Torchlight Energy Resources, the Plano, TX-based oil and gas E&P with a diverse portfolio of projects in established plays across Kansas (Ring JV, Smokey Hills), Oklahoma (Chisholm Trail, Cimarron, Lionheart, and a Salt Water Disposal Facility), and Texas (Marcelina Creek), reported some solid news today out of their Hunton play assets in central Oklahoma, as the company offered markets a sweeping operational update on the project.
Hunton operator, Husky Ventures, now among the top 15 oil producers state-wide and soon expected to climb into the top ten by late Q1 next year, has been doing some incredible work here and delivering the full force of their advanced fracking toolset. COO of TRCH, Willard McAndrew, who has over four decades in the game, beamed with pride at the remarkable success of operating partner Husky thus far and praised their sophisticated approach to the play as being instrumental to the production quality seen in the first few wells at Hunton.
With the Boeckman 1-14H doing steadily around 175 BOEPD on average and 700 MCF (over $2M total gross in just the first 90 days), TRCH’s ownership in two more targets to be spud later this quarter here, as well as six other wells currently in drilling or completion phases are looking white-hot. The last well put into production three weeks ago is running 733 BOPD on average with 669 MCF and production is climbing during the clean up procedures, with a 60 to 70 day window projected before output levels off and starts to decline as per usual.
Husky’s fracking skills are really shining in the Hunton and their next production target, set to be fracked and flowing by mid-month, is an immediate offset to Husky’s biggest well here so far, a 1k+ BOPD producer. Husky has also just recently finished drilling another new well that is set to be fracked later in the month and they are currently moving the rig, as well as running the imaging data, with production set for early December. Targets in the Hunton Limestone are around 12.5k feet down and Husky is doing approximately 4k feet of horizontal drilling on average, lining up some nice additional high-IRR inventory on known geology for TRCH.
A flurry of activity is planned for Hunton, with three new wells being drilled and two more explicit targets already staked for later in the year, TRCH is looking at participating in a whopping 7 to 8 wells per quarter next year as Husky ramps up their drilling load out to four rigs in Q1. Projections show that as many as 30 additional wells can brought in next year for $4.3M to $4.9M gross each and TRCH has a 15% WI across the projects, with specific interest ranging from 0.5% to as much as 20% dependent on forced pooling or non-consent partner aspects of a given well, making Hunton an increasingly important chunk of TRCH’s overall domestic footprint.
More info on Torchlight Energy Resources, Inc. is available at www.TorchlightEnergy.com
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