Torchlight Energy Resources, Inc. disclosed additional information on the company’s oil and gas exploration and development program in Texas.
Torchlight Energy Resources and its operating partner have spud the Johnson #4 well at the Marcelina Creek Field located in Wilson County, Texas. This is the second well in a four well program at the property. The Johnson #4 well is to be drilled to a vertical depth of 8,500 feet and is targeting the Buda formation on the property.
Torchlight Energy Resources is involved with Bayshore Operating Corporation, LLC to develop leasehold at the Marcelina Creek Field. The program consists of four wells with Torchlight Energy Resources earning a 75% working interest in the leasehold after the company has funded its share of development costs and other expenses.
Torchlight Energy Resources estimates that the leasehold contains fourteen locations that are prospective for the Buda formation. Other operators in the area have reported that Buda wells contain between 80,000 and 120,000 barrels of recoverable oil resources.
Torchlight Energy Resources previously reported the results of the Johnson #1 well, the first well in the program at the Marcelina Creek Field. The well was drilled to a total measured depth of 10,000 feet and is currently being dewatered.
For more information on the company, go to www.torchlightenergy.com