Torchlight Energy Resources reported that the company has signed an agreement to farm into an oil and gas prospect in the United States. The company believes that there are commercial quantities of natural gas and condensate present on the property.
Torchlight Energy Resources said that the farm in agreement was executed with La Sal Energy LLC, and covers a 940 acre block located in Waller County, Texas. The company is required to provide funds to re-enter an existing well on the property. The well will undergo hydraulic fracturing operations and be completed to the Sparks formation.
Torchlight Energy Resources will earn a 40% working interest in the block under the farm in agreement and can increase the company’s working interest by an additional 5% after the well is completed. The prospect has one additional well reentry location.
The company said that the prospect is located nearby the Katy Field, which was discovered in the 1960’s by Exxon Mobil. The Katy Field contains an estimated six trillion cubic feet of natural gas.
Torchlight Energy Resources is active in other areas of Texas and recently announced the successful results of an oil well in Wilson County. The well produced approximately 100 barrels of oil per day.
You can view more information on the company’s website at www.torchlightenergy.com
About QualityStocks:
QualityStocks is committed to connecting subscribers with companies that have huge potential to succeed in the short and long-term future. We offer several ways for investors to learn more about investing in these companies as well as find and evaluate them.
Sign up for “The QualityStocks Daily Newsletter” at www.QualityStocks.net
The Quality Stocks Daily Blog http://blog.qualitystocks.net
The Quality Stocks Daily Videos http://videocharts.qualitystocks.net
The Quality Stocks “Ones to Watch” http://Gotstocks.QualityStocks.net
Please see disclaimer on the QualityStocks website: http://disclaimer.qualitystocks.net
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment