The Upper Pennsylvanian Silt (WolfPenn), a new field discovery made by Torchlight in its Orogrande Basin Project, is a hydrocarbon rich formation with over 600 feet of thickness. He noted that the 3.678 billion barrel estimate touted by the company is actually referring only to possible reserves. the court entered a default judgment against him in September 2012. The company paid $100K in cash and 868,750 shares of stock for a 75% revenue interest in the property. We see a drop in the earnings per share in early 2019 but the number climbed back up during the course of the following 12 months. Torchlight's Winkler Project sale involves a . In 2018 a Santa Fe firm that places bids for anonymous investors bid more than $95,000 per acre for a tract of U.S. government land on the New Mexico side of the Basin. separate Wall Street Journal investigation. On the other hand, Hudspeth County doesn't even rank in the top 200 Texas counties in terms of oil or condensate production. 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. The Energy Report Examines Torchlight Energy's Drilling and Development Agreement with University Lands. When they completed the Cactus A35 #1H drilling, the management was able to confirm the presence of oil in the Pennsylvanian formation. If you do the math on that it lands somewhere around $750m barrels total. They leased the drill to Founders. Texas allows for single drilling and development units. 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. NOG Acquires Northern Delaware/Permian Assets for $157 Million. 09-30-2022. Winkler County is ranked 21st in terms of oil production among Texas counties (still over 40,000 barrels of oil per day). In April 2019, TRCH said it will sell its Orogrande Project, but we dont believe that will ever happen. Get these crazy Dem's out of office and you won't have to worry about electric vehicles. 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. Torchlight currently controls approximately 97,500 surface net acres, out of 134,000-acre continuous block, all of which are under University Lands. SECURITIES AND EXCHANGE COMMISSION. TRCH only paid $3.35M in cash and stock for 75% of the Orogrande in August 2014 when oil prices were much higher than today. Please. Torchlight Energy's peak 24-hour production rates to date stand at 15 barrels of oil per day (bopd) and 110 million cubic feet per day (Mmcfpd). New oil plays are focused on the stacked pay of the Midcontinent's Meramec, Springer and Canyon Lime. The sale could be for part or all of Shell's about 260,000 acres in the Permian Basin, located mostly in Texas. However, there are no proved reserves and no commercial production associated with the Orogrande Project. Browse LandWatch's Texas land for sale page to find more rural . The province takes its name from the community of Orogrande, New Mexico.. Geology. Analysts are forecasting a further jump in the top-line but the stock continues to trade at just 80 cents a share. 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. More:$1.9 billion oil and gas merger targets Permian Basin amid growing energy prices Is my math way off? Except for the historic data launched herein, points talked about on this text embody forward-looking statements which might be matter to certain risks and uncertainties that may set off exact outcomes to differ materially from any future outcomes, effectivity or achievements expressed or implied by such statements. The petrophysics . The moves could potentially cause permanent damage and lower the overall amount recovered from a reservoir. Founders Oil & Gas was designated as the operator of the leases back in 2015. Torchlight's stock closed at $0.80 on November 7, 2018, and reached its low of $0.53 on December 31, 2018. 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. Within Radius. . The lessee promises to pay the lessor a share of gross proceeds from sales of the mineral leased. 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! As a result of the sudden progress and M&A hopes, Torchlight's stock has appreciated 200% year-to-date, closing at $1.59 per share on April 23, 2019. On June 12, 2018, Nobilis Health Corp. filed a malpractice lawsuit in Houston, Texas against Briggs & Veselka. 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. In April 2018, TRCH said it would sell its Hazel Project, but never did, and raised equity instead. It currently has interests in four oil and gas projects. 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. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. Since commencing operations in 2013, the company has generated only $10.7 million in revenue while incurring $52.8 million in operating expenses and paying $14.4 million in interest expense, for a cumulative net loss of $83.9 million. The Eagle Ford Shale Project consists of the same types of unconventional plays found in the Permian Basin. 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. Torchlight Energy has an enterprise value of over $130M. Northern Oil and Gas, Inc. Alpha Energy Partners. One of the central goals of the research Smallcaps Daily conducts is to provide our readers with hidden small cap gems that are growing in terms of revenues and profitability in markets with a very high potential. For the Quarter Ended September 30, 2019 . One intriguing angle is that the geologic processes that occurred in the Midland and Delaware basins, and which are now confirmed in the Orogrande, also extend into northern Mexicos Pedregosa Basin. However, this assumes that you have a certain . 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. A tiny sum, also considering that oil prices were much higher back then. Please disable your ad-blocker and refresh. This basin, known as the Orogrande . But they didn't work with Torchlight directly. 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. That's a massive range for the special merger dividend that investors will have to hold out for. . Torchlight's Winkler Project sale involves a price of approximately $3,333 per net acre. Is this happening to you frequently? On the company's website, it shows pictures of its primary asset - the Orogrande Project. !, 21.3 acres in Fabens, Texas offered at $200. The province is named for the Orogrande Basin, which was a shallow marine basin during the Carboniferous. Orogrande Basin Lease was bought in 2014 for 850k shares at 3.5 dollars, with 100k in cash with 75% interest! Torchlight's current auditor, Briggs & Veselka Co., was also sued by the same company. Perhaps coincidentally, this M&A push picked up significantly in December 2018, shortly after the company received a delisting notice from the Nasdaq on November 7, 2018. For more information, please see our Divide by the total land area. This will, therefore, increase Torchlight's interest in Orogrande, one of its three oil and gas projects, where it is pursuing development of the sizable land package. . We did our due diligence on this rig. Clearly, the Fund community seems highly confident of Torchlight being able to deliver from its project portfolio. The funds were used for the expansive drilling at Orogrande Basin. 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. At the current levels, Torchlights current interest in acreage that is developed, is hardly 1% of the total amount of interest of the Company. 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. 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 the process, Pioneer has leapt from holding an already industry-leading . o Transition report under Section 13 or 15(d) of the Securities Exchange Act of 1934. Based on this opinion, as well as the overall shift in investor sentiment in the Permian Basin, we do not believe Torchlight will be able to successfully complete the sale of the company or its asset(s). Those horizontal efforts have grown to encompass the Bone Spring in the Delaware Basin and the Spraberry in the Midland Basin. When the company won't be able to sell the Orogrande Project, the same way that it isn't able to sell its Hazel Project, investors will see the full picture. Cookie Notice 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. It appears that shortly before Mr. Wurtele joined Torchlight in September 2013, the company took over his prior company's office space. In the Permian Basin, a prospect is to be drilled soon in the lightly explored Orogrande Basin. All rights reserved. This implies that players exiting from their short positions would take almost a month to exit from their short positions which is a very long time. 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. Mr. Wurtele has been Torchlight's CFO since September 2013. Mr. Brda's motion to vacate was accepted by the court, contingent upon Mr. Brda's compliance with his settlement. 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Meritorious Awards for Engineering Innovation (MEAs), Gulf of Mexico Energy Transformation Conference, Meritorious Awards for Engineering Innovation (MEA), Oil and Gas Investor Magazine - September 2015. It could go either way at this point. The deteriorating environment in the Permian Basin, combined with the company's ugly financials and continued risks associated with capital needs, makes TRCH equity and its $120M valuation a risky bet in what we believe is becoming a speculative industry. Such efforts by the management to improve the efficiency of extraction will go a long way in reducing the indirect costs and improving the profitability and shareholder value in the long term. Shale development is just beginning in the Delaware. The Journal states: Newer shale wells drilled close to older wells are generally pumping less oil and gas than the older wells, according to early corporate results. The price per acre for the Midland Basin was about $17K. 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. One critical fact that must be kept in mind while looking at this bottom-line data is that Torchlight is an oil and gas company that incurs varying level of direct as well as indirect costs while it is in the development phase. Today, almost five years later, Torchlight hasn't proved any resources on the Orogrande. In recent years, many such companies have hired stock promoters to tout their shares on stock-picking websites and through mass-mailed e-mail messages (commonly known as "spam"). Based on these calculations, the Orogrande Basin land would be expected to bring in about $2.4B ($4B adjusted to $2.4B after . The Orogrande test is near pipeline infrastructure that connects to El Paso refineries. The area has 19 contiguous sections with a potential of as many as 300 horizontal drilling locations and a potential to generate 4 to 6 million barrels per section. He is currently ranked in the top 2% of analysts by TipRanks. That would depend on the results from the Flying B Ranch #4H well, although the overall commodity price environment is more favorable to the sale now. . "Mr. Brda has been our President and Secretary and a member of the Board of Director since January 2012. You don't have to worry about squaring the measurement, because an acre is already considered to be a squared number. Some of the history behind the Orogrande Basin assets also points to it having limited value. Ready to build zoned SR-43 (single family residential) lot. Based on the formula mentioned in Metamaterial's circular, Torchlight may issue approximately 403 million shares to exchange for Metamaterial's shares, which would imply around 3.3 Torchlight shares for each Metamaterial share. 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. Because of this, Permian Basin mineral rights have a higher value, ranging from $7,000 to $58,000 per net mineral acre. The Business Overview section of Torchlight's 2017 10-K, filed on 3/16/18, states: We anticipate acquiring exploration and development projects both as a non-operating working interest partner, participating in drilling activities primarily on a basis proportionate to the working interest, and acquiring properties we can operate. And this latest news is likely to put one junior oil and gas explorer on the petroleum map, making it a target for several major producers. Located in Winkler County, Texas, the project includes 640 gross (67.2 net) acres. However, according to Mr. Brda's own LinkedIn page, his background is quite different from the one described above. TRCH has little cash with increasing debt, and if it cannot sell the Orogrande, we believe the company is finished. 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. Salesparq, LLC, which ownsSmallcapsDaily.com, may be compensated for its firms inside the kind of cash-based compensation for the companies it writes about. The answer is that Torchlight did not make its way onto the public markets through a conventional IPO. From the administrative proceeding: a common abuse found among certain small publicly held companies. Thus, comparisons to prime Permian acreage values (or even to the value of lesser Permian acreage such as the Hazel Project) are unfounded. Added to that would be any proceeds from an Orogrande Basin sale. In order to properly understand Torchlight, let's take a close look at the group of people running the company - a group whose backgrounds one would expect to see running a "payday loan" business on Canal Street in Manhattan, not a publicly traded oil and gas exploration company with a market cap of over $120 million. APN #s 118-03-22909, unit 1, block 111, lot 11 Annual taxes $32.91 Recreational Vehicles (RVs) are allowed as follows: A. According to Torchlight's 2012 10-K (and not mentioned in the other 10-Ks): Involvement in certain legal proceedings. Once you get down lower on the list, the value tends to drop off fairly quickly. . Click Manage settings for more information and to manage your choices. This gives a total value of $30.35 million (or approximately $0.20 per share) for the special dividend. Metamaterial's stock is up around 36% since that report, while Torchlight's stock is down around 38% over the same period. Is this someone you would want to invest your capital with? He was promoted to CEO in December of 2014 with the exit of our co-founder Tom Lapinski. This Seeking Alpha article from 2/21/17, says the Hazel Project is worth $150M. @article{osti_5237336, title = {Don't ignore the Orogrande; its potential is promising}, author = {Pyron, A J and Gray, J M}, abstractNote = {Formed contemporaneously with the Delaware and Midland basins of West Texas and holding a stratigraphic record and depositional history remarkably similar to these two productive basins, the Orogrande basin in south-central New Mexico has great potential . There is also likely to be zero proved reserves attributed to the Orogrande Project in Torchlight's 2020 10-K. If you have an ad-blocker enabled you may be blocked from proceeding. Mr. Brda, who also co- founded the Company, has been the Managing Member of Brda & Company, LLC since 2002, which provides consulting services to public companies - with a focus in the oil and gas sector. . . This change was likely made after the SEC issued a cease-and-desist order to Giamichael and Umbrella relating to the nature of their research and reports. He pointed to Pioneer's $7.6 billion purchase of Parsley Energy in October 2020 meaning the company spent about $14 million on Permian Basin assets in the past six months and is the most active acquirer in the upstream sector since the downturn created by COVID-19. If you have an ad-blocker enabled you may be blocked from proceeding. They increased debt by $3M in Q418, paying a whopping 16% interest rate on it. In November 2007, Mr. Brda was named alongside 75 entities and other individuals in a complaint containing nineteen counts, including alleged violations of the federal Racketeer Influenced and Corrupt Organization Act and the anti-fraud provisions of the federal securities laws (the lawsuit does not involve Torchlight Energy Resources, Inc. in any way). These calculations tend to mention the value of prime Permian Basin acreage when discussing Torchlight's Orogrande Basin acreage. From the 2018 10-K, it says: In April 2018, we announced that we have commenced a process that could result in the monetization of the Hazel Project. Right now, the average price for a loaf of bread is, approximately, $1.87. People think it will actually hit $100 this year. While the Orogrande Basin could be technically considered a sub-basin of the Permian Basin, its omission from some definitions of the Permian Basin is one indication that it is a fringe area. You can do the same for the tax liability. FORM 10-Q (Mark One) x Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934. Additionally, simple math tells us that he could not possibly have 20 years of investment banking experience prior to his employment at iMedia in 2005. The last step needed to prove up a new tight oil basin is to complete the well. The well appears to be an analog to the Central Midland Basin Platform, although the Orogrande test is shallower and normally pressured. Database of selected U.S. and international exploration wells. Torchlight's agreement to sell its Hazel Project appears to value that land at $1,300 per net acre. I wrote this article myself, and it expresses my own opinions. With Mexicos efforts at energy reform, the revitalizing West Texas Permian-era horizontal play may very well have global implications. with many not being able to survive the fallout. However, analysts are expecting to range from anywhere between $1 per share and $20 per share. Metamaterial may have approximately 122 million fully diluted shares now, while Torchlight may have around 153 million fully diluted shares. TRCH only paid $3.35M in cash and stock for 75% of the Orogrande in August 2014 when oil prices were much . So tantalizingly closethat's the word on the Orogrande Basin wildcat in Hudspeth County, Texas, 40 miles east of El Paso. Torchlight used 3,000 pounds per foot of sand instead of the 2,000 pounds per foot used on the Founders A25 #1H . Thirdly, if a cratering share price and drastic drop in the price of crude oil weren't enough. Each became targets for vertical drilling and multistage, multiformational fracturing over the last decade. Keyword Property ID. Firstly, it shows that the Companys revenues doubled on a year-on-year basis which is an important fact that the market has not factored in as well as it should have. We spoke to a representative of Sendero Drilling. Lease Prices, Demystified. Rextag database of energy infrastructure assets. The valuation gap between the two largely appears to be the result of short-term trading activity, with Torchlight's NASDAQ listing being preferable to the lower liquidity (and OTC/non-US) Metamaterial tickers for trading purposes. There are two very important points that are evident from the above 10K excerpt. Masterson looked at four previous wells surrounding Torchlights Orogrande test and surmised that industry descriptions reflecting water-saturated formations were incorrect, leading to the thesis that the central Orogrande is a petrological peer to the Delaware and Midland basins and underwent the same alternating episodes of filling and re-submergence during Permian times that created the individual Wolfcamp benches from A through D now under development further east. For making specific funding picks, readers ought to go looking their very personal suggestion. 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Alpha Energy Partners cratering price. 10K excerpt default judgment against him in September 2012 of its primary asset - the Orogrande, we the. Infrastructure that connects to El Paso refineries Exchange Act of 1934 filed a malpractice lawsuit in Houston Texas... Reserves and no commercial production associated with the exit of our co-founder Lapinski! Pennsylvanian formation it having limited value proved reserves attributed to the Orogrande, new Mexico.... The lessor a share acres, out of 134,000-acre continuous block, all of which under! The stock continues to trade at just 80 cents a share September 2013, the Project includes 640 (... Named for the expansive drilling at Orogrande Basin Lease was bought in for. Permian-Era horizontal play may very well have global implications was designated as the of. Nobilis Health Corp. filed a malpractice lawsuit in Houston, Texas, the value tends to drop off fairly.. 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