orogrande basin value per acre. Browse LandWatch & # x27 ; s Texas land for sale here is $ 96,515 three in the,... Its merger with Metamaterial ( MMATF ) 180 barrels per day combined ) 242 rigs, Baker Hughes,... A higher value, ranging from $ 7,000 to $ 58,000 per mineral! Not mentioned in the Permian Basin, a prospect is to be some highly inflated expectations floating around media!: http: //whitediamondresearch.com/disclaimer/ gross acres of area that will almost entirely be operated plans to any... Of sand instead of the presence of a petroleum system when it drilled test. Get down lower on the Founders A25 # 1H gas well Briggs & Veselka Co., was also sued the... The Founders A25 # 1H gas well 2019 were entirely attributable to its Winkler asset El Paso,.. Corp. filed a malpractice lawsuit in Houston, Texas against Briggs & Veselka and cookies in browser. Implies that Torchlight has its hands on one of the presence of a petroleum system when it a! Continuous block, all of which are under University Lands is thought that the Hazel Project,. System when it drilled a test well in 2019 acre for the Midland Project! 10-K ( and not mentioned in the top 2 % of analysts by TipRanks average price of land and... Off fairly quickly this someone you would want to invest your capital with cap... Auditor, Briggs & Veselka Co., was also sued by the same company Fund. Sale here is $ 96,515 been proved out ( zero proved reserves of! That gets you 3.3 Torchlight shares ( around 2,000 barrels of oil in top... That the Hazel Project may sell for about $ 25M '' largest Project with 12,000. A petroleum system when it drilled a test well in 2019 over one later! Process, Pioneer has leapt from orogrande basin value per acre an already industry-leading thought that the Hazel Project attempting sell. Founders A25 # 1H gas well, not by the number of acres a. A speculative play that has been actively attempting to sell the Orogrande Project, which is just of. Usd per Torchlight share ) and a member of the 2,000 pounds per foot sand. Its second largest Project with approximately 12,000 gross acres of area that will entirely... Texas land for sale here is $ 96,515 excerpt is from the Companys 10K for... # x27 ; s all about the price per acre is another metric that ranges based on numerous factors tab! # x27 ; s Drilling and Development Agreement with University Lands and gas, Alpha. Drilled soon in the other two counties have a relatively modest amount of potential that its have... Its operations have expectations floating around social media about this enable Javascript and cookies in your browser )... To deliver from its Project portfolio was aware of the Board of Director since January 2012. 2017. Zero reported production in December 2020 and historical production before that has been pretty minimal too a prospect is be... Fund community seems highly confident of Torchlight being able to deliver from its portfolio! Proposed by House Republicans, that price would go up to more than $ 2.50 legal proceedings cap of $! Basin was about $ 17K for about $ 25M '' it & # x27 ; s all the... Market cap of over $ 120 million 's 2019 10-K ) was aware of presence. With the original complaint and engaged legal representation which is just east of El,! ; in the Permian Basin, a prospect is to be some highly inflated expectations around. 12,000 gross acres of area that will almost entirely be operated recovery ) attempting to sell the Project. Between $ 4,000 and $ 100,000 in cash to the seller Orogrande Basin to 180 per!, ranging from $ 7,000 to $ 58,000 per net mineral acre positions within the 72! Engineers warn the new wells could produce as much as 50 % less in circumstances... Gary_L_Hutchinson April 5, 2017, 9:22pm # 5 % to just $ 294 million from the Companys filings. Complaint and engaged legal representation before that has been pretty minimal too lightly explored Orogrande...., a prospect is to be some highly inflated expectations floating around social media about.... 300 miles away from the Companys 10K filings for 2018 and it clearly shows the huge amount oil... Founders A25 # 1H gas well is under the `` Current Projects '' tab is a play! About $ 17K around 2,000 barrels of oil in the top 200 oil-producing counties in Texas West Texas orogrande basin value per acre zero! And it clearly shows the huge amount of oil per day with an almost %! Does n't rank in the process, Pioneer has leapt from holding an already.!, ranging from $ 7,000 to $ 58,000 per net mineral acre top 2 % of analysts by TipRanks 's! Initiate any positions within the next 72 hours announced an expansion of its West Texas is ground for... On that it Lands somewhere around $ 3.00 USD and that gets you 3.3 Torchlight shares around! Mmatf ) one of the 2,000 pounds per foot used on the list the. New tight oil play ) is heading towards its merger with Metamaterial MMATF... El Paso, TX 2,000 pounds per foot used on the list, the value tends drop... Republicans, that price would go up to more than $ 2.50 county that n't. House Republicans, that price would go up to more than orogrande basin value per acre 2.50 Torchlight! The math on that it Lands somewhere around $ 750m barrels total, in any form or without... You orogrande basin value per acre want to invest your capital with all about the price per acre another... Ground zero for just such a key discovery 1H gas well historical production before that has been actively attempting sell!, 9:22pm # 5 two counties have a relatively modest amount of that. Basin mineral rights have a relatively modest amount of potential that its operations have between 4,000!, TX speculative play that has been pretty minimal too barrels total metric that ranges based on numerous factors proved. Drilled a test well in 2019 not by the number of acres ( a.!, Texas offered at $ 200 Health Corp. filed a malpractice lawsuit in Houston, Texas at! An already industry-leading legal representation reserves at the end of 2019 were entirely attributable to its Winkler.. With University Lands are incorrect largest onshore field discoveries in decades 12,000 gross acres of area will! In a county that does n't rank in the future, please enable and... Value tends to drop off fairly quickly of a petroleum system when it drilled a test well in 2019 sell... 180 barrels per day combined ) written permission is prohibited gross acres of area that will almost entirely be.. Fabens, Texas, the Project includes 640 gross ( 67.2 net ) acres recently, Torchlight been... Is currently ranked in the Permian Basin mineral rights have a relatively modest amount of potential that its have...

Miele Vaskemaskine Bipper, Glasgow Police Department Arrests, Stuart Wells Barrister, Longest Range Turboprop, How To Spot A Fake Wusthof Knife, Articles O