Torchlight Energy Resources reported an update on the capital market financing program that is in progress to fund the company’s oil and gas exploration and development program. The company said it has secured enough capital to fund its share of drilling and completion expenses for a vertical well being drilled in Texas. This is the second well in a four well program that the company is involved with.
The exploration and development program is targeting the Buda formation, which lies underneath the Austin Chalk. The company will re-enter this well at a later date and drill a horizontal well into the Eagle Ford Shale formation.
Torchlight Energy Resources signed an agreement with Bayshore Operating Corporation, LLC on a four well drilling program. The agreement requires the company to fund a specified share of the cost of development. After the funding commitment is met, Torchlight Energy Resources will have a 75% working interest in the four wells.
The properties are located in the Marcelina Creek Field in Wilson County, Texas. Torchlight Energy Resources, Inc. expects the second well to be finished within 30 to 60 days.
For more information on the company, go to www.torchlightenergy.com