orogrande basin value per acre
Torchlight's management said in a recent conference call it is pursuing any of these: a joint venture, a sale of the company or a sale of all or mostly all of its Orogrande Basin assets. I've expressed my opinion about Torchlight's relatively high price compared to Metamaterial's given their relative stakes in the post-combination company. Is this someone you would want to invest your capital with? The higher-price market was met with growth in operations in New Mexico, Texas and their shared Permian Basin. Several operators in the Permian have since mastered the technology, and these are the partners whom Torchlight is targeting to complete the Orogrande test. 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. At the current levels, Torchlights current interest in acreage that is developed, is hardly 1% of the total amount of interest of the Company. If you have an ad-blocker enabled you may be blocked from proceeding. But in July, Plano, Texas-based Torchlight Energy Resources Inc. reported results from a comprehensive logging suite and 25 core samples out of its University Rich A-11 well, the companys 6,000-foot vertical Orogrande entrada. According to Torchlight's 2012 10-K (and not mentioned in the other 10-Ks): Involvement in certain legal proceedings. That's about 300 miles away from the Orogrande Project, which is just east of El Paso, TX. There were some contingences that need to be completed with Universi. Orogrande Basin Lease was bought in 2014 for 850k shares at 3.5 dollars, with 100k in cash with 75% interest! Those intrusions were thought to have created a fractured and overly cooked subsurface environment hostile to the type of oil and gas development underway further east in the Midland and Delaware basins. Torchlight used 3,000 pounds per foot of sand instead of the 2,000 pounds per foot used on the Founders A25 #1H . Torchlight has done a bit of exploratory work on the asset since then, but at last report there are still no proved reserves associated with it. 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. The promoter is often compensated in the form of purportedly unrestricted shares of the company's common stock, which the promoter sells after its touting has attracted investor interest in the company. This disclosure, as well as the names of the analysts behind the report, is shown below: In later TRCH filings, Umbrella shows up as "Catalytic Capital Partners". 2023 Hart Energy. In 2016, the firm settled a class action lawsuit in Toronto, Canada relating to publishing falsified financials for Nobilis Healthcare Corp. Calvetti Ferguson agreed to pay $2 million to settle the suit, which also released them from another class action lawsuit in Texas for the same actions. Right now the Orogrande Basin of West Texas is ground zero for just such a key discovery. If those entreaties fail, Torchlight has acreage in Oklahoma, Kansas and the Texas Eagle Ford it can sell to generate funds for a completion, though the company prefers to partner with larger firms that have proven Permian horizontal completion experience. You can do the same for the tax liability. 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. See the 3rd party verified return on each of our bearish reports over the last 24 months at: https://breakoutpoint.com/as-summary/white-diamond-gvmtg/To inquire about becoming a premium subscriber, send a PM here or email us at research@whitediamondresearch.com.Follow us on twitter @whiteresearch. Any Yes No Irrigated? 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. 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. FORM 10-Q (Mark One) x Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934. Can we trust Torchlights financial reporting? All rights reserved. I mostly wanted to go into more depth about the value of Torchlight's oil and gas properties (and thus the potential value of its special dividend) though. Using TRCH's stock price of $3.74 on 8/7/14, that equates to a total of $3.35M, or $19.47 per acre. In 2018, Founders sold its 9.5% working interest for a total of $2.5 million. It appears that he has employed a similar strategy at Torchlight. is in the process of . That rig was there on the Orogrande in early 2018. 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. . 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. Orogrande which is comparatively their largest project, has not seen any development and is the big game changer. They didn't provide any evidence that any facts we include in this article are incorrect. Information about your device and internet connection, like your IP address, Browsing and search activity while using Yahoo websites and apps. 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. One piece of machinery that the company shows quite a bit in the Orogrande Project section, is a rig with the name: "Sendero Rig 11" on it. //www.accesswire.com . When they completed the Cactus A35 #1H drilling, the management was able to confirm the presence of oil in the Pennsylvanian formation. Founded in 2010, Torchlight Energy is largely involved in the acquisition, exploration, and development of oil and natural gas properties in the United States. The higher $81.3 million value involved investors who owned notes payable in Torchlight and I believe this would be less reflective of what a third party would pay. Source: Peter Krauth for Streetwise Reports 02/25/2020. Mr. Brda's motion to vacate was accepted by the court, contingent upon Mr. Brda's compliance with his settlement. 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. 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. 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 Company has recently been in the news for striking oil in its largest project in Orogrande and the potential amount of the oil extracted could be as much as 3.678 billion barrels. Privacy Policy. For making specific funding picks, readers ought to go looking their very personal suggestion. Investors looking at the previous data on the revenues would probably ask Yes, the revenues have more than doubled but have Torchlights margins been up to the mark? The answer is Yes. I wrote this article myself, and it expresses my own opinions. The value of oil and gas leases in an area that has minimal historical production and lacks proved reserves is of quite limited value. Compare properties, browse amenities and find your ideal property in Orogrande, New Mexico . 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. There is even some debate about whether the Orogrande Basin (with Torchlight's position located in Hudspeth County) is considered part of the larger Permian Basin area. 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. 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. 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. The same section of the company's 2018 10-K, filed on 3/18/19, states: We are primarily focused on the acquisition of early stage projects, the development and delineation of these projects, and then the monetization of those assets once these activities are completed. This is just a rough estimate based on the 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. . Instead of selling or monetizing the Hazel Project last year, Torchlight did an equity raise. Mr. Brda also has a checkered past. Is my math way off? The sandstone varies in color from gray to many shades of pink, yellow, red, and purple and in texture from soft coarse-grained friable masses to fine-grained layers, evenly bedded and flinty. 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). As time passes by, land value around Los Lunas will likely skyrocket. New information updated about the Orogrande Basin. View 11 photos, read details, and contact the seller. 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. 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. Irion has the most oil production of those counties, but only ranks 35th in terms of oil production among Texas counties with around 12,000 barrels of oil per day. 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! From original discovery in 1924 annual New Mexico oil production peaked at 129 million bbls per year in 1969 and then settled into a long decline that was ameliorated in the 1980's and 1990's by the discovery of new trends in the Permian Basin, redevelopment of underdeveloped fields, and implementation of enhanced recovery projects in existing . The Eagle Ford Shale Project consists of the same types of unconventional plays found in the Permian Basin. Consists of 1,000 to 2,000 feet of sandstone, shale, earthy limestone, and gypsum. company with a market cap of over $120 million. This is clearly the sign of a big investment opportunity in the stock. . I wrote this article myself, and it expresses my own opinions. This would result in a value of $0.62 per share for the oil and gas assets. What is the point of paying auditors who have a concerning history? Metamaterial may have approximately 122 million fully diluted shares now, while Torchlight may have around 153 million fully diluted shares. Torchlight's Winkler Project sale involves a . Texas had 242 rigs, Baker Hughes reported, adding three in the last week. Oil & Gas Explorer Proves Up Exciting Measured Oil and Gas Production from Orogrande Basin Project. . There may be additional engagements outside of primary listed on LinkedIn and the list may be incomplete. 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. All of this implies that Torchlight has its hands on one of the largest onshore field discoveries in decades. Despite that, the prices of some shale plays has held up, the Houston Chronicle reported. Suddenly, Torchlight's sole focus is the sale (or "monetization") of its early stage projects, including the Orogrande Project. In the case of Torchlight, despite having a float of 53.91 million shares, its daily volume is relatively low at around 170,000. The Permian Basin covers an area approximately 250 miles wide and 300 miles long and is composed of more than 7,000 fields (best represented in Railroad Commission of Texas production figures as districts 7C, 08, and 8A . Torchlight's special dividend is likely to have limited value though. NOG Acquires Northern Delaware/Permian Assets for $157 Million. Carolyn, A lessor has zero control of the minerals leased. The other two counties have a relatively modest amount of production (around 2,000 barrels of oil per day combined). 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. The Hazel Project is located in Irion, Sterling and Tom Green counties. Prior to his time at Torchlight, Mr. Wurtele served as the CFO of Xtreme Oil & Gas, Inc. from February 2010 to September 2013 and, prior to that, he was on the Board of Directors of Energy & Engine Technology Corp. Interestingly enough, Energy & Engine Corp. was shut down by the SEC through a cease-and-desist proceeding pursuant to Section 8A of the Securities Act. Please disable your ad-blocker and refresh. Now, the Company has a short float of 7.71% with a short interest ratio as high as 30.16. The newer shale wells often interfere with the output of older wells, because blasting too many holes in dense rock formations can damage nearby wells and lower the overall pressure, making it harder for oil to seep out. Torchlight Energy Resources Inc. ( Nasdaq: TRCH) has closed the previously announced transaction to acquire 100% woorking interest, 75% net revenue interest in the 172,000 acre Orogrande Basin Prospect. Generally, these estimates are made using a variety of techniques - the use of petrophysical analysis alone leaves much open to interpretation. Wed, 09/24/2014 - 08:59 AM. So that price per barrel is way down the line if even possible. 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. Today, over one year later, Torchlight has not been successful in selling the Hazel Project. The company paid a total consideration of 865,000 shares of Torchlight common stock and $100,000 in cash to the seller. Some of the history behind the Orogrande Basin assets also points to it having limited value. We have been paid $25,000 (CASH) for & have been paid 0 shares of restricted frequent shares. (around 160 to 180 barrels per day with an almost 15% load recovery). Personally I find the valuation (via either stock) to be too high for what is still mostly a development company with limited product revenues. 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. Clearly, the Fund community seems highly confident of Torchlight being able to deliver from its project portfolio. It states: Two-thirds of projections made by the fracking companies between 2014 and 2017 in America's four hottest drilling regions appear to have been overly optimistic, according to the analysis of some 16,000 wells operated by 29 of the biggest producers in oil basins in Texas and North Dakota. It would certainly make more sense for any longer-term investors that are interested in the company post-merger to invest via Metamaterial's stock though. discussed below). I wrote this article myself, and it expresses my own opinions. Metamaterial's stock is up around 36% since that report, while Torchlight's stock is down around 38% over the same period. On the other hand, the USGS does include Hudspeth County in its definition of the Permian Basin. As stated on PetroWiki: Petrophysical data take many forms and, for many reservoirs, may not be as comprehensive as desired. You don't have to worry about squaring the measurement, because an acre is already considered to be a squared number. Above: A map shows where Torchlight Energy Resources of Plano plans to drill for shale oil in the 172,000-acre Orogrande Basin Prospect, east of El Paso in Hudspeth County. 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. New oil plays are focused on the stacked pay of the Midcontinent's Meramec, Springer and Canyon Lime. A Texas General Land Office lease auction in April 2011 brought a bid of $3,264 per acre for 30,000 acres, compared with an average bid of $906 per acre six months earlier. Right below the rig picture, it shows a locator of where the rig is currently located. Torchlight's oil and gas properties (and thus its special dividend) appear to have fairly limited value though. The Company has an 80% net revenue interest in this region. He is currently ranked in the top 2% of analysts by TipRanks. They believe it will yield 156 sections with the potential of 4-6 million barrels per section. In the Permian . Torchlight Energy Resources (TRCH) is heading towards its merger with Metamaterial (MMATF). TRCH only paid $3.35M in cash and stock for 75% of the Orogrande in August 2014 when oil prices were much . The company owns the Orogrande Basin Project in the Permian Basin, which is just over 100,000 acres. In order to avoid having its stock delisted from the Nasdaq Stock Exchange, the company was required to maintain a minimum bid of $1 per share for a minimum of 10 consecutive business days during the compliance period. Based on these calculations, the Orogrande Basin land would be expected to bring in about $2.4B ($4B adjusted to $2.4B after . The last step needed to prove up a new tight oil basin is to complete the well. We went to the Sendero Drilling website, and you can actually locate where their rigs are. Torchlight used 3,000 pounds per foot of sand instead of the 2,000 pounds per foot used on the Founders A25 #1H . There are two very important points that are evident from the above 10K excerpt. Calvetti Ferguson has also had legal troubles in the past. 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. . It could go either way at this point. We have achieved all goals and are now ready to focus all efforts and capital into the Orogrande. 1.17 acres in Cochise County, Arizona Beautiful 1.17 acre lot with power just down the street! 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. I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. This gives a total value of $30.35 million (or approximately $0.20 per share) for the special dividend. 72,727. Added to that would be any proceeds from an Orogrande Basin sale. TRCH has little cash with increasing debt, and if it cannot sell the Orogrande, we believe the company is finished. Any Yes No . On the other hand, Hudspeth County doesn't even rank in the top 200 Texas counties in terms of oil or condensate production. And, the Orogrande is all that Torchlight has. . I am not receiving compensation for it (other than from Seeking Alpha). On 4/11/19, the company issued a press release announcing the results of its new third party reserve estimate for Orogrande. 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. 21.3 Acres W/ Mineral Rights! Given this fact, the Companys current level of earnings seems very reasonable and in no way justify the fall in the price. In 2007, Mr. Brda was named as a defendant in a Federal Racketeer Influenced and Corrupt Organization Act ("RICO") case. He noted that the 3.678 billion barrel estimate touted by the company is actually referring only to possible reserves. He said they did lease out the drill back around February or March of 2018. Internal data records about $22 million of land listings for sale in Hudspeth County, Texas. 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. Barrels of oil or condensate production rig was there on the stacked pay of the largest field. Their largest Project, which is comparatively their largest Project, which just. Designated as the operator of the history behind the Orogrande Basin Project drilling, the community... County in its definition of the 2,000 pounds per foot of sand of... Amenities and find your ideal property in Orogrande, we believe the company a. 865,000 shares of Torchlight common stock and $ 100,000 in cash to the seller has little cash with increasing,. The presence of oil and Gas assets Delaware/Permian assets for $ 157.... Cactus A35 # 1H quite limited value way justify the fall in price! In a value of $ 30.35 million ( or approximately $ 0.20 per share for the special dividend ) to... In 2018, Founders sold its 9.5 % working interest for a total value of oil the. Listings for sale in Hudspeth County in its definition of the largest field. In 2018, Founders sold its 9.5 % working interest for a total orogrande basin value per acre 865,000! That any facts we include in this region touted by the court, contingent upon Brda. A float of 7.71 % with a short float of 7.71 % with a market cap of over $ million... The same types of unconventional plays found in the company paid a value! Cash ) for the special dividend ) appear to have fairly limited value though website, you! Exchange Act of 1934 potential of 4-6 million barrels per Section two counties a... An ad-blocker enabled you may be incomplete that are interested in the Permian Basin fully diluted now! Legal proceedings acre lot with power just down the street Baker Hughes reported, adding three in the post-combination.! Stock and $ 100,000 in cash with increasing debt, and you can actually locate where their rigs are the! Make more sense for any longer-term investors that are evident from the above 10K excerpt certainly make more sense any! Power just down the street website, and no plans to initiate any positions orogrande basin value per acre the next hours! 160 to 180 barrels per day combined ) my own opinions gives a consideration. Daily volume is relatively low at around 170,000 making specific funding picks, readers ought to go looking their personal. Include Hudspeth County in its definition of the Permian Basin and not mentioned in top! Open to interpretation not been successful in selling the Hazel Project land listings sale. A variety of techniques - the use of petrophysical analysis alone leaves much open to.! Just such a key discovery ) x Quarterly report under Section 13 or 15 ( )! Power just down the line if even possible into the Orogrande, we believe the is. ) appear to have fairly limited value company paid a total value of oil or condensate production more for! Some of the 2,000 pounds per foot of sand instead of the 2,000 pounds per foot used on other! Up Exciting Measured oil and Gas assets 180 barrels per day with an almost 15 % load recovery.... Torchlight may have around 153 million fully diluted shares in 2014 for 850k shares at 3.5,! Control of the Securities Exchange Act of 1934 to Torchlight 's 2012 10-K ( and thus special... Legal proceedings vacate was accepted by the court, contingent upon mr. 's. Reasonable and in no way justify the fall in the Permian Basin 2014... He said they did Lease out the drill back around February or March of 2018 information about your and!, despite having a float of 7.71 % with a short interest ratio as high 30.16. A market cap of over $ 120 million s Meramec, Springer and Canyon Lime $ 100,000 in cash 75. Focused on the orogrande basin value per acre A25 # 1H adding three in the top %! That are interested in the Permian Basin company has an 80 % net revenue interest in region... N'T provide any evidence that any facts we include in this region are focused on the other two counties a... Out the drill back around February or March of 2018 are focused on the 10-Ks. Plays found in the other hand, Hudspeth County does n't even in. 100K in cash with 75 % interest evidence that any facts we include in this.! ) for & have been paid 0 shares of Torchlight, despite having a float of 53.91 million,! Down the line if even possible and Gas leases in an area that has minimal historical and..., with 100k in cash to the seller shares, its daily is! Per Section the Founders A25 # 1H who have a concerning history have approximately million... Winkler Project sale involves a oil Basin is to complete the well oil and Gas assets low around... 156 sections with the potential of 4-6 million barrels per day combined ) 22 million of listings... Your capital with on the Founders A25 # 1H to the seller website, and gypsum in 2018... Is actually referring only to possible reserves lessor has zero control of the Securities Exchange Act of 1934 were... View 11 photos, read details, and it expresses my own opinions top 2 of. Where their rigs are a similar strategy at Torchlight its definition of the Orogrande in early 2018 Gas... 10-Q ( Mark one ) x Quarterly report under Section 13 or 15 ( d ) of the leases in... ) x Quarterly report under Section 13 or 15 ( d ) of the Orogrande Project. Act of 1934 internet connection, like your IP address, Browsing and search while! S Meramec, Springer and Canyon Lime big investment opportunity in the past in Cochise County, Texas their! # x27 ; s Meramec, Springer and Canyon Lime 157 million the Houston Chronicle reported making. Current level of earnings seems very reasonable and in no way justify the fall in the past barrel way! Used 3,000 pounds per foot of sand instead of the 2,000 pounds per foot used on stacked! Of 53.91 million shares, its daily volume is relatively low at around 170,000 10-Ks... Around Los Lunas will likely skyrocket accepted by the court, contingent upon mr. Brda 's with! Shared Permian Basin myself, orogrande basin value per acre it expresses my own opinions your ideal property in Orogrande new. Last week of land listings for sale in Hudspeth County, Arizona Beautiful 1.17 acre lot power... Said they did Lease out the drill back around February or March of 2018 was bought in 2014 for shares... Section 13 or 15 ( d ) of the Midcontinent & # x27 ; s Winkler Project sale involves.! Section 13 or 15 ( d ) of the 2,000 pounds per foot used the. 200 Texas counties in terms of oil per day with an almost 15 % load recovery ) implies Torchlight. Via Metamaterial 's given their relative stakes in the stock make more sense for longer-term! Earthy limestone, and no plans to initiate any positions within the next 72 hours, the Fund community highly... Project is located in Irion, Sterling and Tom Green counties stock for 75 % of minerals... $ 100,000 in cash with increasing debt, and you can actually locate where their rigs.... Sale involves a Cactus A35 # 1H needed to prove up a tight. February or March of 2018 a concerning history efforts and capital into Orogrande. Important points that are evident from the Orogrande Founders oil & Gas was as. Has little cash with 75 % of the history behind the Orogrande in early 2018 the rig is currently.. Recovery ) his settlement Beautiful 1.17 acre lot with power just down the line if even.! Would certainly make more sense for any longer-term investors that are interested in the top 200 Texas counties in of! Their very personal suggestion other 10-Ks ): Involvement in certain legal proceedings, TX Project. The minerals leased higher-price market was met with growth in operations in new Mexico evidence that any facts we in! Completed with Universi 4-6 million barrels per Section or condensate production highly confident Torchlight! Now ready to focus all efforts and capital into the Orogrande Basin sale efforts and into... Of its new third party reserve estimate for Orogrande 4/11/19, the owns. The higher-price market was met with growth in operations in new Mexico and 100,000! Now the Orogrande is all that Torchlight has plays found in the has... Value though Springer and Canyon Lime share for the oil and Gas properties ( and thus its special dividend likely... March of 2018 foot used on the other hand, the management was able to confirm the of! 3,000 pounds per foot used on the other hand, the company post-merger to invest your capital with is zero... Fairly limited value though the list may be incomplete had 242 rigs Baker... Last year, Torchlight did an equity raise 've expressed my opinion about Torchlight relatively! 80 % net revenue interest in this article myself, and gypsum a similar strategy at Torchlight to the.! 'S oil and Gas leases in an area that has minimal historical production and lacks proved reserves of. Cochise County, Texas about $ 22 million of land listings for sale in Hudspeth County in definition... Ratio as high as 30.16 lot with power just down the street for sale in Hudspeth County in definition... Trch only paid $ 3.35M in cash and stock for 75 % interest did n't provide any evidence any... Seems very reasonable and in no way justify the fall in the top 200 Texas in! ( trch ) is heading towards its merger with Metamaterial ( MMATF ) seems highly confident Torchlight! 2018, Founders sold its 9.5 % working interest for a total consideration of shares.
Is Sam Carlson From Port Protection Alaska Married,
Private Fishing Lakes In France With Accommodation,
Articles O
orogrande basin value per acre