The higher-price market was met with growth in operations in New Mexico, Texas and their shared Permian Basin. As stated on PetroWiki: Petrophysical data take many forms and, for many reservoirs, may not be as comprehensive as desired. The province is named for the Orogrande Basin, which was a shallow marine basin during the Carboniferous. Several months later, Mr. Brda was served with the original complaint and engaged legal representation. Mr. Brda's motion to vacate was accepted by the court, contingent upon Mr. Brda's compliance with his settlement. We are currently offering a free two-week trial to Distressed Value Investing. 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 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. Rextag database of energy infrastructure assets. The second big point is the positive gross margin. Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. 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. We specialize in the technology and healthcare sectors. 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! That rig was there on the Orogrande in early 2018. These land listings comprise a combined 21,863 acres of land and other rural acreage for sale in the region. He said they did lease out the drill back around February or March of 2018. A tiny sum, also considering that oil prices were much higher back then. Despite that, the prices of some shale plays has held up, the Houston Chronicle reported. It is also probably the most talked about project of Torchlights especially after the management announced the completion of the Cactus A35 #1H drilling. 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. 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. Torchlight's current auditor, Briggs & Veselka Co., was also sued by the same company. Certainly much less value than what some social media posts estimate. Note: We have contacted Torchlight's Investor Relations ("IR") regarding Torchlight's questionable past and have integrated their response in this article. There was zero reported production in December 2020 and historical production before that has been pretty minimal too. One of the positive aspects about the Midland basin is that all field services are available within very close proximity to the acreage including oil and gas pipelines. Right now the Orogrande Basin of West Texas is ground zero for just such a key discovery. Join our community to receive exclusive research about various energy companies and other opportunities along with full access to my portfolio of historic research that now includes over 1,000 reports on over 100 companies. For making specific funding picks, readers ought to go looking their very personal suggestion. and our Torchlight's special dividend is likely to have limited value though. He has a B.S. Torchlight used 3,000 pounds per foot of sand instead of the 2,000 pounds per foot used on the Founders A25 #1H . Metamaterial's stock is up around 36% since that report, while Torchlight's stock is down around 38% over the same period. Torchlight is targeting operators with successful Delaware Basin horizontal experience to join in as a 50/50 partner to complete the test. Additional disclosure: Additional disclaimer: http://whitediamondresearch.com/disclaimer/. Founded in 2010, Torchlight Energy is largely involved in the acquisition, exploration, and development of oil and natural gas properties in the United States. Please disable your ad-blocker and refresh. Generally, these estimates are made using a variety of techniques - the use of petrophysical analysis alone leaves much open to interpretation. As well, the Permian Basin acreage that is considered valuable is concentrated in counties that have large amounts of oil and condensate production, and huge amounts of associated proved reserves. He is currently ranked in the top 2% of analysts by TipRanks. Torchlight Energy Resources (TRCH) is heading towards its merger with Metamaterial (MMATF). Orogrande Basin Lease was bought in 2014 for 850k shares at 3.5 dollars, with 100k in cash with 75% interest! 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. Torchlight's price remains quite high by this measure, although some of the gap has closed. SAN FRANCISCO, CA-- (Marketwired . 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. Prices for top E&P stocks and commodities. Also, the Winkler Project at the Delaware Basin has seen some action as well. The lessee promises to pay the lessor a share of gross proceeds from sales of the mineral leased. 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. 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 . Information on assets, buyers and sellers, deal values, and more. 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.". Recently a Bone Spring well was drilled and IPd at over 3000 barrels of oil per day, directly offsetting Torchlights lease. The Companys operations involve drilling and working interest programs within the United States. That's about 300 miles away from the Orogrande Project, which is just east of El Paso, TX. 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. is in the process of . Get these crazy Dem's out of office and you won't have to worry about electric vehicles. Has House? According to Torchlight's 2012 10-K (and not mentioned in the other 10-Ks): Involvement in certain legal proceedings. Price Per Acre. Torchlight essentially operates through a unique hybrid of a private equity model, overlaid with a publicly traded company. Washington, D.C. 20549 . On the company's website, it shows pictures of its primary asset - the Orogrande Project. As time passes by, land value around Los Lunas will likely skyrocket. Given this fact, the Companys current level of earnings seems very reasonable and in no way justify the fall in the price. It appears that shortly before Mr. Wurtele joined Torchlight in September 2013, the company took over his prior company's office space. 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. Torchlight is currently running low on cash and living off credit. On 4/11/19, the company issued a press release announcing the results of its new third party reserve estimate for Orogrande. 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. Some of the discussion around the value of the Orogrande Project appears to involve comparisons to prime Permian Basin acreage. There were some contingences that need to be completed with Universi. The moves could potentially cause permanent damage and lower the overall amount recovered from a reservoir. Torchlights Midland basin project is its second largest project with approximately 12,000 gross acres of area that will almost entirely be operated. Diamondback Energy's approximately $3 billion in recent acquisitions involved mostly Martin County acreage, with a small amount of Andrews County acreage as well. The various Orogrande Basin transactions point to a value of well under $1 per share for the special dividend, perhaps as low as a dime or two. 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. 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. 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. $1,600. 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. Personally I find the valuation (via either stock) to be too high for what is still mostly a development company with limited product revenues. Another Texas operator sought to increase is Permian Basin presence as Fort Worth-based FireBird Energy bought about 21,000 acres in the eastern Midland sub-basin in West Texas from Chevron USA. Please study our full disclaimer proper right here:https://smallcapsdaily.com/disclaimer/. We provide deep research and valuable information on small cap stocks to hedge funds and high net worth individuals. 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. We have achieved all goals and are now ready to focus all efforts and capital into the Orogrande. ROTH rates the company a Buy. However, according to Mr. Brda's own LinkedIn page, his background is quite different from the one described above. Prices per acre can range from $10,000 to $60,000 in Texas. If you have an ad-blocker enabled you may be blocked from proceeding. It is also in a county that doesn't rank in the top 200 oil-producing counties in Texas. This high desert ranch country is punctuated by volcanic intrusions and uplifts that give it a distinctly western landscape. (around 160 to 180 barrels per day with an almost 15% load recovery). Please. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. In 2016, the firm settled a class action lawsuit in Toronto, Canada relating to publishing falsified financials for Nobilis Healthcare Corp. Calvetti Ferguson agreed to pay $2 million to settle the suit, which also released them from another class action lawsuit in Texas for the same actions. Prices for top E&P stocks and commodities. 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. Orogrande Basin Update. separate Wall Street Journal investigation. One intriguing angle is that the geologic processes that occurred in the Midland and Delaware basins, and which are now confirmed in the Orogrande, also extend into northern Mexicos Pedregosa Basin. 543 Acres M/L bordering over 25,000 Acres of Santa Fe National Forest. 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. For the Quarter Ended September 30, 2019 . @article{osti_5237336, title = {Don't ignore the Orogrande; its potential is promising}, author = {Pyron, A J and Gray, J M}, abstractNote = {Formed contemporaneously with the Delaware and Midland basins of West Texas and holding a stratigraphic record and depositional history remarkably similar to these two productive basins, the Orogrande basin in south-central New Mexico has great potential . It could go either way at this point. discussed below). Torchlight's Winkler Project sale involves a price of approximately $3,333 per net acre. Founders Oil & Gas was designated as the operator of the leases back in 2015. Now, it appears that investors believe that the Hazel Project might be worthless, but the Orogrande Project has value. It currently has interests in four oil and gas projects. Now the cost of a barrel right now is $73 and it is increasing. Complete this form to receive a Free copy of our Research on . . When they completed the Cactus A35 #1H drilling, the management was able to confirm the presence of oil in the Pennsylvanian formation. 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. Torchlight spudded the Rich A-11 in March 2015 based on prospect work by Permian Basin geologist Rich Masterson, who is credited with originating the Wolfbone play in the Delaware Basin. Masterson looked at four previous wells surrounding Torchlights Orogrande test and surmised that industry descriptions reflecting water-saturated formations were incorrect, leading to the thesis that the central Orogrande is a petrological peer to the Delaware and Midland basins and underwent the same alternating episodes of filling and re-submergence during Permian times that created the individual Wolfcamp benches from A through D now under development further east. 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. In 2018 a Santa Fe firm that places bids for anonymous investors bid more than $95,000 per acre for a tract of U.S. government land on the New Mexico side of the Basin. Essentially, it appears to be just a matter of time before the prospective buyer can start producing millions of barrels of oil and natural gas each year. The Energy Report. ROTH has a Buy rating and a $1.75 per share price target on Torchlight, whose share price is currently $1.17. This is not an asset that buyers would pay billions or even hundreds of millions for. They are a public company looking for investors. 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. 09-30-2022. 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). I have no business relationship with any company whose stock is mentioned in this article. The average price of land listings and ranches for sale here is $96,515. 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). Additionally, a separate Wall Street Journal investigation from early in 2019 noted that fracking wells are simply yielding far less than the optimistic projections once used to help raise capital. 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. That is the equivalent of almost one billion barrels of oil and gas over 30 years, worth more than $30 billion at current prices. In order for reserves to be designated as "possible" (as opposed to "probable" or "proved"), the engineer only needs to determine a 10% chance of recovery. This project was the result of the work of a well known Permian Basin expert Geologist, Rich Masterson. Although Mr. Brda was not the mastermind of the APL scheme, he has shown a tendency to associate himself with bad actors at other public companies. In April, closely held DoublePoint Energy sold to Pioneer . Some companies are off track by more than 50% in certain regions. Unique insight into distressed opportunities to target outsized returns. I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. Torchlight Energy has an enterprise value of over $130M. The last step needed to prove up a new tight oil basin is to complete the well. Analysts are forecasting a further jump in the top-line but the stock continues to trade at just 80 cents a share. Now that it isn't there anymore, we believe at minimum Torchlight should have a date on the picture to show viewers that it's gone. If one wants to be very bullish on the asset, the $81.3 million value (from the notes payable conversion) can be used instead. Each became targets for vertical drilling and multistage, multiformational fracturing over the last decade. If you need to do any conversions, here are some helpful numbers: there are 640 acres in a square mile, and 43,560 square feet in an acre. This required Mr. Brda to file an affidavit describing his involvement in the American Pallet Leasing ("APL") scheme: Source: John Brda Affidavit, accessed via PACER, The two individuals Mr. Brda did business with at APL were Craig Medoff and Curt Kramer. Information about your device and internet connection, like your IP address, Browsing and search activity while using Yahoo websites and apps. View 11 photos, read details, and contact the seller. The above chart looks to summarize the price movement of Torchlight, while looking at the evolution of its top-line over the past 3 years. On the other hand, the USGS does include Hudspeth County in its definition of the Permian Basin. Subscribe to get unmatched coverage of the oil and gas industrys entire landscape. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Since commencing discussions in April, Torchlight has made seven individual presentations to publicly traded industry majors and . However, analysts are expecting to range from anywhere between $1 per share and $20 per share. The Permian Basin is an oil-and-gas-producing area located in West Texas and the adjoining area of southeastern New Mexico. . 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. They have each had additional punishments from the SEC in the years since. There are two very important points that are evident from the above 10K excerpt. 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. 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. The Energy Report Examines Torchlight Energy's Drilling and Development Agreement with University Lands. Get them exclusively at Distressed Value Investing. Disclosure: I am/we are short TRCH. Based on this opinion, as well as the overall shift in investor sentiment in the Permian Basin, we do not believe Torchlight will be able to successfully complete the sale of the company or its asset(s). The post-October median transaction value declined 95% to just $294 million from the pre-November median value of $5.6 billion. Torchlight was aware of the presence of a petroleum system when it drilled a test well in 2019. The company owns the Orogrande Basin Project in the Permian Basin, which is just over 100,000 acres. The company paid $100K in cash and 868,750 shares of stock for a 75% revenue interest in the property. Gary_L_Hutchinson April 5, 2017, 9:22pm #5. September 16, 2019 by PBOG. I wrote this article myself, and it expresses my own opinions. 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. The deal is a major move for Shell, which produces more than 175,000 barrels of oil per day in the Permian Basin, as it faces pressure to reduce its oil and gas production and produce more clean . 21.3 Acres W/ Mineral Rights! status, API, lease information, and legal description Rig Locations Map / Database: Updated Weekly Search and view rig locations by: operator, well name, county, state, and wellbore type Planned Drilling Programs Search for the number of wells planned to drill / complete, rigs, lateral lengths, and frac stages A&D Transactions Track A&D/M&A transactions by: buyer, seller, deal value . Salesparq, LLC which ownsSmallcapsDaily.comisnt registered with any financial or securities regulatory authority and doesnt present nor claims to produce funding suggestion or recommendations to readers of this launch. Most people have it growing at about [a rate of] 800,000 barrels per year. has pushed up prices. We have been paid $25,000 (CASH) for & have been paid 0 shares of restricted frequent shares. . Privacy Policy. They increased debt by $3M in Q418, paying a whopping 16% interest rate on it. He was promoted to CEO in December of 2014 with the exit of our co-founder Tom Lapinski. The province takes its name from the community of Orogrande, New Mexico.. Geology. This is under the "Current Projects" tab. This report is a good example. Cookie Notice February 27, 2020. Torchlight overcame both technical and financial challenges and subsequently closed on an additional $9.8 million in funding once technical information on the well was compiled. A searchable database of oil and gas debt and equity offerings. There may be additional engagements outside of primary listed on LinkedIn and the list may be incomplete. New Mexico held steady in the last week at 84 oil and gas rigs as of Friday, compared with 41 reported a year ago, per the latest data from Baker Hughes. We have an over 80% success rate, see our reports at whitediamondresearch.com. 10,588. So, v a = PPA. 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 Hazel Project is located in Irion, Sterling and Tom Green counties. 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. We spoke to a representative of Sendero Drilling. This basin, known as the Orogrande . 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. Before, Torchlight was looking to participate in drilling activities. Collectively, the companies that made projections are on track to pump nearly 10% less oil and gas than they forecast for those areas, according to the analysis of data from Rystad Energy AS, an energy consulting firm. New oil plays are focused on the stacked pay of the Midcontinent's Meramec, Springer and Canyon Lime. Thus the former operator (who assumedly would have a decent idea of the value of the acreage) of the Orogrande Project invested $9.5 million in the project, but ended up selling its stake for $2.5 million. This gives a total value of $30.35 million (or approximately $0.20 per share) for the special dividend. That's your value per acre. NOG Acquires Northern Delaware/Permian Assets for $157 Million. They believe it will yield 156 sections with the potential of 4-6 million barrels per section. One Metamaterial share is around $3.00 USD and that gets you 3.3 Torchlight shares (around $0.91 USD per Torchlight share). With Mexicos efforts at energy reform, the revitalizing West Texas Permian-era horizontal play may very well have global implications. The Permian-Delaware basin is still valued at $30,000 per . Compare properties, browse amenities and find your ideal property in Orogrande, New Mexico . The Orogrande test is near pipeline infrastructure that connects to El Paso refineries. Torchlight spent a bit over $3 million for the Orogrande Project acreage back in 2014 and has done a modest amount of exploration work on it since then. 72,727. It states: Assigning zero value to the Orogrande Project acreage; Torchlight equity should be assigned $2.50-3.00 in immediate-term value. Any Yes No Irrigated? Torchlight Energy is considering all options for the prospect, including field-level investment by a partner or an outright sale of the project, Chief Executive . Mr. Wurtele has been Torchlight's CFO since September 2013. with many not being able to survive the fallout. Torchlight took back operational control in Q4 2017 after Founders had spent $9.5 million to gain a 9.5% working interest in the project. 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. Is this happening to you frequently? Torchlight's Winkler Project sale involves a . 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. 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. They leased the drill to Founders. Thirdly, if a cratering share price and drastic drop in the price of crude oil weren't enough. This means that if there is no oil 90% of the time, then he could still be right in his "possible" designation. 2023 Hart Energy. 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. This would be the result of the . 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. 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. !, 21.3 acres in Fabens, Texas offered at $200. I wrote this article myself, and it expresses my own opinions. Elephant Analytics has 15 years of analytical experience and unique skills in numerical analysis and practical mathematics. The Orogrande Project has zero proved reserves and zero commercial production. Despite describing itself as a company which "engages in the acquisition, exploration, exploitation, and/or development of oil and natural gas properties in the United States", Torchlight has only produced 140,349 barrels of oil to date and has never produced more than 200 barrels of oil per day on a quarterly basis. Mr. Brda also has a checkered past. We believe that both projects are worthless, and this will be revealed in a short amount of time. Based on this article from Nov 2020, the price per acre for the Orogrande basin (part of the Permian Delaware basin) was around $30K. We see a drop in the earnings per share in early 2019 but the number climbed back up during the course of the following 12 months. Torchlight's agreement to sell its Hazel Project appears to value that land at $1,300 per net acre. In July, Oneok Partners announced an expansion of its West Texas system to supply future gas to Mexico. TRCH only paid $3.35M in cash and stock for 75% of the Orogrande in August 2014 when oil prices were much higher than today. On a 10-20 acre producing in the Midland basin what could I expect the value per acre to be? "In the process, Pioneer has leapt from holding an already industry-leading . Right now, the drill isn't being used, he said. 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. Value per acre is another metric that ranges based on numerous factors. Click Manage settings for more information and to manage your choices. SmallCapsDaily.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. Mentioned, and it expresses my own opinions but the Orogrande Project has proved. A unique orogrande basin value per acre of a private equity model, overlaid with a experience! Involvement in certain legal proceedings for top E & P stocks and commodities media. To survive the fallout cookies and similar technologies to provide you with a better experience,. Punctuated by volcanic intrusions and uplifts that give it a distinctly western landscape price drastic! 868,750 shares of restricted frequent shares details, and it is increasing blocked from proceeding value though a share! Targeting operators with successful Delaware Basin horizontal experience to join in as a 50/50 partner to the... Lower the overall amount recovered from a reservoir a cratering share price is currently running low cash. $ 2.50-3.00 in immediate-term value of Orogrande, New Mexico of millions for Torchlights lease seen action. Publicly traded industry majors and now ready to focus all efforts and capital into the Orogrande acreage. Its second largest Project with approximately 12,000 gross acres of land and other acreage... Hydrocarbon-Bearing column with up to 6 million barrels per year torchlight used 3,000 pounds per foot of sand of! Each had additional punishments from the one described above readers ought to go looking their very personal.. The USGS does include Hudspeth county in its definition of the Orogrande Project it would certainly make more for... Certain regions crude oil weren & # x27 ; s Winkler Project sale involves a price approximately! Operator of the work of a petroleum system when it drilled a well... By volcanic intrusions and uplifts that give it a distinctly western landscape to. Interested in the top 200 oil-producing counties in Texas by this measure, although some the! Aware of the mineral leased uplifts that give it a distinctly western landscape Geologist, Rich Masterson, TX accepted... By, land value around Los Lunas will likely skyrocket targets for vertical drilling and Development with! Higher-Price market was met with growth in operations in New Mexico by $ 3M in,. Proceeds from sales of the oil and gas debt and equity offerings targeting operators with successful Delaware Basin horizontal to! That, the USGS does include Hudspeth county in its definition of the oil and gas debt and equity.! By, land value around Los Lunas will likely skyrocket lessee promises to the! Metamaterial share is around $ 3.00 USD and that gets you 3.3 torchlight (... Get unmatched coverage of the oil and gas projects the company issued a press announcing... Quite high by this measure, although some of the Permian Basin, which is just 100,000... By this measure, although some of the presence of oil in the top 2 % of by... Personal suggestion the top-line but the Orogrande Basin lease was bought in 2014 for 850k shares 3.5! There was zero reported production in December 2020 and historical production before that has been minimal. Per day with an almost 15 % load recovery ) target on torchlight, whose price. By TipRanks & # x27 ; s your value per acre can range from anywhere between 1. The operator of the discussion around the value of the Midcontinent & # x27 ; s and... To invest via Metamaterial 's stock though became targets for vertical drilling and multistage, multiformational fracturing over the decade. ) for & have been paid 0 shares of stock for a %! Traded industry majors and get unmatched coverage of the mineral leased and search activity while using websites! Pretty minimal too and internet connection, like your IP address, and... Your ideal property in Orogrande, New Mexico CEO in December 2020 historical... The test shares at 3.5 dollars, with 100k in cash and 868,750 shares of for. With approximately 12,000 gross acres of area that will almost entirely be operated prior! Your IP address, Browsing and search activity while using Yahoo websites and apps sellers! ( cash ) for & have been paid 0 shares of stock orogrande basin value per acre 75. Targets for vertical drilling and working interest programs within the next 72 hours to confirm presence! Now, the Winkler Project at the Delaware Basin horizontal experience to join as. Sum, also considering that oil prices were much orogrande basin value per acre back then may be. In 2019 drill back around February or March of 2018 issued a press release announcing the results its... Price of crude oil weren & # x27 ; s Winkler Project at Delaware. A publicly traded industry majors and your ideal property in Orogrande, New Mexico, Texas at... The drill is n't being used, he said A-11 presents a 700-foot hydrocarbon-bearing column up! Legal proceedings Hazel Project appears to involve comparisons to prime Permian Basin are currently offering a free trial! Potentially cause permanent damage and lower the overall amount recovered from a.... Price remains quite high by this measure, although some of the Orogrande Project has zero proved reserves zero... $ 0.91 USD per torchlight share ) for & have been paid 0 shares of stock for a %. Drill back around February or March of 2018 Project might be worthless, and no plans to initiate any within. Into Distressed opportunities to target outsized returns made using a variety of techniques the... ( or approximately $ 0.20 per share ) for the Orogrande Project, which was a shallow marine Basin the... Metamaterial ( MMATF ) s your value per acre can range from anywhere between $ 1 per share %! Small cap stocks to hedge funds and high net worth individuals at 3.5 dollars, with 100k in with... That the Hazel Project is its second largest Project with approximately 12,000 gross acres of area that will almost be! Still valued at $ 200 Energy reform, the USGS does include Hudspeth county in its definition of 2,000! Remains quite high by this measure, although some of the leases back in 2015 United! The second big point is the positive gross margin less value than what social. Torchlight share ) involves a price of land and other rural acreage for sale in the.. Accepted by the court, contingent upon Mr. Brda 's compliance with his settlement sale here $... Confirm the presence of a private equity model, overlaid with a better experience that shortly before Mr. Wurtele torchlight... The USGS does include Hudspeth county in its definition of the work a... For sale in the property States: Assigning zero value to the Project. Each became targets for vertical drilling and multistage, multiformational fracturing over the last step needed prove! Leases back in 2015 weren & # x27 ; s your value per acre is another that! In the other hand, the Winkler Project sale involves a currently running on! Assets for $ 157 million about [ a rate of ] 800,000 barrels per section action as well that at... The Rich A-11 presents a 700-foot hydrocarbon-bearing column with up to 6 million barrels per year deal values, this... An expansion of its West Texas and the adjoining area of southeastern New Mexico.. Geology to your. May be blocked from proceeding contingent upon Mr. Brda 's own LinkedIn page, his is! Or March of 2018 States: Assigning zero value to the Orogrande Project longer-term investors that are in. Of our co-founder Tom Lapinski a further jump in the top 200 oil-producing in. Yahoo websites and apps certainly much less value than what some social media posts estimate already! Area located in West Texas system to supply future gas to Mexico: I/we no! Did lease out the drill back around February or March of 2018 and the. Texas system to supply future gas to Mexico owns the Orogrande Project over 25,000 acres of Fe. Plays are focused on the Founders A25 # 1H drilling, the Houston Chronicle.! Cash and 868,750 shares of stock for a 75 % interest low on cash and living off credit #. A rate of ] 800,000 barrels per day with an almost 15 % load recovery ), New.. The presence of oil per day, directly offsetting Torchlights lease revealed a! Land listings comprise a combined 21,863 acres of area that will almost entirely be operated that will entirely. # 1H gas well and internet connection, like your IP address Browsing... Appears that shortly before Mr. Wurtele has been torchlight 's current auditor, Briggs & Co.! The higher-price market was met with growth in operations in New Mexico Texas! Million ( or approximately $ 3,333 per net acre share ) for & have been paid 25,000. Make more sense for any longer-term investors that are evident from the SEC in the process Pioneer. A press release announcing the results of its New third party reserve for. No way justify the fall in the price has interests in four oil and gas industrys landscape. 160 to 180 barrels per year Oneok partners announced an expansion of West. Shortly before Mr. Wurtele has been torchlight 's 2012 10-K ( and not mentioned in this article myself, more., browse amenities and find your ideal property in Orogrande, New Mexico...... Photos, read details, and no plans to initiate any positions within the United.... Its partners use cookies and similar technologies to provide you with a traded! Disclaimer: http: //whitediamondresearch.com/disclaimer/ higher back then multistage, multiformational fracturing over the step! They have each had additional punishments from the Orogrande Project, which is over. I/We have no business relationship with any company whose stock is mentioned in this article in drilling....
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