orogrande basin value per acreorogrande basin value per acre

Said former Torchlight COO Will McAndrew on the deal: "This new asset gives us the opportunity to prove up and develop the western most section of the Permian Basin". UNITED STATES. 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). 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. They operate through multiple subsidiaries such as Torchlight Energy Operating, LLC, a Texas limited liability company, and Hudspeth Oil Corporation, a Texas corporation. However, in recent years depending on those factors, many deals traded around $8,000 to $12,000 per acre. 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 . In April 2018, TRCH said it would sell its Hazel Project, but never did, and raised equity instead. 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 Business Overview section of Torchlight's 2017 10-K, filed on 3/16/18, states: We anticipate acquiring exploration and development projects both as a non-operating working interest partner, participating in drilling activities primarily on a basis proportionate to the working interest, and acquiring properties we can operate. Torchlight'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. We went to the Sendero Drilling website, and you can actually locate where their rigs are. $23,529. The Orogrande Basin Project & Its Big Breakthrough. 09-30-2022. 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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. It is my understanding that this is misinformation. 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. A tiny sum, also considering that oil prices were much higher back then. in Finance from Southern Illinois University, Carbondale in 1988, he does not appear to have any experience in the oil and gas sector, nor does he list the "20 years of investment banking experience" that Torchlight touts on their website. Is this happening to you frequently? In its 2018 10-K, Torchlight reported selling 22,887 barrels of oil for the year, which is an average of only 62.7 barrels per day. In the case of Torchlight, despite having a float of 53.91 million shares, its daily volume is relatively low at around 170,000. This high desert ranch country is punctuated by volcanic intrusions and uplifts that give it a distinctly western landscape. It states: Assigning zero value to the Orogrande Project acreage; Torchlight equity should be assigned $2.50-3.00 in immediate-term value. With a team of experienced geologists, the Company looks to identify land with heavy oil potential, acquires the same, carries out various experiments and drilling of test wells to determine the oil and gas potential, and eventually sells off the acquisitions to large oil companies. Especially when all the infrastructure is already built. There are . APN #s 118-03-22909, unit 1, block 111, lot 11 Annual taxes $32.91 Recreational Vehicles (RVs) are allowed as follows: A. The company owns the Orogrande Basin Project in the Permian Basin, which is just over 100,000 acres. Please disable your ad-blocker and refresh. With over 20 years of investment banking experience, including 5 years as a fund manager, prior to becoming a consultant, Mr. Brda has the knowledge and experience to execute and ensure success for his client companies. 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. In April, closely held DoublePoint Energy sold to Pioneer . All rights reserved. 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. Divide by the total land area. is in the process of . Thankfully, the bulls took control of TRCH stock and ran it up in January. 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. . 6. The company's entire perceived value is based on possible oil in its Orogrande Project. These calculations tend to mention the value of prime Permian Basin acreage when discussing Torchlight's Orogrande Basin acreage. "In the Orogrande, if only 60% of the 172,000 acres are productiveand we have vertical . 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. 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. 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. 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. Prior to the Q2 2013 10-Q, the company's address was listed as 2007 Enterprise Avenue in League City, Texas. On 4/11/19, the company issued a press release announcing the results of its new third party reserve estimate for Orogrande. The lessor can sell its share of the future income . 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. Torchlight currently controls approximately 97,500 surface net acres, out of 134,000-acre continuous block, all of which are under University Lands. Within Radius. $1,600. But they didn't work with Torchlight directly. On a 10-20 acre producing in the Midland basin what could I expect the value per acre to be? As of this filing, we continue to maintain the leases in good standing and continue to market the acreage in an effort to focus on the Orogrande Project. It is also probably the most talked about project of Torchlights especially after the management announced the completion of the Cactus A35 #1H drilling. On the company's website, it shows pictures of its primary asset - the Orogrande Project. 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. Most people have it growing at about [a rate of] 800,000 barrels per year. All documents filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act (excluding any information furnished pursuant to Item 2.02 or Item 7.01, or any corresponding information furnished under Item 9.01, on any Current Report on Form 8-K) after the date of the initial registration statement and prior to the effectiveness of the registration statement and after the date of . Keyword Property ID. 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. 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. 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. 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. 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. 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. Add up the value of all the parcels you want to include in your average, if there's more than one. We know they are the same entity as a result of the disclosure below, which names Umbrella "analysts" Dmitriy Shapiro and Joe Giamichael as the controllers of voting and investment power for Catalytic. New information updated about the Orogrande Basin. Investors looking at the previous data on the revenues would probably ask Yes, the revenues have more than doubled but have Torchlights margins been up to the mark? The answer is Yes. This is clearly the sign of a big investment opportunity in the stock. Torchlight still appears significantly overvalued based on the percentage of the post-combination company it will own, although the valuation gap has closed a fair bit over the last few weeks. More:$1.9 billion oil and gas merger targets Permian Basin amid growing energy prices Torchlight Energy Resources not only has discovered a new oil field in Texas, but has also effectively produced hydrocarbons from it. SAN FRANCISCO, CA-- (Marketwired . 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. 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. Today, over one year later, Torchlight has not been successful in selling the Hazel Project. It's all about the price per acre, not by the amount of oil in the land. 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. He graduated college in 1988 with a B.S. Kramer had a cease-and-desist order entered against him for violations of Sections 5(A) and 5(C) of the Securities Act for selling stock to the investing public in violation of registration requirements. 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. Has House? The sale could be for part or all of Shell's about 260,000 acres in the Permian Basin, located mostly in Texas. (around 160 to 180 barrels per day with an almost 15% load recovery). Any Yes No . 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. Over that time period, Mr. Brda, either originated, invested in, or placed over $70 million in financings. 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. Find out more about how we use your information in our privacy policy and cookie policy. 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". The Energy Report. Torchlight Energy Resources (TRCH) is heading towards its merger with Metamaterial (MMATF). 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. 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. 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. Torchlight's reserves at the end of 2019 were entirely attributable to its Winkler asset. 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. Diamondback Energy's approximately $3 billion in recent acquisitions involved mostly Martin County acreage, with a small amount of Andrews County acreage as well. I've expressed my opinion about Torchlight's relatively high price compared to Metamaterial's given their relative stakes in the post-combination company. /property/Oro_Grande_x5-4654244/ Nelle Ave Orogrande, NM, 88342 One Metamaterial share is around $3.00 USD and that gets you 3.3 Torchlight shares (around $0.91 USD per Torchlight share). However, there are no proved reserves and no commercial production associated with the Orogrande Project. 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. And indeed, Torchlight Energy shares traded below that crucial $1 level in late 2020. The Orogrande Project is a speculative play that hasn't been proved out (zero proved reserves as of Torchlight's 2019 10-K). Value per acre is another metric that ranges based on numerous factors. Torchlight has attracted a fair bit of attention on social media as it heads towards a merger with Metamaterial. September 16, 2019 by PBOG. This gives a total value of $30.35 million (or approximately $0.20 per share) for the special dividend. 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. Also, the Winkler Project at the Delaware Basin has seen some action as well. 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! 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. As explained in the recent 10-K, Torchlight acquired the Orogrande Project on 8/7/14. Certainly much less value than what some social media posts estimate. It currently has interests in four oil and gas projects. The value of the special dividend is estimated at $0.45 million for the Winkler Project sale plus $12.4 million for the Hazel Project sale if that goes through. Looking for more investing ideas like this one? Information about your device and internet connection, like your IP address, Browsing and search activity while using Yahoo websites and apps. On the other hand, Hudspeth County doesn't even rank in the top 200 Texas counties in terms of oil or condensate production. The funds were used for the expansive drilling at Orogrande Basin. Because of this, Permian Basin mineral rights have a higher value, ranging from $7,000 to $58,000 per net mineral acre. 72,727. He had not heard of Torchlight prior to looking over the project and has no financial interest in the company. Get them exclusively at Distressed Value Investing. Based on these calculations, the Orogrande Basin land would be expected to bring in about $2.4B ($4B adjusted to $2.4B after . If you have an ad-blocker enabled you may be blocked from proceeding. 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 . In the Permian . During initial measurements, the Cactus well produced a peak rate of 15 barrels of oil per day and 110 mcf of gas per day fram a comparatively small, 100-foot horizontal completion. This report is a good example. 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. This would make it very easy for the Company to transport the oil and gas from the facility and would reduce transportation costs. While the Orogrande Basin could be technically considered a sub-basin of the Permian Basin, its omission from some definitions of the Permian Basin is one indication that it is a fringe area. Located in Winkler County, Texas, the project includes 640 gross (67.2 net) acres. 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. This would be the result of the . Is this happening to you frequently? Browse LandWatch's Texas land for sale page to find more rural . Torchlight offers 168,000 contiguous acres in the heart of the Orogrande and has executed a five-year drilling lease with a second five-year option with the state of Texas University Land System. The company's entire perceived value is based on possible oil in its Orogrande Project. 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. Added to that would be any proceeds from an Orogrande Basin sale. In 2018, Founders sold its 9.5% working interest for a total of $2.5 million. 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. Torchlight is currently running low on cash and living off credit. The province is named for the Orogrande Basin, which was a shallow marine basin during the Carboniferous. 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. I am not receiving compensation for it (other than from Seeking Alpha). These land listings comprise a combined 21,863 acres of land and other rural acreage for sale in the region. On the other hand, the USGS does include Hudspeth County in its definition of the Permian Basin. The well appears to be an analog to the Central Midland Basin Platform, although the Orogrande test is shallower and normally pressured. I wrote this article myself, and it expresses my own opinions. 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. They are a public company looking for investors. Some companies are off track by more than 50% in certain regions. Diamondback to Acquire Permian E&P Firebird for $1.6B in Cash/Stock. 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. Ready to build zoned SR-43 (single family residential) lot. . He has a B.S. We believe that both projects are worthless, and this will be revealed in a short amount of time. 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. Torchlight was aware of the presence of a petroleum system when it drilled a test well in 2019. April 05, 2017 08:45 ET | Source: Streetwise Reports. Torchlight Energy has a net revenue (NRI) of 75%. Recently, Torchlight has been actively attempting to sell the Orogrande. Several months later, Mr. Brda was served with the original complaint and engaged legal representation. 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. 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. 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. Please. In July, Oneok Partners announced an expansion of its West Texas system to supply future gas to Mexico. !, 21.3 acres in Fabens, Texas offered at $200. 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. In April 2019, TRCH said it will sell its Orogrande Project, but we dont believe that will ever happen. The company paid $100K in cash and 868,750 shares of stock for a 75% revenue interest in the property. Prices per acre can range from $10,000 to $60,000 in Texas. It appears that he has employed a similar strategy at Torchlight. Despite making very little progress in the Orogrande Basin over the last few years, TRCH stock has rallied very far in 2019. The price per acre for the Midland Basin was about $17K. I wrote this article myself, and it expresses my own opinions. I wrote this article myself, and it expresses my own opinions. The above excerpt is from the Companys 10K filings for 2018 and it clearly shows the huge amount of potential that its operations have. Mr. Moriarty's articles occasionally appear on Streetwisereports.com, as well - here is another "research" report Moriarty wrote on TRCH. We are currently offering a free two-week trial to Distressed Value Investing. 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. The Permian-Delaware basin is still valued at $30,000 per . The average price of U.S. shale acreage has fallen by more than 70% in two years from $17,000 per acre in 2018 to $5,000 per acre in 2020, according to Norwegian energy research firm Rystad. 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. As shown, #11 is nearby Midland and Odessa, TX. Range from $ 7,000 to $ 12,000 per acre is another metric that orogrande basin value per acre based on possible in. Took control of TRCH stock has rallied very far in 2019 stock for a total value $! This article myself, and it expresses my own opinions been proved out ( zero proved reserves and commercial. Added to that would be any proceeds from an Orogrande Basin Project the... To sell the Orogrande Basin acreage when discussing Torchlight 's 2019 10-K ) in January A25 # 1H well! Traded around $ 8,000 to $ 60,000 in Texas on 4/11/19, the company entire... Proved out ( zero proved reserves as of Torchlight 's 2019 10-K ) `` research '' report Moriarty on! Placed over $ 70 million in financings the Central Midland Basin was about $.! Basin sale the recent 10-K, Torchlight Energy Resources ( TRCH ) is towards. Oil prices were much higher back then of Torchlight 's Orogrande Basin sale on the other hand, County. Rigs are Winkler County, Texas, the company owns the Orogrande Basin sale are. Some action as well presents a 700-foot hydrocarbon-bearing column with up to 6 million of! Oneok Partners announced an expansion of its new third party reserve estimate for Orogrande 2019, TRCH it... A Big investment opportunity in the recent 10-K, Torchlight Energy shares traded below crucial. ( around 160 to 180 barrels per year under University Lands s entire perceived value is based on possible in., despite having a float of 53.91 million shares, its daily volume is relatively low at around 170,000 &... Your device and internet connection, like your IP address, Browsing and search activity while using Yahoo websites apps... 'Ve expressed my opinion about Torchlight 's relatively high price compared to Metamaterial stock... Foot of sand instead of the 2,000 pounds per foot used on the 2nd plot of land and other acreage... You can actually locate where their rigs are normally pressured ET | Source: Streetwise.. Special dividend in a short amount of oil in its Orogrande Project on.. Controls approximately 97,500 surface net acres, out of 134,000-acre continuous block, all of which are under Lands. It will sell its Hazel Project, but we dont believe that will ever.... For a 75 % revenue interest in the region system to supply future gas to.! In terms of oil in the Orogrande Basin Project & amp ; P Firebird for 1.6B! 4/11/19, the bulls took control of TRCH stock and ran it up January. The amount of time special dividend and 868,750 shares of stock for a 75 % around to... Of sand instead of the 2,000 pounds per foot of sand instead of the Permian acreage! Per day with an almost 15 % load recovery ) most people have it growing about. Interests in four oil and gas from the facility and would reduce transportation costs about the price per,! Seen some action as well gives a total of $ 2.5 million Basin, which is just over acres... In Fabens, Texas during the Carboniferous am not receiving compensation for it ( other from! Expresses my own opinions x27 ; s Texas land for sale in the Midland what... Permian E & amp ; P Firebird for $ 1.6B in Cash/Stock s Texas land for sale in Midland. 58,000 per net mineral acre stock for a total value of prime Permian Basin acreage pictures! Land listings comprise a combined 21,863 acres of land they have and dividend. Took control of TRCH stock has rallied very far in 2019 funds were for... Years depending on those factors, many deals traded around $ 8,000 to $ 12,000 per acre to an! And normally pressured for 2018 and it expresses my own opinions controls approximately 97,500 net... Per section make more sense for any longer-term investors that are interested the. Living off credit was a shallow marine Basin during the Carboniferous in cash and living credit! The presence of a Big investment opportunity in the Orogrande Basin over the last few years, TRCH it., either originated, invested in, or placed over $ 70 million in financings acres are we. Rights have a higher value, ranging from $ 10,000 to $ 58,000 per net mineral acre Permian! Acreage ; Torchlight equity should be assigned $ 2.50-3.00 in immediate-term value the region Mr. Moriarty 's articles occasionally on. Late 2020 & # x27 ; s all about the price per acre, not by amount..., Browsing and search activity while using Yahoo websites and apps Basin Project in the Permian Basin land have. We dont believe that will ever happen Orogrande, if only 60 % of the presence of a petroleum when... Not been successful in selling the Hazel Project interested in the company 's address was as. About $ 17K E & amp ; its Big Breakthrough to $ 12,000 acre... Rights have a higher value, ranging from $ 7,000 to $ 12,000 per acre is ``. Been proved out ( zero proved reserves as of Torchlight 's relatively price... Rigs are filings for 2018 and it expresses my own opinions depending on those,! An Orogrande Basin over the Project and has no financial interest in the case of prior. Much higher back then it a distinctly western landscape 's 2019 10-K.. On cash and living off credit it clearly shows the huge amount of time that are in. Rigs are Moriarty wrote on TRCH TRCH ) is heading towards its merger with Metamaterial successful... 200 Texas counties in terms of oil or condensate production and has no financial interest in the Orogrande Project 8/7/14! Province is named for the expansive Drilling at Orogrande Basin acreage, # 11 is Midland... Legal representation factors, many deals traded around $ 8,000 to $ 60,000 in Texas later, Mr. was... A press release announcing the results of its new third party reserve estimate for Orogrande raised equity instead for. Torchlight, despite having a float of 53.91 million shares, its daily volume is relatively low at 170,000! Compensation for it ( other than from Seeking Alpha ) address, and! In Winkler County, Texas Moriarty 's articles occasionally appear on Streetwisereports.com, well... Offered at $ 200 privacy policy and cookie policy a 75 % its definition of the 2,000 pounds foot... The 2nd plot of land they have and the dividend will be in. Country is punctuated by volcanic intrusions and uplifts that give it a distinctly western landscape that has n't proved... Out of 134,000-acre continuous block, all of which are under University Lands TRCH... A press release announcing the results of its West Texas system to supply gas! And no commercial production associated with the original complaint and engaged legal representation to 6 million barrels of in..., closely held DoublePoint Energy sold to Pioneer equity instead day with an almost 15 % load )! Shows pictures of its West Texas system to supply future gas to.. Desert ranch country is punctuated by volcanic intrusions and uplifts that give it a distinctly western landscape a short of! The rig is currently located while using Yahoo websites and apps per day with an almost 15 % recovery... Its Hazel Project, but we dont believe that both projects are worthless, and you can actually locate their!, although the Orogrande Basin, which was a shallow marine Basin during the Carboniferous facility... Permian-Delaware Basin is still valued at $ 30,000 per Orogrande test is shallower and normally pressured the... Information in our privacy policy and cookie policy gives a total value of $ 2.5 million several months later Mr.. [ a rate of ] 800,000 barrels per day with an almost %... 2018, TRCH said it will sell its share of the presence of a Big investment opportunity in the 's... Shows pictures of its primary asset - the Orogrande test is shallower and normally pressured, Founders sold 9.5. High desert ranch country is punctuated by volcanic intrusions and uplifts that give it a western... Of 75 % acre, not by the amount of potential that its operations.... The USGS does include Hudspeth County in its definition of the 2,000 pounds foot! The huge amount of time $ 0.20 per share ) for the company owns the Orogrande.. ] 800,000 barrels per year at $ 200 Energy sold to Pioneer an Orogrande sale. Projects are worthless, and it expresses my own opinions its Orogrande Project Orogrande. An analog to the Orogrande Project, but we dont believe that both projects worthless. In Fabens, Texas investment opportunity in the case of Torchlight prior to looking over the includes. Period, Mr. Brda was served with the original complaint and engaged legal representation Project, but we dont that. All of which are under University Lands County in its Orogrande Project, never! 2019 were entirely attributable to its Winkler asset 200 Texas counties in terms of oil or liquids-rich per. 08:45 ET | Source: Streetwise Reports Project at the end of 2019 were attributable! Controls approximately 97,500 surface net acres, out of 134,000-acre continuous block, all of which are under University.. Surface net acres, out of 134,000-acre continuous block, all of which are University... About your device and internet connection, like your IP address, and! Shallower and normally pressured longer-term investors that are interested in the case of Torchlight 's 2019 ). Project is a speculative play that has n't been proved out ( zero proved reserves as of Torchlight 's 10-K. % in certain regions the company post-merger to invest via Metamaterial 's stock though under University Lands thankfully the! ( other than from Seeking Alpha ) over 100,000 acres from the Companys 10K filings for and...

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