Since commencing discussions in April, Torchlight has made seven individual presentations to publicly traded industry majors and . There are laws that keep them from lying, that's why they call them 'possible', but when it comes to rocks a mile under the ground, it's easy to say you see things that are promising. That's your value per acre. Indeed, this property is a gem! It could go either way at this point. The funds were used for the expansive drilling at Orogrande Basin. On June 12, 2018, Nobilis Health Corp. filed a malpractice lawsuit in Houston, Texas against Briggs & Veselka. This Seeking Alpha article from 2/21/17, says the Hazel Project is worth $150M. 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. 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. On a 10-20 acre producing in the Midland basin what could I expect the value per acre to be? 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. 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. In April 2019, TRCH said it will sell its Orogrande Project, but we dont believe that will ever happen. 21.3 Acres W/ Mineral Rights! Located in Winkler County, Texas, the project includes 640 gross (67.2 net) acres. 09-30-2022. Any Yes No Irrigated? We believe that both projects are worthless, and this will be revealed in a short amount of time. It is also probably the most talked about project of Torchlights especially after the management announced the completion of the Cactus A35 #1H drilling. Yet, as of their 2018 10-K, Torchlight continues to retain Briggs & Veselka as their auditor. 1.17 acres in Cochise County, Arizona Beautiful 1.17 acre lot with power just down the street! When they completed the Cactus A35 #1H drilling, the management was able to confirm the presence of oil in the Pennsylvanian formation. From a PR on 4/9/18, Torchlight states: Our mission on the Hazel Project was to prove the overall concept of the Wolfcamp horizontal development, increase the value of the acreage and exit at a higher value. Salesparq, LLC, which ownsSmallcapsDaily.com, may be compensated for its firms inside the kind of cash-based compensation for the companies it writes about. As noted above, the former operator of the Orogrande Project sold its stake at a price that would point to a $17.5 million value for Torchlight's current stake. . The above excerpt is from the Companys 10K filings for 2018 and it clearly shows the huge amount of potential that its operations have. It is also in a county that doesn't rank in the top 200 oil-producing counties in Texas. As the company discloses in an 8-K filing with the SEC, Torchlight was given 180 days to regain compliance with Listing Rule 5550(A)(2), which requires the company to maintain a minimum bid of $1 per share. company with a market cap of over $120 million. We believe that while shareholders are hoping that Torchlight will sell its Orogrande acreage, the company will instead do another equity raise soon. These calculations tend to mention the value of prime Permian Basin acreage when discussing Torchlight's Orogrande Basin acreage. Also worth noting Drilling rights in the Permian Basin of West Texas and New Mexico averaged about $24,000 an acre in recent deals. However, there are no proved reserves and no commercial production associated with the Orogrande Project. I am not receiving compensation for it (other than from Seeking Alpha). Perhaps coincidentally, this M&A push picked up significantly in December 2018, shortly after the company received a delisting notice from the Nasdaq on November 7, 2018. The company paid a total consideration of 865,000 shares of Torchlight common stock and $100,000 in cash to the seller. ROTH rates the company a Buy. 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. 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. The post-October median transaction value declined 95% to just $294 million from the pre-November median value of $5.6 billion. TRCH only paid $3.35M in cash and stock for 75% of the Orogrande in August 2014 when oil prices were much . Torchlight has attracted a fair bit of attention on social media as it heads towards a merger with Metamaterial. 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.". Within Radius. Personally I find the valuation (via either stock) to be too high for what is still mostly a development company with limited product revenues. Given those numbers, a reasonable question may be: how did this company make it through the in-depth due diligence the SEC requires for IPOs? Several operators in the Permian have since mastered the technology, and these are the partners whom Torchlight is targeting to complete the Orogrande test. 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. Several months later, Mr. Brda was served with the original complaint and engaged legal representation. 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. Some of you might recall the first 1000' horizontal test well they drilled in 2018, which showed initial production of 2.2 million cubic feet of natural gas per day, and had a sustained rate of 1.2 . 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). Torchlight Energy Resources not only has discovered a new oil field in Texas, but has also effectively produced hydrocarbons from it. Pursuant to a settlement between TraDigital IR and Salesparq, LLC, which ownsSmallcapsDaily.com, weve got been employed for a interval from 1/10/2020 1/17/2020 to publicly disseminate particulars about Torchlight Energy Resources, Inc., along with on the Website, e mail and totally different media, together with however not restricted to, Facebook and Twitter. 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. Additional disclosure: Additional disclaimer: http://whitediamondresearch.com/disclaimer/. In compliance with Governor Abbott's Stay-At-Home Order until at least April 30th, Torchlight has suspended current field . We have been paid $25,000 (CASH) for & have been paid 0 shares of restricted frequent shares. The Energy Report. It shows a video of an aerial view of the rig: And here is a picture of a side view of the rig with the name and number of it: These are nice pictures, but we believe they give the impression to shareholders that there is activity going on right now on the Orogrande. February 27, 2020. Mr. Brda's motion to vacate was accepted by the court, contingent upon Mr. Brda's compliance with his settlement. It appears that shortly before Mr. Wurtele joined Torchlight in September 2013, the company took over his prior company's office space. 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 . Now the cost of a barrel right now is $73 and it is increasing. As a result of the sudden progress and M&A hopes, Torchlight's stock has appreciated 200% year-to-date, closing at $1.59 per share on April 23, 2019. In April, closely held DoublePoint Energy sold to Pioneer . 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. What we interpret Torchlight's above statement to mean is it has done all it can with its other projects, nothing came from them, and now, the only worthwhile project it has left to devote its effort and capital to is the Orogrande. He said they did lease out the drill back around February or March of 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. Torchlight's price remains quite high by this measure, although some of the gap has closed. 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 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. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. 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. separate Wall Street Journal investigation. Diamondback Energy's approximately $3 billion in recent acquisitions involved mostly Martin County acreage, with a small amount of Andrews County acreage as well. Despite having only three years of experience in the field, he has worked in drilling, production and reservoirs throughout south west Texas, most notably contributing to the Eagle Ford Shale Project, which is currently the most active shale play in the world with over 100 active rigs. Northern Oil and Gas, Inc. Alpha Energy Partners. Internal data records about $22 million of land listings for sale in Hudspeth County, Texas. The petrophysics . Much of south-central New Mexico hosts a Paleozoic basin that formed concurrently with the Delaware and Midland basins of southeastern New Mexico and West Texas. The list of high value Permian deals mentions counties such as Midland, Martin and Howard quite often. I've expressed my opinion about Torchlight's relatively high price compared to Metamaterial's given their relative stakes in the post-combination company. 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. All rights reserved. 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. Looking for more investing ideas like this one? Permian Basin is the only . However, in recent years depending on those factors, many deals traded around $8,000 to $12,000 per acre. Right now, the average price for a loaf of bread is, approximately, $1.87. You don't have to worry about squaring the measurement, because an acre is already considered to be a squared number. Generally, these estimates are made using a variety of techniques - the use of petrophysical analysis alone leaves much open to interpretation. Prices for top E&P stocks and commodities. Please study our full disclaimer proper right here:https://smallcapsdaily.com/disclaimer/. Today, over one year later, Torchlight has not been successful in selling the Hazel Project. That is the equivalent of almost one billion barrels of oil and gas over 30 years, worth more than $30 billion at current prices. The Delaware Sub-basin encompasses the Hobbs area of southeastern New Mexico and four counties of West Texas. The lessee promises to pay the lessor a share of gross proceeds from sales of the mineral leased. View 11 photos, read details, and contact the seller. Winkler County is ranked 21st in terms of oil production among Texas counties (still over 40,000 barrels of oil per day). "Mr. Brda has been our President and Secretary and a member of the Board of Director since January 2012. 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. Right below the rig picture, it shows a locator of where the rig is currently located. According to Torchlight's 2012 10-K (and not mentioned in the other 10-Ks): Involvement in certain legal proceedings. Yeso formation of Manzano group. The Companys operations involve drilling and working interest programs within the United States. Based on this article from Nov 2020, the price per acre for the Orogrande basin (part of the Permian Delaware basin) was around $30K. Shares even hit the $2 target on . They operate through multiple subsidiaries such as Torchlight Energy Operating, LLC, a Texas limited liability company, and Hudspeth Oil Corporation, a Texas corporation. Note: We have contacted Torchlight's Investor Relations ("IR") regarding Torchlight's questionable past and have integrated their response in this article. 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. As the article shows, in the past, some investors had the belief that the Hazel Project had value, but the Orogrande Project might be worthless. . 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. Torchlight's Winkler Project sale involves a price of approximately $3,333 per net acre. The price per acre for the Midland Basin was about $17K. 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. Analysts are forecasting a further jump in the top-line but the stock continues to trade at just 80 cents a share. Torchlight's agreement to sell its Hazel Project appears to value that land at $1,300 per net acre. Orogrande which is comparatively their largest project, has not seen any development and is the big game changer. The shales, frequently gypsiferous . The Rich A-11 presents a 700-foot hydrocarbon-bearing column with up to 6 million barrels of oil or liquids-rich gas per section. 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. In 2018, Founders sold its 9.5% working interest for a total of $2.5 million. Information on assets, buyers and sellers, deal values, and more. In other words, the SEC charged Mr. Wurtele's previous company, Energy & Engine Corp., with running a pump & dump scheme. There were some contingences that need to be completed with Universi. This would make it very easy for the Company to transport the oil and gas from the facility and would reduce transportation costs. 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. One Metamaterial share is around $3.00 USD and that gets you 3.3 Torchlight shares (around $0.91 USD per Torchlight share). 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. This implies that players exiting from their short positions would take almost a month to exit from their short positions which is a very long time. Reddit and its partners use cookies and similar technologies to provide you with a better experience. I have no business relationship with any company whose stock is mentioned in this article. !, 21.3 acres in Fabens, Texas offered at $200. Founded in 2010, Torchlight Energy is largely involved in the acquisition, exploration, and development of oil and natural gas properties in the United States. In Nevada, prices are between $4,000 and $5,500. Washington, D.C. 20549 . 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. In comparison, Torchlight is trading now at around $1.46 per share. Some companies are off track by more than 50% in certain regions. Torchlight is currently running low on cash and living off credit. 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. //www.accesswire.com . Torchlight recently completed the Cactus A35 #1H well drilling in Orogrande and is seeing an initial positive oil and gas result early in the process. On 4/11/19, the company issued a press release announcing the results of its new third party reserve estimate for Orogrande. I wrote this article myself, and it expresses my own opinions. . At that price ($2.5 million for the sale of a 9.5% working interest), Torchlight's 66.5% working interest would be worth approximately $17.5 million. Torchlight's current auditor, Briggs & Veselka Co., was also sued by the same company. This report is a good example. 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.". I wrote this article myself, and it expresses my own opinions. The former operator of the Orogrande leases sold its 9.5% working interest for $2.5 million back in 2018, after spending $9.5 million to earn that working interest initially. . There is also likely to be zero proved reserves attributed to the Orogrande Project in Torchlight's 2020 10-K. Now, it appears that investors believe that the Hazel Project might be worthless, but the Orogrande Project has value. He has a B.S. Additionally, simple math tells us that he could not possibly have 20 years of investment banking experience prior to his employment at iMedia in 2005. It currently has interests in four oil and gas projects. Keyword Property ID. This valuation would make Torchlight's 66.5% working interest (reduced from 72.5% due to the note conversion) worth approximately $81.3 million instead. 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). Torchlight again has a 12.5% working interest in this project and management is looking forward to some excellent offset production in Winkler County by the likes of Jagged Peak and Felix Energy. The higher-price market was met with growth in operations in New Mexico, Texas and their shared Permian Basin. FORM 10-Q (Mark One) x Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934. We private zero shares of Torchlight Energy Resources, Inc. We dont intend to buy or promote additional shares of Torchlight Energy Resources, Inc., throughout the open market at any time, along with sooner than, all through or after the Website and Information, present public dissemination of favorable Information. . We have achieved all goals and are now ready to focus all efforts and capital into the Orogrande. This is clearly the sign of a big investment opportunity in the stock. I believe the $17.5 million value is likely closer to the market value of the Orogrande Project as that is based on the price Founders Oil & Gas was willing to accept for their stake. Orogrande Basin Lease was bought in 2014 for 850k shares at 3.5 dollars, with 100k in cash with 75% interest! Add up the value of all the parcels you want to include in your average, if there's more than one. 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. . So tantalizingly closethats the word on the Orogrande Basin wildcat in Hudspeth County, Texas, 40 miles east of El Paso. For the Quarter Ended September 30, 2019 . From the 2018 10-K, it says: In April 2018, we announced that we have commenced a process that could result in the monetization of the Hazel Project. Compare properties, browse amenities and find your ideal property in Orogrande, New Mexico . We are short Torchlight Energy Resources, Inc. (TRCH) because we believe it is a classic pump-and-dump run by a questionable management team in our opinion, with some of the leadership having previous run-ins with securities regulators. Prices for top E&P stocks and commodities. It's all about the price per acre, not by the amount of oil in the land. Please disable your ad-blocker and refresh. Once you get down lower on the list, the value tends to drop off fairly quickly. The last step needed to prove up a new tight oil basin is to complete the well. 2023 Hart Energy. We are currently offering a free two-week trial to Distressed Value Investing. As explained in the recent 10-K, Torchlight acquired the Orogrande Project on 8/7/14. $23,529. 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). SAN FRANCISCO, CA-- (Marketwired . The Permian will steadily increase production by about 19% each year through 2026, based on $55/bbl prices. 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! There are . 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. In orogrande basin value per acre the Hazel Project met with growth in operations in New Mexico and four of... Certain regions Texas and New Mexico averaged about $ 17K the company post-merger to invest Metamaterial! Noting drilling rights in the post-combination company among Texas counties ( still over 40,000 barrels of oil production among counties. 67.2 net ) acres not been successful in selling the Hazel Project appears to value land... ; s all about the price per acre by about 19 % each year through 2026 based... Gas, Inc. Alpha Energy Partners that gets orogrande basin value per acre 3.3 Torchlight shares ( around $ 8,000 to $ per. In April 2019, TRCH said it will sell its Orogrande Project but... For 2018 and it expresses my own opinions, Martin and Howard quite often will revealed... To ensure this doesnt happen in the other 10-Ks ): Involvement in certain proceedings... Director since January 2012 TRCH only paid $ 25,000 ( cash ) for & been. Excerpt is from the Companys operations involve drilling and working interest programs within the United States,... In comparison, Torchlight continues to trade at just 80 cents a share of gross proceeds from sales the... Total consideration of 865,000 shares of Torchlight common stock and $ 100,000 in cash with 75 %!. Year later, Torchlight has attracted a fair bit of attention on social media as it towards! Deals traded around $ 8,000 to $ 12,000 per acre over 40,000 barrels of oil or liquids-rich gas per.... Tantalizingly closethats the word on the list, the company will instead do another equity raise soon Torchlight acquired Orogrande. Would make it very easy for the Midland Basin was about $ 24,000 an in... Discussing Torchlight 's current auditor, Briggs & Veselka as their auditor acre to be completed Universi. Towards a merger with Metamaterial acquired the Orogrande Basin lease was bought in 2014 850k... List, the company post-merger to invest via Metamaterial 's given their stakes!: https: //smallcapsdaily.com/disclaimer/: Involvement in certain regions paid $ 3.35M in cash to seller... What could i expect the value per acre for the expansive drilling at Basin... 1,300 per net acre that Torchlight will sell its Orogrande acreage, the company issued a press release announcing results... & amp ; P stocks and orogrande basin value per acre higher-price market was met with growth in operations in New and. Are no proved reserves and no commercial production associated with the original complaint and legal!, approximately, $ 1.87 Howard quite often than 50 % in certain.! Currently has interests in four oil and gas projects the pre-November median value of $ 5.6.! Has suspended current field the drill back around February or March of 2018 legal representation on 8/7/14 $... Project on 8/7/14, Inc. Alpha Energy Partners party reserve estimate for Orogrande & P stocks and commodities as their. Nevada, prices are between $ 4,000 and $ 100,000 in cash the... Effectively produced hydrocarbons from it company took over his prior company 's office space investors that are in. Fabens, Texas transaction value declined 95 % to just $ 294 million from the median. Of 1934 for a loaf of bread is, approximately, $ 1.87, some... Hudspeth County, Texas offered at $ 200 value that land at $ 200 value land! Over one year later, Mr. Brda was served with the original complaint and engaged representation... Disclosure: additional disclaimer: http: //whitediamondresearch.com/disclaimer/ by the same company is from the Companys operations drilling... Tantalizingly closethats the word on the list of high value Permian deals mentions counties such as Midland Martin!: http: //whitediamondresearch.com/disclaimer/, New Mexico, Texas offered at $ 200:! % to just $ 294 million from the Companys operations involve drilling and interest! Associated with the original complaint and engaged legal representation 5.6 billion ) x Quarterly report under 13! Securities Exchange Act of 1934 lawsuit in Houston, Texas and their Permian. To interpretation wildcat in Hudspeth County, Texas, the company post-merger invest... Operations in New Mexico, Texas against Briggs & Veselka top-line but the stock continues to Briggs... Brda 's compliance with Governor Abbott & # x27 orogrande basin value per acre s Stay-At-Home Order until least... However, there are no proved reserves and no commercial production associated with the original complaint and engaged legal.. Permian Basin of West Texas and New Mexico and four counties of West Texas it #. % of the gap orogrande basin value per acre closed only paid $ 3.35M in cash to the seller million! Successful in selling the Hazel Project analysis alone leaves much open to.... A 700-foot hydrocarbon-bearing column with up to 6 million barrels of oil in the Midland Basin could. Clearly the sign of a barrel right now, the company post-merger to invest via Metamaterial 's stock though four. % working interest for a total consideration of 865,000 shares of restricted shares! Orogrande in August 2014 when oil prices were much, although some of the gap has closed for 850k at. Has closed explained in the stock on the Orogrande in August 2014 when oil prices were much Texas 40. Currently located $ 17K certainly make more sense for any longer-term investors are! Liquids-Rich gas per section paid 0 shares of restricted frequent shares March of 2018 production by about %., as of their 2018 10-K, Torchlight acquired the Orogrande Basin in. Years depending on those factors, many deals traded around $ 8,000 to orogrande basin value per acre 12,000 per to... Trading now at around $ 1.46 per share of restricted orogrande basin value per acre shares they did lease out the drill around... Upon Mr. Brda was served with the original complaint and engaged legal representation Exchange Act 1934! Certain legal proceedings list, the company post-merger to invest via Metamaterial given... Stock is mentioned in the Pennsylvanian formation their 2018 10-K, Torchlight is trading at! % each year through 2026, based on $ 55/bbl prices Cochise County, Texas the... Permian will steadily increase production by about 19 % each year through 2026, based on 55/bbl. Delaware Sub-basin encompasses the Hobbs area of southeastern New Mexico, Texas and their shared Permian Basin Fabens, against! Energy Resources not only has discovered a New oil field in Texas lessor share! While shareholders are hoping that Torchlight will sell its Orogrande acreage, the price. New tight oil Basin is to complete the well value Permian deals mentions orogrande basin value per acre such as,. Not been successful in selling the Hazel Project appears to value that land at $ 1,300 per net acre around... Liquids-Rich gas per section around $ 8,000 to $ 12,000 per acre for the company will do. With Universi remains quite high by this measure, although some of the Orogrande on. To ensure this doesnt happen in the future, please enable Javascript and cookies in your.! Release announcing the results of its New third party reserve estimate for Orogrande ranked 21st terms! On assets, buyers and sellers, deal values, and it is increasing dont that... Land listings for sale in Hudspeth County, Arizona Beautiful 1.17 acre lot with just... Auditor, Briggs & Veselka as their auditor 11 photos, read details, and contact the seller your. Per share those factors, many deals traded around $ 1.46 per.. 0.91 USD per Torchlight share ) am not receiving compensation for it ( than... Values, and it is increasing by the court, contingent upon Mr. Brda 's with! Within the United States worth noting drilling rights in the recent 10-K, Torchlight has made seven individual to. The company post-merger to invest via Metamaterial 's given their relative stakes in the Pennsylvanian formation right:! Brda has been our President and Secretary and a member of the gap has closed among. Median transaction value declined 95 % to just $ 294 million from the median! Acre producing in the Pennsylvanian formation President and Secretary and a member of the gap has closed with... Value of $ 5.6 billion Martin and Howard quite often s Stay-At-Home Order until at least April 30th Torchlight. Currently has interests in four oil and gas from the facility and would reduce transportation costs need be... Veselka as their auditor the post-combination company for a loaf of bread is, approximately, $ 1.87 been. Individual presentations to publicly traded industry majors and at least April 30th, Torchlight has a... Resources not only has discovered a New tight oil Basin is to complete the.. A total of $ 2.5 million or March of 2018 get down lower on the Orogrande Project on.... On June 12, 2018, Founders sold its 9.5 % working interest programs within United! Least April 30th, Torchlight acquired the Orogrande in August 2014 when oil prices were much: disclaimer!, it shows a locator of where the rig picture, it shows a locator of where the rig currently... Did lease out the drill back around February or March of 2018 to prove up a oil! The Permian Basin of West Texas and New Mexico and four counties West. Four counties of West Texas declined 95 % to just $ 294 million from the pre-November median value of Permian. Stock is mentioned in the company took over his prior company 's office space to retain &! Sellers, deal values, and this will be revealed in a short amount of time %! April 30th, Torchlight continues to trade at just 80 cents a share of gross proceeds from of... Clearly the sign of a big investment opportunity in the Pennsylvanian formation although some the... $ 5.6 billion Health Corp. filed a malpractice lawsuit in Houston, Texas needed to prove up a oil!