Torchlight Energy Resources Inc. (OTCBB: TRCH) provided an update on its Marcelina Creek Project in Wilson County, Texas.
Edde Drilling, the drilling contractor, will spud the Johnson #2H well within the next few days. Torchlight expects the drilling process to take under 30 days and will move directly into completion after analyzing the drilling results.
With the drilling of the Johnson #2H, the company continues to execute on Torchlight's mission to develop highly probable oil assets where quick payout on proven reserves can be achieved. This horizontal well will be the first of six laterally extended locations identified for drilling for this project and target the Buda formation, said Tom Lapinski, Torchlight’s CEO, in the release.
The Marcelina Creek Project involves the upper cretaceous formations including Austin Chalk, Buda, and Eagle Ford formations. Torchlight currently has two wells producing on the lease, one from the Buda formation and a second horizontal Austin Chalk well. The lease is completely surrounded on all four sides by Eagle Ford producers from well-known companies such as Hunt Oil and Clayton Williams. Torchlight Energy has a 75% working interest in the majority of the 1,080 acre block with 50% working interest in a 280 acre section.
Torchlight Energy Resources Inc. engages in the acquisition, exploration, exploitation, and/or development of oil and natural gas properties in the US. The company is based in League City, Texas.