Torchlight Energy Resources, Inc. confirmed it has received and reviewed results from scientific testing on the Company's University Rich A-11 Well. All initial tests were performed by third parties, including Haliburton for most log suites and SCAL for sidewall core test and analysis. To develop the geostatistical model for the Orogrande Prospect, Torchlight's management and consulting scientific team have created the following checklist of unique characteristics. The presence of these keys combined with specific knowledge of the depositional system and subsurface structure outline the characteristics of a potential new field discovery. This scientific model will be employed for future reservoir simulation and wellbore correlation.
'Although previously encouraged by initial test results, we now have a scientific model developed to further identify and confirm our Orogrande play and we are elated with the results,' stated Will McAndrew III, Torchlight's Chief Operating Officer. 'All scientific data has been fully analyzed and we believe that we have identified a significant new oil field discovery in the State of Texas. The next phase of testing will be to drill additional vertical wells to measure the extent of the play as well as horizontal wells to determine flow rates and reserve potential for our 95% Working Interest in the 168,000 acres. This will require additional capital and we are speaking to potential Joint Venture partners who are using cutting edge drilling and completion technology in the Permian Basin. The similarities to the Midland Basin portion of the Permian and in particular the Spraberry/Wolfcamp zones is unmistakable. This makes the larger E&P companies who are active in that play a natural fit for JV participation and expertise.'