In a news release, Torchlight Energy Resources Inc. (TRCH:NASDAQ) provided an update on its Orogrande basin oil and gas project in Texas.
The energy company temporarily halted field operations there in compliance with Governor Greg Abbott's order to stay at home through April 30 at least. "The safety of our operations team, as well as the field personnel of the service companies, is our first priority," CEO John Brda said in the release. He added, however, that as soon as Abbott lifts the mandate, Torchlight intends to immediately pick up where it left off.
Those efforts include completing the installation of a gas lift system on its oil producing Cactus #1H well in the Penn silt pay zone. The new system should increase the hydrocarbon the well produces by reducing the hydrostatic pressure on the dually porous formation, the company noted.
Also, the Texas-based firm will conduct a fracture treatment on the Founders A25 #2 well in the Atoka formation, the first on Torchlight's acreage to recover hydrocarbons from a conventional zone. Most recently, swab testing of the well was done, during which it recovered oil and gas but did not produce any formation water.
"Torchlight's focus has been on unlocking the unconventional resources in our Orogrande Basin acreage," stated Greg McCabe, chairman of the Torchlight's Board of Directors. "Our recent oil production from the Cactus well out of the unconventional Penn silt is a true game changer. Now that we have recovered hydrocarbons from the conventional Atoka formation, our upside potential has increased dramatically."
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