Torchlight Energy Resources Inc. (TRCH:NASDAQ) provided in a news release an operational update on its Orogrande Basin assets.
As for Torchlight's Cactus A35 #1H well in the Penn formation, results from two samples taken from it are in. They showed 37.8 and 41.7-degree gravity API, or light crude, the type of oil that commands the highest prices.
"We are encouraged by the results coming from the newly discovered Penn Formation and feel that we are very close to proving its potential for commercial oil and gas recovery," CEO John Brda said in the release.
Also, removing frack water from the A35 well resulted in ridding it of about 29% of the load "with consistent gas entry and an intermittent oil cut," the release noted. Next, the company will adjust the electric submersible pump, identify obstructions of and remove debris from it. That pump should be back in operation soon "to re-establish consistent recovery," according to the release.
Subsequently, Torchlight will measure and announce initial oil and gas production numbers. It will use those data to determine the well's multistage fracking potential and to share with potential suitors of its Orogrande project in their ongoing discussions.
Regarding Torchlight's Founders A25 #2 well, an evaluation of the initial drilling data identified numerous conventional pay zones. Now, following the setting of casing and the compilation of various logs, the company will generate cased hole logs and a cement bond log to verify the data and cement bond for completion.
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