Torchlight Energy Resources (Nasdaq: TRCH), seeking to broaden its shareholder base, began trading its common stock on Nasdaq Dec.16. Torchlight bolstered its management team and added seven members to its board of directors to prepare for the listing, the company said.
Torchlight, a mid-cap E&P, projects steady growth throughout 2014 and expects to close the year with a production run rate of about 2,500 BOE/day. The company began the current year with just two producing wells in its Marcelina Creek, Texas, project. But by next year, 10 wells with a run rate of 400 to 500 BOE/day are anticipated.
Overall, 2014 should see over 100 gross wells active, scattered across the lower Midwest. Torchlight plans to have seven wells in Marcelina Creek active, along with at least 36 in Hunton, Okla., and at least 35 in McPherson, Kansas.
Kansas activity will continue to grow. A joint venture with Ring Energy could yield at least 20 additional wells, the company added. The Kansas drilling plans are projected at approximately $35 million under capex, the company said.