This is a step in the right direction, but these guys need a lot more capital to fund a very aggressive drilling program.
PLANO, TX -- (Marketwired) -- 08/27/14 -- Torchlight Energy Resources, Inc. (NASDAQ:
TRCH) ("Torchlight Energy" or "the Company"), a rapidly growing mid-continent oil
and gas company, today received an updated mid-year 2014 reserve report for its oil and
gas assets in the Hunton Play in Central Oklahoma. The report from Wright & Company,
Inc. ("Wright"), a third party reserve engineering firm, indicated that the total project
reserves increased from $21.5 million at December 31, 2013 to approximately $70 million
at July 1, 2014.
Highlights:
Total P1 reserves increased from $21.5 million at Year End 2013 to $35 million at
July 1, 2014
Total P2 reserves increased from zero at Year End 2013 to $35 million at July 1,
2014
PV-10 reserves, from Torchlight's Hunton and Marcelina Creek assets were $92.56
million at July 1, 2014 vs. $43.83 million at December 31, 2013
"We are very pleased with the updated reserve numbers on our Hunton
assets. Encouraging results by mid-year further validate the play as well as the expertise of
the Husky Venture's operating team," stated John Brda, President of Torchlight
Energy. "These increases display how we are moving forward in an aggressive and
deliberate manner, achieving the reserves and production growth that we have forecasted
in previous communications. Tripling our Hunton reserves in the first six months has been
a significant accomplishment. We look forward to adding reserves from our other projects
while continuing to develop our Hunton assets between now and the end of 2014."