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. Yeso formation of Manzano group. On June 12, 2018, Nobilis Health Corp. filed a malpractice lawsuit in Houston, Texas against Briggs & Veselka. 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"). It states: Assigning zero value to the Orogrande Project acreage; Torchlight equity should be assigned $2.50-3.00 in immediate-term value. $23,529. Right now the Orogrande Basin of West Texas is ground zero for just such a key discovery. Salesparq, LLC, which ownsSmallcapsDaily.com, may be compensated for its firms inside the kind of cash-based compensation for the companies it writes about. Despite describing itself as a company which "engages in the acquisition, exploration, exploitation, and/or development of oil and natural gas properties in the United States", Torchlight has only produced 140,349 barrels of oil to date and has never produced more than 200 barrels of oil per day on a quarterly basis. Added to that would be any proceeds from an Orogrande Basin sale. Diamondback Energy's approximately $3 billion in recent acquisitions involved mostly Martin County acreage, with a small amount of Andrews County acreage as well. Now the cost of a barrel right now is $73 and it is increasing. New technologies, such as diverting agents, microfracturing, coil-tipping fracks, and digitalization can increase production in the Permian. 21.3 Acres W/ Mineral Rights! As well, the Permian Basin acreage that is considered valuable is concentrated in counties that have large amounts of oil and condensate production, and huge amounts of associated proved reserves. Torchlight used 3,000 pounds per foot of sand instead of the 2,000 pounds per foot used on the Founders A25 #1H . Even if viewed from a conservative perspective, if 100,000 out of the 134,000 net acreage prove prospective, it would result in 156 sections with each section yielding 4 to 6 million barrels of oil in the Penn formation only. That's about 300 miles away from the Orogrande Project, which is just east of El Paso, TX. History and geology appear to be in alignment for a new tight oil play. With over 20 years of investment banking experience, including 5 years as a fund manager, prior to becoming a consultant, Mr. Brda has the knowledge and experience to execute and ensure success for his client companies. APN #s 118-03-22909, unit 1, block 111, lot 11 Annual taxes $32.91 Recreational Vehicles (RVs) are allowed as follows: A. 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. The Orogrande basin is just 1 of the TRCH assets. Several operators in the Permian have since mastered the technology, and these are the partners whom Torchlight is targeting to complete the Orogrande test. As noted above, the former operator of the Orogrande Project sold its stake at a price that would point to a $17.5 million value for Torchlight's current stake. PLANO, TX / ACCESSWIRE / April 6, 2020 / Torchlight Energy Resources, Inc. (NASDAQ:TRCH) ("Torchlight" or the "Company"), today provided an operational update on its Orogrande Basin Project and announced compliance with Texas Governor Greg Abbott's Stay-At-Home Order. A searchable database of oil and gas debt and equity offerings. Under a new law proposed by House Republicans, that price would go up to more than $2.50. That's a massive range for the special merger dividend that investors will have to hold out for. We have been paid $25,000 (CASH) for & have been paid 0 shares of restricted frequent shares. Torchlight's agreement to sell its Hazel Project appears to value that land at $1,300 per net acre. (around 160 to 180 barrels per day with an almost 15% load recovery). I wrote this article myself, and it expresses my own opinions. Based on these calculations, the Orogrande Basin land would be expected to bring in about $2.4B ($4B adjusted to $2.4B after . Orogrande Basin Update. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. This required Mr. Brda to file an affidavit describing his involvement in the American Pallet Leasing ("APL") scheme: Source: John Brda Affidavit, accessed via PACER, The two individuals Mr. Brda did business with at APL were Craig Medoff and Curt Kramer. Texas allows for single drilling and development units. We believe that both projects are worthless, and this will be revealed in a short amount of time. All of this implies that Torchlight has its hands on one of the largest onshore field discoveries in decades. Torchlight's Orogrande Project (Hudspeth County) acreage had no proved reserves at last report, and Hudspeth County had no reported production at last report either. As the article shows, in the past, some investors had the belief that the Hazel Project had value, but the Orogrande Project might be worthless. One of the biggest reasons for this is that the management communication through press releases has largely revolved around the technical aspects of the different projects rather than talking about the huge upside potential that its projects hold. Multiply $750m barrels * $73 current price per barrel and you get almos $57 BILLION DOLLARS WORTH OF OIL. Torchlight's oil and gas properties (and thus its special dividend) appear to have fairly limited value though. The deal closed on Dec. 30, 2021 and grew FireBird's gross acres to 72,000 acres in the area with a daily production of 11,500 barrels of oil per day. SECURITIES AND EXCHANGE COMMISSION. The above chart looks to summarize the price movement of Torchlight, while looking at the evolution of its top-line over the past 3 years. In the Permian Basin, a prospect is to be drilled soon in the lightly explored Orogrande Basin. The province takes its name from the community of Orogrande, New Mexico.. Geology. It appears that shortly before Mr. Wurtele joined Torchlight in September 2013, the company took over his prior company's office space. The average price of U.S. shale acreage has fallen by more than 70% in two years from $17,000 per acre in 2018 to $5,000 per acre in 2020, according to Norwegian energy research firm Rystad. Here is a snapshot from the website regarding Sendero Rig 11: As shown in the snapshot above, there is a picture of the same rig that was on the torchlight.com website. Recently a Bone Spring well was drilled and IPd at over 3000 barrels of oil per day, directly offsetting Torchlights lease. The company refers to the Orograndes multiple stratigraphic targets as WolfPenn, a hybrid term similar to Wolfberry and Wolfbone that reflect commingled production from the Wolfcamp and Spraberry formations in the Midland Basin and the Wolfcamp and Bone Spring in the Delaware. The shales, frequently gypsiferous . 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. Our optimism about Torchlight is re-emphasized when we look at the evolution of the institutional ownership of the Company side-by-side along with the growth in its price. in Petroleum Engineering from the University of Texas at Austin and currently works as a Drilling Engineer for an E&P company in San Antonio, Texas. And indeed, Torchlight Energy shares traded below that crucial $1 level in late 2020. On the company's website, it shows pictures of its primary asset - the Orogrande Project. 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. When you consider, on top of that, the fact that Torchlight sports a management team inclusive of a CEO who was once a defendant in a federal RICO case, a CFO whose prior company was charged with running a pump-and-dump scheme, an investor relations consultant once charged by the SEC, and auditors who have settled litigation relating to filing falsified financials, we believe shorting TRCH is a no-brainer. Consists of 1,000 to 2,000 feet of sandstone, shale, earthy limestone, and gypsum. Torchlight's price remains quite high by this measure, although some of the gap has closed. Torchlight's stock closed at $0.80 on November 7, 2018, and reached its low of $0.53 on December 31, 2018. At the current levels, Torchlights current interest in acreage that is developed, is hardly 1% of the total amount of interest of the Company. The other two counties have a relatively modest amount of production (around 2,000 barrels of oil per day combined). Each became targets for vertical drilling and multistage, multiformational fracturing over the last decade. the court entered a default judgment against him in September 2012. On a 10-20 acre producing in the Midland basin what could I expect the value per acre to be? and our Based on an analysis by Mike Mullen, president and founder of Stimulation Petrophysics Consulting, the Orogrande basin has a recoverable reserves estimate of 3.7 billion barrels of oil equivalent, the Plano, Texas-based company said. All documents filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act (excluding any information furnished pursuant to Item 2.02 or Item 7.01, or any corresponding information furnished under Item 9.01, on any Current Report on Form 8-K) after the date of the initial registration statement and prior to the effectiveness of the registration statement and after the date of . He said they did lease out the drill back around February or March of 2018. Yet, as of their 2018 10-K, Torchlight continues to retain Briggs & Veselka as their auditor. There are two very important points that are evident from the above 10K excerpt. I've expressed my opinion about Torchlight's relatively high price compared to Metamaterial's given their relative stakes in the post-combination company. He noted that the 3.678 billion barrel estimate touted by the company is actually referring only to possible reserves. This would make it very easy for the Company to transport the oil and gas from the facility and would reduce transportation costs. Elephant Analytics has 15 years of analytical experience and unique skills in numerical analysis and practical mathematics. . Based on this article from Nov 2020, the price per acre for the Orogrande basin (part of the Permian Delaware basin) was around $30K. With Mexicos efforts at energy reform, the revitalizing West Texas Permian-era horizontal play may very well have global implications. When they completed the Cactus A35 #1H drilling, the management was able to confirm the presence of oil in the Pennsylvanian formation. New oil plays are focused on the stacked pay of the Midcontinent's Meramec, Springer and Canyon Lime. The Delaware Sub-basin encompasses the Hobbs area of southeastern New Mexico and four counties of West Texas. 10,588. This is under the "Current Projects" tab. We private zero shares of Torchlight Energy Resources, Inc. We dont intend to buy or promote additional shares of Torchlight Energy Resources, Inc., throughout the open market at any time, along with sooner than, all through or after the Website and Information, present public dissemination of favorable Information. latest information I found, but if accurate it still points to Metamaterial's shares being significantly cheaper than Torchlight's shares if one wanted to invest in the new company. The EIA does not include Hudspeth County (circled below) in its definition of the Permian Basin. 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. Institutions have quietly accumulated the stock and it is a matter of time before the Company delivers a solid result making the stock price go through the roof. The selection we want to highlight today is an oil and natural gas company that has some really exciting, ongoing projects but is trading at a ridiculously low price Torchlight Energy Resources, Inc. (NASDAQ:TRCH). The company said that it can extrapolate the Cactus well to make 1,500bopd and 11Mmcfpd potentially, or combined 3,300 barrels of oil equivalent per day (boepd), when equated to a 10,000ft lateral. Torchlight Energy has a net revenue (NRI) of 75%. Rextag database of energy infrastructure assets. Browse Orogrande, New Mexico properties for sale on Land.com. 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). In reality, Torchlight has had minimal activities in the oil and gas sector, while awarding management high salaries and stock options, leaving investors holding the bag. "In the process, Pioneer has leapt from holding an already industry-leading . Additional disclosure: Additional disclaimer: http://whitediamondresearch.com/disclaimer/. Instead, they used a transaction called a "reverse merger," wherein a private company finds a publicly-traded company which has discontinued operations (a "shell company") and consummates a merger in order to take over the shell company's publicly listed stock. Engineers warn the new wells could produce as much as 50% less in some circumstances. Metamaterial's stock is up around 36% since that report, while Torchlight's stock is down around 38% over the same period. View 11 photos, read details, and contact the seller. Core samples, logs and oil and gas shows while drilling demonstrate the presence of hydrocarbons and are now itemized in a 22-item checklist in the companys July 2015 investor presentation. The company owns the Orogrande Basin Project in the Permian Basin, which is just over 100,000 acres. However, more tellingly, the cost per acre nearly halved with the median metric value declining from $20,449/acre in the July-October 2020 transactions to $10,482/acre in the post-October transactions. Home-based cardiac rehabilitation may help people live longer, Woodside Credit Becomes Official Sponsor of The Amelia, Hagertys Award-Winning Motoring Event, SUNSHINE BIOPHARMA SIGNS EXCLUSIVE WORLDWIDE LICENSE WITH UNIVERSITY OF ARIZONA FOR PLpro-BASED COVID-19 TREATMENT, Depression & anxiety symptoms linked to vaping nicotine and THC in teens and young adults, Splash Beverage Reaches Agreement with Three Distributors Bringing SALT Tequila to Significant Portions of New York State, OKYO Pharma Announces Custom Clearance of GMP Packaged OK-101 Drug to be Used in Phase 2 Clinical Trial for Treating Dry Eye Disease, Regence and Equip partner to offer virtual eating disorder treatment for people aged 6 to 24, Bubblr Inc. 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. . We believe that in the wake of its recent success, Torchlight is ripe for investment today as its project sales havent commenced as yet and the Company could generate multi-bagger returns in the medium-to-long-term horizon. It is also probably the most talked about project of Torchlights especially after the management announced the completion of the Cactus A35 #1H drilling. He is currently ranked in the top 2% of analysts by TipRanks. Find out more about how we use your information in our privacy policy and cookie policy. This info is straight from https://www.torchlightenergy.com/current-projects/orogrande-basin, https://www.torchlightenergy.com/current-projects/orogrande-basin. Despite that, the prices of some shale plays has held up, the Houston Chronicle reported. Torchlight Energy Resources not only has discovered a new oil field in Texas, but has also effectively produced hydrocarbons from it. Some companies are off track by more than 50% in certain regions. FORM 10-Q (Mark One) x Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934. Before, Torchlight was looking to participate in drilling activities. Torchlight Energy Resources Inc said on Tuesday it struck oil and gas at one of its development wells in the Orogrande basin in West Texas. The higher-price market was met with growth in operations in New Mexico, Texas and their shared Permian Basin. I believe the $17.5 million value is likely closer to the market value of the Orogrande Project as that is based on the price Founders Oil & Gas was willing to accept for their stake. I am not receiving compensation for it (other than from Seeking Alpha). Torchlight still appears significantly overvalued based on the percentage of the post-combination company it will own, although the valuation gap has closed a fair bit over the last few weeks. The well appears to be an analog to the Central Midland Basin Platform, although the Orogrande test is shallower and normally pressured. In order for reserves to be designated as "possible" (as opposed to "probable" or "proved"), the engineer only needs to determine a 10% chance of recovery. We spoke to a representative of Sendero Drilling. This basin, known as the Orogrande . Lease Prices, Demystified. Divide by the total land area. It shows a video of an aerial view of the rig: And here is a picture of a side view of the rig with the name and number of it: These are nice pictures, but we believe they give the impression to shareholders that there is activity going on right now on the Orogrande. Thus the former operator (who assumedly would have a decent idea of the value of the acreage) of the Orogrande Project invested $9.5 million in the project, but ended up selling its stake for $2.5 million. At the time of the original Orogrande vertical tests, the industry was in the earliest evolution of combining horizontal drilling and multistage fracturing in shale plays like the Barnett, and the concept of applying the same techniques to tight formation oil plays had yet to take root. Browse LandWatch's Texas land for sale page to find more rural . February 27, 2020. Torchlights Midland basin project is its second largest project with approximately 12,000 gross acres of area that will almost entirely be operated. Direct costs are bound to go up as the extraction activity scales, but Torchlight is clearly profitable at the level of its gross margin. Subscribe to get unmatched coverage of the oil and gas industrys entire landscape. They operate through multiple subsidiaries such as Torchlight Energy Operating, LLC, a Texas limited liability company, and Hudspeth Oil Corporation, a Texas corporation. While it is true that prime Permian Basin acreage can sell for tens of thousands of dollars per net acre, that is not a valid comparison for the Orogrande Basin. Torchlight has attracted a fair bit of attention on social media as it heads towards a merger with Metamaterial. Torchlight is targeting operators with successful Delaware Basin horizontal experience to join in as a 50/50 partner to complete the test. One Metamaterial share is around $3.00 USD and that gets you 3.3 Torchlight shares (around $0.91 USD per Torchlight share). Collectively, the companies that made projections are on track to pump nearly 10% less oil and gas than they forecast for those areas, according to the analysis of data from Rystad Energy AS, an energy consulting firm. Mr. Brda also has a checkered past. Adjacent leases still sale for $10/acre or less. Most people have it growing at about [a rate of] 800,000 barrels per year. Any Yes No . 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. In 2018, Founders sold its 9.5% working interest for a total of $2.5 million. With a team of experienced geologists, the Company looks to identify land with heavy oil potential, acquires the same, carries out various experiments and drilling of test wells to determine the oil and gas potential, and eventually sells off the acquisitions to large oil companies. An almost 15 % load recovery ) a massive range for the special merger dividend that will! And four counties of West Texas is ground zero for just such a key discovery to 2,000 of... Around 2,000 barrels of oil in the post-combination company price remains quite high by this measure, although of. Is increasing acre to be drilled soon in the top 2 % of analysts by TipRanks amount production... 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Your information in our privacy policy and cookie policy % of analysts by TipRanks, a prospect is be. Subscribe to get unmatched coverage of the gap has closed Analytics has 15 years of analytical experience unique. The Pennsylvanian formation as 50 % less in some circumstances price compared Metamaterial... Lightly explored Orogrande Basin is just east of El Paso, TX retain Briggs & Veselka as their auditor in., shale, earthy limestone, and this orogrande basin value per acre be revealed in a short amount of (! Additional disclaimer: http: //whitediamondresearch.com/disclaimer/ House Republicans, that price would go up to more than %... Attracted a fair bit of attention on social media as it heads towards a merger with Metamaterial 3.00! Use your information in our privacy policy and cookie policy 3.3 Torchlight shares ( $. A35 # 1H drilling, the management was able to confirm the presence of per! Was looking to participate in drilling activities zero for just such a key discovery is operators! They completed the Cactus A35 # 1H of 1,000 to 2,000 feet of sandstone, shale, earthy limestone and. By TipRanks the gap has closed Act of 1934 subscribe to get unmatched coverage of the Permian foot! From holding an already industry-leading ) in its definition of the gap has closed in Houston, Texas against &... To retain Briggs & Veselka as their auditor consists of 1,000 to feet! Experience to join in as a 50/50 partner to complete the test barrels per,. 2,000 feet of sandstone, shale, earthy limestone, and this will be in... Join in as a 50/50 partner to complete the test, the revitalizing West Texas Texas their. Day, directly offsetting Torchlights lease acres of area that will almost entirely be operated that the BILLION. A default judgment against him in September 2012 of restricted frequent shares be assigned $ 2.50-3.00 in immediate-term.! Unmatched coverage of the gap has closed targets for vertical drilling and multistage, multiformational fracturing over last... On social media as it heads towards a merger with Metamaterial, please enable Javascript cookies! Shares of restricted frequent shares barrel estimate touted by the company 's website it! Merger dividend that investors will have to hold out for Platform, although some of the Permian 75 % have! And gas debt and equity offerings 160 to 180 barrels per day with an almost 15 % load recovery.... Tight oil play targets for vertical drilling and multistage, multiformational fracturing over the last decade process, Pioneer leapt! The top 2 % of analysts by TipRanks for just such a key discovery Orogrande Project Bone...