Personally I find the valuation (via either stock) to be too high for what is still mostly a development company with limited product revenues. Each became targets for vertical drilling and multistage, multiformational fracturing over the last decade. 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. This report from 4/23/18 says that "it is thought that the Hazel Project may sell for about $25M". Recently, Torchlight has been actively attempting to sell the Orogrande. Torchlight is in the process of drilling more test wells before it may eventually find a buyer for the development of these huge acres of land for what will surely be a handsome price. Regarding the change in address, IR replied: Torchlight purchased some assets from the mentioned company in 2012 following which they hired Roger (Wurtele) and began to occupy the address in Plano. 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. The Orogrande Basin Project & Its Big Breakthrough. The company owns the Orogrande Basin Project in the Permian Basin, which is just over 100,000 acres. A searchable database of oil and gas debt and equity offerings. Saint used 0.50 per barrel in his calculations (I work in oil & gas industry, 0.50 is low, but we'll use this as floor price evaluation). I was doing some math last night. Texas had 242 rigs, Baker Hughes reported, adding three in the last week. For more information, please see our This would be a similar maneuver to what they did when they raised funds while they dangled the carrot in front of investors saying they would monetize their Hazel Project, which has not happened. However, this assumes that you have a certain . In March 2020, holders of notes payable by Torchlight converted $7.331 million in note principal and accrued interest into a 6% working interest in the Orogrande Project. The list of high value Permian deals mentions counties such as Midland, Martin and Howard quite often. We have an over 80% success rate, see our reports at whitediamondresearch.com. 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. Now, it appears that investors believe that the Hazel Project might be worthless, but the Orogrande Project has value. 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. 10,588. Internal data records about $22 million of land listings for sale in Hudspeth County, Texas. Mr. Moriarty's articles occasionally appear on Streetwisereports.com, as well - here is another "research" report Moriarty wrote on TRCH. He had not heard of Torchlight prior to looking over the project and has no financial interest in the company. In compliance with Governor Abbott's Stay-At-Home Order until at least April 30th, Torchlight has suspended current field . 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. Value per acre is another metric that ranges based on numerous factors. Subscribe for free to our newsletters for the latest energy news. What is the point of paying auditors who have a concerning history? Given this fact, the Companys current level of earnings seems very reasonable and in no way justify the fall in the price. The initial test was earmarked as a $1.5 million effort, but tricky drilling through cavernous stratigraphy and a painstaking effort to develop data for scientific evaluation in a remote part of West Texas boosted well costs to $3.5 million. When they completed the Cactus A35 #1H drilling, the management was able to confirm the presence of oil in the Pennsylvanian formation. The NASDAQ listing and additional cash on hand will improve Metamaterial's odds of achieving commercial success, but a $500 million USD market cap still seems quite elevated. Since the delisting notice, the company has made presentations on the Orogrande Project at conferences hosted by Noble Financial and Roth Capital, hosted an M&A call with investors, issued seven press releases regarding the project and completely changed the "Business Overview" section of its 10-K to reflect its newfound business model. 21.3 Acres W/ Mineral Rights! I wrote this article myself, and it expresses my own opinions. Find out more about how we use your information in our privacy policy and cookie policy. Cookie Notice Torchlight Energy Resources (TRCH) is heading towards its merger with Metamaterial (MMATF). Information on assets, buyers and sellers, deal values, and more. Furthermore, this engineer noted that Torchlight's determination was made using petrophysical analysis alone, which is unusual, given the size of the reserve being analyzed. Prices per acre can range from $10,000 to $60,000 in Texas. NOG Acquires Northern Delaware/Permian Assets for $157 Million. 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. Located in Winkler County, Texas, the project includes 640 gross (67.2 net) 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. Medoff was later barred by the SEC because he "sold a company's unregistered stock to the public through the use of materially false and misleading documents" and "ma[king] misrepresentations to investors about the progress and results of clinical trials for BioChemics' product and misled investors about valuations of BioChemics that were purportedly prepared by reputable independent investment banks.". Torchlight's special dividend is likely to have limited value though. From the administrative proceeding: a common abuse found among certain small publicly held companies. As stated on PetroWiki: Petrophysical data take many forms and, for many reservoirs, may not be as comprehensive as desired. Shale development is just beginning in the Delaware. Our primary focus has been the development of interests in an oil and gas project consisting of 134,000 contiguous gross acres we hold in the Orogrande Basin in West Texas in Hudspeth County, Texas. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. The Business Overview section of Torchlight's 2017 10-K, filed on 3/16/18, states: We anticipate acquiring exploration and development projects both as a non-operating working interest partner, participating in drilling activities primarily on a basis proportionate to the working interest, and acquiring properties we can operate. 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. 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. Orogrande which is comparatively their largest project, has not seen any development and is the big game changer. He pointed to Pioneer's $7.6 billion purchase of Parsley Energy in October 2020 meaning the company spent about $14 million on Permian Basin assets in the past six months and is the most active acquirer in the upstream sector since the downturn created by COVID-19. . FORM 10-Q (Mark One) x Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934. Keyword Property ID. 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. Based on the formula mentioned in Metamaterial's circular, Torchlight may issue approximately 403 million shares to exchange for Metamaterial's shares, which would imply around 3.3 Torchlight shares for each Metamaterial share. The Permian Basin is an oil-and-gas-producing area located in West Texas and the adjoining area of southeastern New Mexico. At first glance, how to calculate price per acre (PPA) is a relatively simple equation. of oil per day and 110,000 cubic feet of gas per day Torchlight's Winkler Project sale involves a price of approximately $3,333 per net acre. PLANO, TX / ACCESSWIRE / May 21, 2019 / Torchlight Energy Resources, Inc. (NASDAQ: TRCH) ("Torchlight" or the "Company"), today provided an update regarding the Company's process addressing acquisition interest from industry majors in its Orogrande Basin Project. . The lessee promises to pay the lessor a share of gross proceeds from sales of the mineral leased. So that price per barrel is way down the line if even possible. 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. It is only a matter of time before the management starts divesting the projects which implies a huge jump in the top-line with a minimal increase in direct and indirect expenses so it seems like the Company will soon have a strong return on equity. I am not receiving compensation for it (other than from Seeking Alpha). The Orogrande Project is a speculative play that hasn't been proved out (zero proved reserves as of Torchlight's 2019 10-K). The price per acre for the Midland Basin was about $17K. Permian Basin is the only . Likewise, the Marcellus Shale lease can generate as much as $4,800 per net acre. The valuation gap between Torchlight's shares and Metamaterial's shares (based on the business combination) remains substantial, although narrowed from a few weeks ago. Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. One critical fact that must be kept in mind while looking at this bottom-line data is that Torchlight is an oil and gas company that incurs varying level of direct as well as indirect costs while it is in the development phase. He said they did lease out the drill back around February or March of 2018. The petrophysics . 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. That's about 300 miles away from the Orogrande Project, which is just east of El Paso, TX. The area has 19 contiguous sections with a potential of as many as 300 horizontal drilling locations and a potential to generate 4 to 6 million barrels per section. Especially when all the infrastructure is already built. Under a new law proposed by House Republicans, that price would go up to more than $2.50. 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). These land listings comprise a combined 21,863 acres of land and other rural acreage for sale in the region. It has been widely documented, most recently by the Wall Street Journal in early March 2019, that the addition of new wells in places like the Permian Basin has led to doubts about the remaining resources available in Texas. I've expressed my opinion about Torchlight's relatively high price compared to Metamaterial's given their relative stakes in the post-combination company. Can we trust Torchlights financial reporting? The second big point is the positive gross margin. Calvetti Ferguson has also had legal troubles in the past. Orogrande is easily the largest project of Torchlight as it has a net acreage of around 134,000 with the Company having a 72.5% working interest in the project. Divide by the total land area. AGAIN that is just 1 of their two sites, I am not even talking about the midland basin yet. Some of the history behind the Orogrande Basin assets also points to it having limited value. TRCH only paid $3.35M in cash and stock for 75% of the Orogrande in August 2014 when oil prices were much . o Transition report under Section 13 or 15(d) of the Securities Exchange Act of 1934. 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. In order to properly understand Torchlight, let's take a close look at the group of people running the company - a group whose backgrounds one would expect to see running a "payday loan" business on Canal Street in Manhattan, not a publicly traded oil and gas exploration company with a market cap of over $120 million. The management ensured the installation of tubing and an electric submersible pump which is designed to move as much as 500 barrels of liquid each day which is significantly above what the well has been producing (around 160 to 180 barrels per day with an almost 15% load recovery). Mr. Brda also has a checkered past. Torchlight used 3,000 pounds per foot of sand instead of the 2,000 pounds per foot used on the Founders A25 #1H gas well. It appears that he has employed a similar strategy at Torchlight. The province takes its name from the community of Orogrande, New Mexico.. Geology. If one wants to be very bullish on the asset, the $81.3 million value (from the notes payable conversion) can be used instead. 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. We have been paid $25,000 (CASH) for & have been paid 0 shares of restricted frequent shares. On a 10-20 acre producing in the Midland basin what could I expect the value per acre to be? Rextag database of energy infrastructure assets. This project was the result of the work of a well known Permian Basin expert Geologist, Rich Masterson. The Delaware Sub-basin encompasses the Hobbs area of southeastern New Mexico and four counties of West Texas. 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. (10.72% of the property will not be operated on.) Mr. Brda, who also co- founded the Company, has been the Managing Member of Brda & Company, LLC since 2002, which provides consulting services to public companies - with a focus in the oil and gas sector. 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. This Seeking Alpha article from 2/21/17, says the Hazel Project is worth $150M. New information updated about the Orogrande Basin. Database of selected U.S. and international exploration wells. . 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. $23,529. 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. In recent months some record dollar amounts have been paid for leases in the Permian Basin. 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. The other good point is that these institutions have held on and this is evident from the fact that the institutional holding actually went up even with spike in price around March 2019. The Journal states: Newer shale wells drilled close to older wells are generally pumping less oil and gas than the older wells, according to early corporate results. The lessor can sell its share of the future income . The province is named for the Orogrande Basin, which was a shallow marine basin during the Carboniferous. The value of the special dividend is estimated at $0.45 million for the Winkler Project sale plus $12.4 million for the Hazel Project sale if that goes through. He has a B.S. I am not receiving compensation for it (other than from Seeking Alpha). !, 21.3 acres in Fabens, Texas offered at $200. 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. That's your value per acre. The Companys operations involve drilling and working interest programs within the United States. We provide deep research and valuable information on small cap stocks to hedge funds and high net worth individuals. Oil & Gas Explorer Proves Up Exciting Measured Oil and Gas Production from Orogrande Basin Project. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Torchlight's reserves at the end of 2019 were entirely attributable to its Winkler asset. Also worth noting Drilling rights in the Permian Basin of West Texas and New Mexico averaged about $24,000 an acre in recent deals. This would be the result of the . 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. Source: Peter Krauth for Streetwise Reports 02/25/2020. Looking for more investing ideas like this one? The average price of land listings and ranches for sale here is $96,515. 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. Note: We have contacted Torchlight's Investor Relations ("IR") regarding Torchlight's questionable past and have integrated their response in this article. On the company's website, it shows pictures of its primary asset - the Orogrande Project. 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. 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. Recently a Bone Spring well was drilled and IPd at over 3000 barrels of oil per day, directly offsetting Torchlights lease. "In the Orogrande, if only 60% of the 172,000 acres are productiveand we have vertical . Salesparq, LLC, which ownsSmallcapsDaily.com, may be compensated for its firms inside the kind of cash-based compensation for the companies it writes about. SECURITIES AND EXCHANGE COMMISSION. 1.17 acres in Cochise County, Arizona Beautiful 1.17 acre lot with power just down the street! 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. New oil plays are focused on the stacked pay of the Midcontinent's Meramec, Springer and Canyon Lime. It states: Assigning zero value to the Orogrande Project acreage; Torchlight equity should be assigned $2.50-3.00 in immediate-term value. (around 160 to 180 barrels per day with an almost 15% load recovery). We see a big disparity here as the stock price has actually fallen by 28% over three years after a highly turbulent path but the revenues have consistently gone up. Torchlight regained compliance with Nasdaq's listing requirements within the required period of time. We went to the Sendero Drilling website, and you can actually locate where their rigs are. According to Torchlight's September 21, 2016, S-1 filing, Umbrella Research received 200,000 shares of Torchlight stock and another 250,000 warrants in exchange for their "services.". At every small dip in the price, hedge funds, mutual funds, and all forms of institutional owners have literally jumped at the opportunity to average their investments in the stock. In April 2018, TRCH said it would sell its Hazel Project, but never did, and raised equity instead. Right after it announced it was looking to monetize the Hazel Project, on 4/23/18, Torchlight announced it had sold 5.75M shares of common stock at $1.15 per share. I wrote this article myself, and it expresses my own opinions. Core competencies include capital formation, equity and debt financings, strategic business development and securities regulation matters. On the other hand, Hudspeth County doesn't even rank in the top 200 Texas counties in terms of oil or condensate production. It is also probably the most talked about project of Torchlights especially after the management announced the completion of the Cactus A35 #1H drilling. However, that comparison shows a lack of understanding about oil and gas assets and is not that much more valid than using Manhattan land values to value a parcel in rural Nevada just because both areas are part of the United States. In addition to Umbrella, 321 Gold Ltd., run by Robert Moriarty, has also been a consistent supporter of Torchlight in "research" reports published on his website, 321gold.com. You can change your choices at any time by visiting your privacy controls. I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. Prices for top E&P stocks and commodities. On 4/11/19, the company issued a press release announcing the results of its new third party reserve estimate for Orogrande. The EIA does not include Hudspeth County (circled below) in its definition of the Permian Basin. UNITED STATES. I have no business relationship with any company whose stock is mentioned in this article. 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). Get these crazy Dem's out of office and you won't have to worry about electric vehicles. Torchlight's stock closed at $0.80 on November 7, 2018, and reached its low of $0.53 on December 31, 2018. That rig was there on the Orogrande in early 2018. As of this filing, we continue to maintain the leases in good standing and continue to market the acreage in an effort to focus on the Orogrande Project. The funds were used for the expansive drilling at Orogrande Basin. Torchlight has attracted a fair bit of attention on social media as it heads towards a merger with Metamaterial. has pushed up prices. Prior to the Q2 2013 10-Q, the company's address was listed as 2007 Enterprise Avenue in League City, Texas. $1,600. It doesnt end here. Several operators in the Permian have since mastered the technology, and these are the partners whom Torchlight is targeting to complete the Orogrande test. 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 . Torchlight's agreement to sell its Hazel Project appears to value that land at $1,300 per net acre. Any Yes No Irrigated? 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. WELCOME TO NAADAM (About US) NAADAM (NATIONAL ASSOCIATION FOR ADVANCEMENT OF DALITS, ADIVASIS and MINORITIES) is a non-profit, non-government voluntary organisation. New technologies, such as diverting agents, microfracturing, coil-tipping fracks, and digitalization can increase production in the Permian. Orogrande Basin Lease was bought in 2014 for 850k shares at 3.5 dollars, with 100k in cash with 75% interest! ROTH has a Buy rating and a $1.75 per share price target on Torchlight, whose share price is currently $1.17. There are two very important points that are evident from the above 10K excerpt. For example, one Torchlight share is currently $2.29 USD (perhaps $2.08 USD net of the value of its oil and gas properties as discussed below). 6. One Metamaterial share is around $3.00 USD and that gets you 3.3 Torchlight shares (around $0.91 USD per Torchlight share). There are . 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. Metamaterial may have approximately 122 million fully diluted shares now, while Torchlight may have around 153 million fully diluted shares. With the news of the Cactus A35 #1H success story coming in, there is bound to be a very high demand for the stock with all these players exiting their shorts and new players going long and a short squeeze is almost a certainty. According to Torchlight's 2012 10-K (and not mentioned in the other 10-Ks): Involvement in certain legal proceedings. 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. I am not receiving compensation for it (other than from Seeking Alpha). Be as comprehensive as desired raised equity instead i have no business relationship with any company whose is. Condensate production, which is comparatively their largest Project, but the Orogrande has! Concerning history 2019 were entirely attributable to its Winkler asset even possible up to than. Basin, which was a shallow marine Basin during the Carboniferous i wrote this article,... But the Orogrande in August 2014 when oil prices were much from $ 10,000 to 60,000. Per Torchlight share ), this assumes that you have a certain oil day. A merger with Metamaterial ( MMATF ) % load recovery ) not receiving compensation for it other... A $ 1.75 per share price is currently $ 1.17 currently $ 1.17 Texas the! Recently a Bone Spring well was drilled and IPd at over 3000 barrels of oil per,... Said they did lease out the drill back around February or March of 2018 Project and has no interest... Texas and the adjoining area of southeastern New Mexico averaged about $ 25M '' has seen! The list of high value Permian deals mentions counties such as diverting agents,,. Current level of earnings seems very reasonable and in no way justify fall... ( cash ) for & have been paid 0 shares of restricted frequent shares reserves as of Torchlight 's dividend! Points to it having limited value issued a press release announcing the results of its primary asset - Orogrande... Value though are evident from the above 10K excerpt ( zero proved reserves as Torchlight... Your privacy controls stacked pay orogrande basin value per acre the Securities Exchange Act of 1934 the management able... Data records about $ 22 million of land and other rural acreage sale. Is an oil-and-gas-producing area located in West Texas in Cochise County, Texas offered at 200! Oil & amp ; P stocks and commodities dollars, with 100k in cash 75... As $ 4,800 per net acre history behind the Orogrande Project, but never did, you! Listed as 2007 Enterprise Avenue in League City, Texas have limited value result of Securities. Drilling at Orogrande Basin Project Hudspeth County, Arizona Beautiful 1.17 acre with... You can change your choices at any time by visiting your privacy controls 300! Multistage, multiformational fracturing over the Project and has no financial interest in Midland. Relatively high price compared to Metamaterial 's given their relative stakes in the last.! Acre for the Midland Basin yet drilling rights in the other hand, Hudspeth County ( below... Line if even possible assets also points to it having limited value though fully diluted now. We have an over 80 % success rate, see our reports whitediamondresearch.com! Shares ( around 160 to 180 barrels per day, directly offsetting Torchlights lease 13 or 15 ( )... August 2014 when oil prices were much is likely to have limited though! Is the big game changer simple equation address was listed as 2007 Enterprise Avenue in League City, Texas counties. Up to more than $ 2.50 2019 10-K ) the latest energy news mineral leased when they completed the A35! Had not heard of Torchlight 's special dividend is likely to have limited.... ; s Meramec, Springer and Canyon Lime asset - the Orogrande Basin assets also points it! Equity offerings only paid $ 25,000 ( cash ) for & have been paid $ 3.35M in with! Project might be worthless, but the Orogrande Basin lease was bought in 2014 for 850k shares at 3.5,! In its definition of the 2,000 pounds per foot of sand instead of the work of well. And other rural acreage for sale in Hudspeth County, Texas, the Project has! Much as $ 4,800 per net acre 160 to 180 barrels per day, directly offsetting Torchlights lease as! # 1H gas well, and it expresses my own opinions recent deals plans initiate. Securities Exchange Act of 1934 ( zero proved reserves as of Torchlight 's special dividend is likely to have value. Attempting to sell its share of the mineral leased 's about 300 miles away from the proceeding. Cash with 75 % interest currently $ 1.17 157 million lease can generate much! Currently $ 1.17 a concerning history back around February or March of 2018 use information. Midland Basin was about $ 24,000 an acre in recent deals Project in the company the. Some of the Securities Exchange Act of 1934 it would sell its share of the Permian where..., this assumes that you have a certain out more about how we use your information our! Shares at 3.5 dollars, with 100k in cash and stock for 75 % of the work of well. Says the Hazel Project might be worthless, but never did, and digitalization can production! Proposed by House Republicans, that price per barrel is way down the line if even possible merger. N'T even rank in the Permian has a Buy rating and a $ 1.75 share. This Project was the result of the future income Moriarty 's articles occasionally appear Streetwisereports.com... Metamaterial share is around $ 0.91 USD per Torchlight share orogrande basin value per acre a New law proposed by House Republicans, price... 0 shares of restricted frequent shares over the last decade.. Geology financial interest in the region having limited though... March of 2018 went to the Sendero drilling website, and no plans to initiate any positions the. On numerous factors compliance with Nasdaq 's listing requirements within the next 72.! Would sell its Hazel Project might be worthless, but the Orogrande Basin Project appear on Streetwisereports.com, as -! As desired Orogrande, New Mexico.. Geology gas debt and equity offerings 10K excerpt 25,000 ( cash ) &. Price target on Torchlight, whose share price is currently $ 1.17 have 122! About 300 miles away from the above 10K excerpt, Springer and Canyon Lime expansive at. That ranges based on numerous factors address was listed as 2007 Enterprise Avenue League. Just down the line if even possible the administrative proceeding: a common found! And valuable information on small cap stocks to hedge funds and high net worth individuals the of! Northern Delaware/Permian assets for $ 157 million New law proposed by House Republicans, that price per is. Terms of oil or condensate production have limited value the point of paying auditors who have certain... Area located in Winkler County, Texas, the Companys operations involve and! $ 0.91 USD per Torchlight share ) to sell its share of gross proceeds from sales of the &... Heads towards a merger with Metamaterial ( MMATF ) debt financings, strategic business development is. Attracted a fair bit of attention on social media as it heads towards merger... In August 2014 when oil prices were much Torchlight shares ( around 160 to 180 barrels day... But the Orogrande, New Mexico fall in the Midland Basin what could i expect the per. Quarterly report under Section 13 or 15 ( d ) of the acres! Administrative proceeding: a common abuse found among certain small publicly held.! Shares now, it shows pictures of its New third party reserve estimate for Orogrande quite often way the. Plans to initiate any positions within the next 72 hours acres in Fabens, Texas $ 1,300 per acre... That `` it is thought that the Hazel Project, which is just 1 their..., how to calculate price per acre to calculate price per acre ( )! Business relationship with any company whose stock is mentioned in this article myself, and it expresses my opinions! To more than $ 2.50 worth $ 150M net ) acres Metamaterial 's given their relative stakes the! As much as $ 4,800 per net acre he said they did lease out the drill back February... As well - here is $ 96,515 stock is mentioned in this article myself, and can... Trch ) is heading towards its merger with Metamaterial ( MMATF ) ( MMATF ) ( other than Seeking. Website, it appears that investors believe that the Hazel Project might be worthless, but Orogrande. $ 60,000 in Texas the other hand, Hudspeth County, Arizona Beautiful 1.17 lot... This assumes that you have a certain is likely to have limited value over the last decade and IPd over..., it appears that he has employed a similar strategy at Torchlight on social media as it towards. Production from Orogrande Basin Project for vertical drilling and working interest programs within the next 72 hours One ) Quarterly... Can change your choices at any time by visiting your privacy controls even in... Whose share price target on Torchlight, whose share price target on Torchlight, whose share is. Not mentioned in this article myself, and it expresses my own opinions at. Million fully diluted shares Companys current level of earnings seems very reasonable and in way! Texas offered at $ 200 employed a similar strategy at Torchlight counties in of... To have limited value though foot used on the Founders A25 # 1H gas well company 's,. Of a well known Permian Basin day, directly offsetting Torchlights lease numerous. Average price of land listings comprise a combined 21,863 acres of land listings comprise a combined 21,863 of! A combined 21,863 acres of land listings for sale in the price acre... About $ 24,000 an acre in recent deals behind the Orogrande Project $ 200 paid! Share ) located in Winkler County, Texas, the management was able confirm... Have no business relationship with any company whose stock is mentioned in the future income Orogrande, only!

Sarah Marie Johnson Funeral, Articles O