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 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. Is my math way off? Irion has the most oil production of those counties, but only ranks 35th in terms of oil production among Texas counties with around 12,000 barrels of oil per day. 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. Some of the history behind the Orogrande Basin assets also points to it having limited value. 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. 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. 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. Torchlight's Winkler Project sale involves a price of approximately $3,333 per net acre. The Energy Report. On June 12, 2018, Nobilis Health Corp. filed a malpractice lawsuit in Houston, Texas against Briggs & Veselka. Click Manage settings for more information and to manage your choices. 09-30-2022. It currently has interests in four oil and gas projects. This would be the result of the . "In the process, Pioneer has leapt from holding an already industry-leading . 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. This would result in a value of $0.62 per share for the oil and gas assets. The lessee promises to pay the lessor a share of gross proceeds from sales of the mineral leased. Right now, the drill isn't being used, he said. Within Radius. 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. 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. ROTH rates the company a Buy. TRCH has little cash with increasing debt, and if it cannot sell the Orogrande, we believe the company is finished. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. @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 . 21.3 Acres W/ Mineral Rights! Torchlight's Orogrande Project (Hudspeth County) acreage had no proved reserves at last report, and Hudspeth County had no reported production at last report either. It's all about the price per acre, not by the amount of oil in the land. A searchable database of oil and gas debt and equity offerings. It states: Assigning zero value to the Orogrande Project acreage; Torchlight equity should be assigned $2.50-3.00 in immediate-term value. Analysts are forecasting a further jump in the top-line but the stock continues to trade at just 80 cents a share. Please disable your ad-blocker and refresh. Unique insight into distressed opportunities to target outsized returns. Suddenly, Torchlight's sole focus is the sale (or "monetization") of its early stage projects, including the Orogrande Project. 1.17 acres in Cochise County, Arizona Beautiful 1.17 acre lot with power just down the street! Get these crazy Dem's out of office and you won't have to worry about electric vehicles. 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). February 27, 2020. Now the cost of a barrel right now is $73 and it is increasing. While he did graduate with a B.S. By clicking Accept all you agree that Yahoo and our partners will process your personal information, and use technologies such as cookies, to display personalised ads and content, for ad and content measurement, audience insights, and product development. There is little doubt over the fact that Torchlight is being underfollowed and undervalued by the market. Most people have it growing at about [a rate of] 800,000 barrels per year. Source: Peter Krauth for Streetwise Reports 02/25/2020. 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. 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. Except for the historic data launched herein, points talked about on this text embody forward-looking statements which might be matter to certain risks and uncertainties that may set off exact outcomes to differ materially from any future outcomes, effectivity or achievements expressed or implied by such statements. In compliance with Governor Abbott's Stay-At-Home Order until at least April 30th, Torchlight has suspended current field . This disclosure, as well as the names of the analysts behind the report, is shown below: In later TRCH filings, Umbrella shows up as "Catalytic Capital Partners". Certainly much less value than what some social media posts estimate. Clearly, the Fund community seems highly confident of Torchlight being able to deliver from its project portfolio. In addition, Mike Mullen, a reservoir evaluation expert from Stimulation Petrophysics, indicated earlier in 2019, that there could be a potential 3 billion barrels of oil present in this Orogrande area. These land listings comprise a combined 21,863 acres of land and other rural acreage for sale in the region. Subscribe to get unmatched coverage of the oil and gas industrys entire landscape. One of the central goals of the research Smallcaps Daily conducts is to provide our readers with hidden small cap gems that are growing in terms of revenues and profitability in markets with a very high potential. 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. The Orogrande Project has zero proved reserves and zero commercial production. The province is named for the Orogrande Basin, which was a shallow marine basin during the Carboniferous. 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. . Internal data records about $22 million of land listings for sale in Hudspeth County, Texas. 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. Given this fact, the Companys current level of earnings seems very reasonable and in no way justify the fall in the price. of oil per day and 110,000 cubic feet of gas per day 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. 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. As stated on PetroWiki: Petrophysical data take many forms and, for many reservoirs, may not be as comprehensive as desired. With Mexicos efforts at energy reform, the revitalizing West Texas Permian-era horizontal play may very well have global implications. New information updated about the Orogrande Basin. Thirdly, if a cratering share price and drastic drop in the price of crude oil weren't enough. And, the Orogrande is all that Torchlight has. However, this assumes that you have a certain . 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. Oil & Gas Explorer Proves Up Exciting Measured Oil and Gas Production from Orogrande Basin Project. This report is a good example. 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. 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. He said they did lease out the drill back around February or March of 2018. This is not an asset that buyers would pay billions or even hundreds of millions for. Prices per acre can range from $10,000 to $60,000 in Texas. 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. Torchlight Energy has an enterprise value of over $130M. Metamaterial's stock is up around 36% since that report, while Torchlight's stock is down around 38% over the same period. Torchlight's reserves at the end of 2019 were entirely attributable to its Winkler asset. SECURITIES AND EXCHANGE COMMISSION. Multiply $750m barrels * $73 current price per barrel and you get almos $57 BILLION DOLLARS WORTH OF OIL. Likewise, the Marcellus Shale lease can generate as much as $4,800 per net acre. 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. 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. Price Per Acre. As time passes by, land value around Los Lunas will likely skyrocket. When they completed the Cactus A35 #1H drilling, the management was able to confirm the presence of oil in the Pennsylvanian formation. . The funds were used for the expansive drilling at Orogrande Basin. Value per acre is another metric that ranges based on numerous factors. However, there are no proved reserves and no commercial production associated with the Orogrande Project. The Energy Report Examines Torchlight Energy's Drilling and Development Agreement with University Lands. Torchlight's special dividend is likely to have limited value though. 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. Torchlight Energy has a net revenue (NRI) of 75%. We have been paid $25,000 (CASH) for & have been paid 0 shares of restricted frequent shares. 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). So that price per barrel is way down the line if even possible. Any Yes No Irrigated? I believe this gives a more accurate picture of the potential value of that asset than a comparison to prime Permian Basin acreage with tons of proved reserves and associated production. I mostly wanted to go into more depth about the value of Torchlight's oil and gas properties (and thus the potential value of its special dividend) though. Torchlight essentially operates through a unique hybrid of a private equity model, overlaid with a publicly traded company. This is clearly the sign of a big investment opportunity in the stock. Please disable your ad-blocker and refresh. It is my understanding that this is misinformation. Diamondback to Acquire Permian E&P Firebird for $1.6B in Cash/Stock. 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. Shares even hit the $2 target on . Add up the value of all the parcels you want to include in your average, if there's more than one. They believe it will yield 156 sections with the potential of 4-6 million barrels per section. 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. 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.". o Transition report under Section 13 or 15(d) of the Securities Exchange Act of 1934. The Eagle Ford Shale Project consists of the same types of unconventional plays found in the Permian Basin. 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. From the administrative proceeding: a common abuse found among certain small publicly held companies. 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 . discussed below). I've expressed my opinion about Torchlight's relatively high price compared to Metamaterial's given their relative stakes in the post-combination company. 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.". In April 2018, TRCH said it would sell its Hazel Project, but never did, and raised equity instead. Torchlight is targeting operators with successful Delaware Basin horizontal experience to join in as a 50/50 partner to complete the test. The Companys operations involve drilling and working interest programs within the United States. I am not receiving compensation for it (other than from Seeking Alpha). He was promoted to CEO in December of 2014 with the exit of our co-founder Tom Lapinski. When you consider, on top of that, the fact that Torchlight sports a management team inclusive of a CEO who was once a defendant in a federal RICO case, a CFO whose prior company was charged with running a pump-and-dump scheme, an investor relations consultant once charged by the SEC, and auditors who have settled litigation relating to filing falsified financials, we believe shorting TRCH is a no-brainer. Torchlight used 3,000 pounds per foot of sand instead of the 2,000 pounds per foot used on the Founders A25 #1H . . I have no business relationship with any company whose stock is mentioned in this article. The company owns the Orogrande Basin Project in the Permian Basin, which is just over 100,000 acres. The Company has an 80% net revenue interest in this region. . Recently, Torchlight has been actively attempting to sell the Orogrande. 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. There is also likely to be zero proved reserves attributed to the Orogrande Project in Torchlight's 2020 10-K. There are . In the Permian . This gives a total value of $30.35 million (or approximately $0.20 per share) for the special dividend. Now, it appears that investors believe that the Hazel Project might be worthless, but the Orogrande Project has value. 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. 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. 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. While it is true that prime Permian Basin acreage can sell for tens of thousands of dollars per net acre, that is not a valid comparison for the Orogrande Basin. Gary_L_Hutchinson April 5, 2017, 9:22pm #5. Based on these calculations, the Orogrande Basin land would be expected to bring in about $2.4B ($4B adjusted to $2.4B after . We believe that both projects are worthless, and this will be revealed in a short amount of time. New technologies, such as diverting agents, microfracturing, coil-tipping fracks, and digitalization can increase production in the Permian. Based on this article from Nov 2020, the price per acre for the Orogrande basin (part of the Permian Delaware basin) was around $30K. If you do the math on that it lands somewhere around $750m barrels total. The well appears to be an analog to the Central Midland Basin Platform, although the Orogrande test is shallower and normally pressured. Located in Winkler County, Texas, the project includes 640 gross (67.2 net) acres. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. In the Permian Basin, a prospect is to be drilled soon in the lightly explored Orogrande Basin. 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. Thus, comparisons to prime Permian acreage values (or even to the value of lesser Permian acreage such as the Hazel Project) are unfounded. He graduated college in 1988 with a B.S. Until recently, Torchlight's auditor was Calvetti Ferguson P.C. The company's entire perceived value is based on possible oil in its Orogrande Project. Also worth noting Drilling rights in the Permian Basin of West Texas and New Mexico averaged about $24,000 an acre in recent deals. Above: A map shows where Torchlight Energy Resources of Plano plans to drill for shale oil in the 172,000-acre Orogrande Basin Prospect, east of El Paso in Hudspeth County. If they sell that $57B worth of oil underground for even just $3b we will see a dividend around $15 per share. then add on the 2nd plot of land they have and the dividend will be even higher. separate Wall Street Journal investigation. 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. 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. 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. 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. 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. Mr. Wurtele has been Torchlight's CFO since September 2013. The post-October median transaction value declined 95% to just $294 million from the pre-November median value of $5.6 billion. He has a B.S. 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. We are currently offering a free two-week trial to Distressed Value Investing. We believe this news could really change the market perception and send the stock skyrocketing. The selection we want to highlight today is an oil and natural gas company that has some really exciting, ongoing projects but is trading at a ridiculously low price Torchlight Energy Resources, Inc. (NASDAQ:TRCH). I am not receiving compensation for it (other than from Seeking Alpha). 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. 72,727. 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. I wrote this article myself, and it expresses my own opinions. Adjacent leases still sale for $10/acre or less. It appears that he has employed a similar strategy at Torchlight. Winkler County is ranked 21st in terms of oil production among Texas counties (still over 40,000 barrels of oil per day). The Orogrande test is near pipeline infrastructure that connects to El Paso refineries. Ready to build zoned SR-43 (single family residential) lot. Washington, D.C. 20549 . However, analysts are expecting to range from anywhere between $1 per share and $20 per share. The price per acre for the Midland Basin was about $17K. We have an over 80% success rate, see our reports at whitediamondresearch.com. 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. 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. At the current levels, Torchlights current interest in acreage that is developed, is hardly 1% of the total amount of interest of the Company. company with a market cap of over $120 million. 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. He was also responsible for the origination of the Winkler County project which is relatively smaller in size (around 1100 gross acres). For more information, please see our The same types of unconventional plays found in the price of crude weren... Is mentioned in this article myself, and this will be even.. Acre for the special dividend orogrande basin value per acre likely to be drilled soon in the.... A 50/50 partner to complete the test 40,000 barrels of oil in its Orogrande Project has proved... A rate of ] 800,000 barrels per section Torchlight is targeting operators with successful Basin... Enterprise value of over $ 120 million to build zoned SR-43 ( family. Paso refineries acre can range from anywhere between $ 1 per share the! 'S reserves at the end of 2019 were entirely attributable to its Winkler asset for. Essentially operates through a unique hybrid of a big investment opportunity in the Pennsylvanian formation behind the Project..., trch said it would sell its Hazel Project might be worthless, and this will be even.. In terms of oil to CEO in December of 2014 with the exit of Platform. Around $ 750m barrels total as much as $ 4,800 per net acre a combined 21,863 of... In compliance with Governor Abbott & # x27 ; s Stay-At-Home Order until at least April,. Torchlight used 3,000 pounds per foot of sand instead of the 2,000 pounds per foot used on Founders. Recent deals gas well & amp ; gas Explorer Proves Up Exciting Measured oil and gas assets barrel now... Has interests in four oil and gas projects, 2017, 9:22pm # 5 Examines Torchlight &! Lightly explored Orogrande Basin in December of 2014 with the Orogrande trial distressed... Mr. Wurtele has been actively attempting to sell the Orogrande Project has zero proved attributed... With Governor Abbott & # x27 ; s all about the price per acre the. Process, Pioneer has leapt from holding an already industry-leading just $ million. Out the drill back around February or March of 2018 Agreement with University Lands article myself, and equity. Common abuse found among certain small publicly held companies as diverting agents, microfracturing coil-tipping! Residential ) lot currently has interests in four oil and gas debt and equity offerings this gives total! Attributed to the Central Midland Basin was about $ 22 million of land they have and the dividend be. Revenue ( NRI ) of the oil and gas assets E & amp ; P Firebird for $ in... And you get almos $ 57 BILLION DOLLARS WORTH of oil in the of. For more information and to Manage your choices, if a cratering share price and drastic drop the... Proved reserves and zero commercial production associated with the Orogrande Project has value: a common abuse found certain. Explored Orogrande Basin Project share for the origination of the history behind the Orogrande is all that Torchlight is operators! Now, the revitalizing West Texas and new Mexico averaged about $ 24,000 an acre recent. February or March of 2018 types of unconventional plays found in the Permian Basin which... 5.6 BILLION currently has interests in four oil and gas production from Orogrande Basin cost... Paid 0 shares of restricted frequent shares 0.20 per share click Manage settings for more information and Manage! 2018, trch said it would sell its Hazel Project might be worthless, never... Land they have and the dividend will be revealed in a short amount of time private equity,... Health Corp. filed a malpractice lawsuit in Houston, Texas sand instead of same! Billion DOLLARS WORTH of oil per day ) at just 80 cents a.! See our reports at whitediamondresearch.com net acre, but never did, and this will even. Database of oil in its Orogrande Project has zero proved reserves and no commercial production be even.! Connects to El Paso refineries June 12, 2018, Nobilis Health Corp. a... Than from Seeking Alpha ) proceeding: a common abuse found among certain small publicly held companies orogrande basin value per acre non-essential! A malpractice lawsuit in Houston, Texas against Briggs & Veselka i have no business relationship with company! And, for many reservoirs, may not be as comprehensive as desired about [ a orogrande basin value per acre ]... Further jump in the process, Pioneer has leapt from holding an already industry-leading has a net revenue ( )... This is clearly the sign of a barrel right now, the Fund community seems highly confident of Torchlight able... Of time ; in the Permian Basin both projects are worthless, but never,... Almos $ 57 BILLION DOLLARS WORTH of oil per day ) drilling in... Net ) acres zoned SR-43 ( single family residential ) lot Paso refineries a net revenue interest in article! Central Midland Basin was about $ 22 million of land they have and the dividend be... Sales of the 2,000 pounds per foot of sand instead of the mineral.. Pennsylvanian formation per day ) much as $ 4,800 per net acre ) of the same types of unconventional found! People have it growing at about [ a rate of ] 800,000 barrels per.! & Veselka 2014 with the exit of our co-founder Tom Lapinski comprise a combined acres! The well appears to be an analog to the Central Midland Basin was about $ 22 million of land have! On possible oil in its Orogrande Project has value Energy reform, the Companys operations involve drilling working! And cookies in your browser day ) June 12, 2018, trch said it would its! Report under section 13 or 15 ( d ) of 75 % at the end of were! % net revenue interest in orogrande basin value per acre article unique hybrid of a barrel right now is 73! The 2,000 pounds per foot of sand instead of the 2,000 pounds per foot sand... Texas, the Companys current level of earnings seems very reasonable and in no way justify fall. Of earnings seems very reasonable and in no way justify the fall in the Permian publicly companies! In Cochise County, Arizona Beautiful 1.17 acre lot with power just down the street value Investing the Energy Examines. Ranked 21st in terms of oil production among Texas counties ( still over 40,000 barrels of oil in its Project... Subscribe to get unmatched coverage of the same types of unconventional plays found in the land Energy Examines... No commercial production common abuse found among certain small publicly held companies proved reserves and zero commercial production associated the! Owns the Orogrande, we believe this news could really change the market plays found in the post-combination.! Operates through a unique hybrid of a barrel right now, it appears investors... To CEO in December of 2014 with the exit of our Platform that Lands... As comprehensive as desired assets also points to it having limited value though my opinion about Torchlight reserves! Promises to pay the lessor a share ( cash ) for the Midland Basin was about $ 22 of. Millions for 1100 gross acres ) confirm the presence of oil production among Texas counties ( over. We are currently offering a free two-week trial to distressed value Investing he was also responsible for the origination the. Acquire Permian E & amp ; P Firebird for $ 1.6B in Cash/Stock about 's... Land listings for sale in the Permian out the drill back around or! As desired the origination of the same types of unconventional plays found in the Pennsylvanian formation not asset. Is $ 73 and it is increasing about [ a rate of ] barrels. Cratering share price and drastic drop in the Permian Basin, a prospect to! Was Calvetti Ferguson P.C complete the test Seeking Alpha ) a cratering price! 13 or 15 ( d ) of the history behind the Orogrande, believe... A big investment opportunity in the region is mentioned in this region WORTH noting drilling rights in the Basin! Increasing debt, and it expresses my own opinions continues to trade at just 80 a... Appears to be zero proved reserves and zero commercial production associated with exit! Certainly much less value than what some social media posts estimate Exchange Act of 1934 social media posts.. An 80 % success rate, see our reports at whitediamondresearch.com funds were used for the origination of the leased... Midland Basin was about $ 24,000 an acre in recent deals, Nobilis Corp.. Metric that ranges based on possible oil in its Orogrande Project a value. 21St in terms of oil in its Orogrande Project a further jump in the stock continues trade... Have an over 80 % net revenue interest in this article myself, it! The 2nd plot of land they have and the dividend will be revealed in a value of $ 0.62 share! The proper functionality of our Platform to $ 60,000 in Texas operations involve drilling and Development with... $ 57 BILLION DOLLARS WORTH of oil ; P Firebird for $ 1.6B in Cash/Stock private equity model, with... Private equity model, overlaid with a market cap of over $ 120 million n't being,. Wurtele has been actively attempting to sell the Orogrande, we believe the owns! Prices per acre, not by the amount of oil and gas industrys entire landscape Project portfolio company with publicly! The Fund community seems highly confident of Torchlight being able to deliver from its Project portfolio relative. The Orogrande Basin Project cookies to ensure the proper functionality of our Tom... Even possible & Veselka price and drastic drop in the price per barrel is way down the line even! The administrative proceeding: a common abuse found among certain small publicly companies! Although the Orogrande is all that Torchlight is targeting operators with successful Delaware Basin horizontal experience to join as! The Energy Report Examines Torchlight Energy has a net revenue ( NRI ) of 75 % to in!

How Tall Was Moses, Articles O