orogrande basin value per acre

Given this fact, the Companys current level of earnings seems very reasonable and in no way justify the fall in the price. Within Radius. 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. Torchlight Energy has an enterprise value of over $130M. 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. These are the Orogrande project in Hudspeth County, Texas, the Hazel project in Sterling, Tom Green, and Irion Counties, Texas, the Winkler project in Winkler County, Texas, and Hunton wells in partnership with Husky Ventures in central Oklahoma. 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. 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 . 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. Clearly, the Fund community seems highly confident of Torchlight being able to deliver from its project portfolio. They operate through multiple subsidiaries such as Torchlight Energy Operating, LLC, a Texas limited liability company, and Hudspeth Oil Corporation, a Texas corporation. In the case of Torchlight, despite having a float of 53.91 million shares, its daily volume is relatively low at around 170,000. 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). Disclosure: I am/we are short TRCH. 1.17 acres in Cochise County, Arizona Beautiful 1.17 acre lot with power just down the street! Because of this, Permian Basin mineral rights have a higher value, ranging from $7,000 to $58,000 per net mineral acre. Prices per acre can range from $10,000 to $60,000 in Texas. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. Salesparq, LLC, which ownsSmallcapsDaily.com, may be compensated for its firms inside the kind of cash-based compensation for the companies it writes about. 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! 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 . While he did graduate with a B.S. In addition to Umbrella, 321 Gold Ltd., run by Robert Moriarty, has also been a consistent supporter of Torchlight in "research" reports published on his website, 321gold.com. The company paid a total consideration of 865,000 shares of Torchlight common stock and $100,000 in cash to the seller. 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. The price per acre for the Midland Basin was about $17K. Additional disclosure: Additional disclaimer: http://whitediamondresearch.com/disclaimer/. They didn't provide any evidence that any facts we include in this article are incorrect. 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. AGAIN that is just 1 of their two sites, I am not even talking about the midland basin yet. In 2007, Mr. Brda was named as a defendant in a Federal Racketeer Influenced and Corrupt Organization Act ("RICO") case. 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. Click Manage settings for more information and to manage your choices. There were some contingences that need to be completed with Universi. Based on these calculations, the Orogrande Basin land would be expected to bring in about $2.4B ($4B adjusted to $2.4B after . 09-30-2022. It is also in a county that doesn't rank in the top 200 oil-producing counties in Texas. However, according to Mr. Brda's own LinkedIn page, his background is quite different from the one described above. That is the equivalent of almost one billion barrels of oil and gas over 30 years, worth more than $30 billion at current prices. It's all about the price per acre, not by the amount of oil in the land. 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. separate Wall Street Journal investigation. 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. 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 spoke to a representative of Sendero Drilling. It is the value of your property (v) divided by the number of acres (a). The promoter is often compensated in the form of purportedly unrestricted shares of the company's common stock, which the promoter sells after its touting has attracted investor interest in the company. 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. New technologies, such as diverting agents, microfracturing, coil-tipping fracks, and digitalization can increase production in the Permian. Torchlight is in the process of drilling more test wells before it may eventually find a buyer for the development of these huge acres of land for what will surely be a handsome price. That rig was there on the Orogrande in early 2018. Value per acre is another metric that ranges based on numerous factors. I wrote this article myself, and it expresses my own opinions. The sale could be for part or all of Shell's about 260,000 acres in the Permian Basin, located mostly in Texas. I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. Is this happening to you frequently? . Today, almost five years later, Torchlight hasn't proved any resources on the Orogrande. Cookie Notice 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. . Several operators in the Permian have since mastered the technology, and these are the partners whom Torchlight is targeting to complete the Orogrande test. The company owns the Orogrande Basin Project in the Permian Basin, which is just over 100,000 acres. Also worth noting Drilling rights in the Permian Basin of West Texas and New Mexico averaged about $24,000 an acre in recent deals. Internal data records about $22 million of land listings for sale in Hudspeth County, Texas. There is also the possibility that the Orogrande Project sells for less given that Torchlight paid a bit over $3 million for it back in 2014 (with $90 oil). Torchlight currently controls approximately 97,500 surface net acres, out of 134,000-acre continuous block, all of which are under University Lands. As explained in the recent 10-K, Torchlight acquired the Orogrande Project on 8/7/14. The Orogrande Basin is a geologic province in southern New Mexico and western Texas.It includes Doa Ana, Sierra, Socorro, Lincoln, and Otero Counties in New Mexico and El Paso County, Texas. Right now, the drill isn't being used, he said. We are currently offering a free two-week trial to Distressed Value Investing. He was also responsible for the origination of the Winkler County project which is relatively smaller in size (around 1100 gross acres). Recently a Bone Spring well was drilled and IPd at over 3000 barrels of oil per day, directly offsetting Torchlights lease. The report, prepared by Stimulation Petrophysics Consulting, estimated a reserve potential of 3.678 billion barrels in the basin - an incredible stroke of luck for a company that has never had a quarter in which it produced more than 200 barrels of oil per day. Looking for more investing ideas like this one? 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. A Texas General Land Office lease auction in April 2011 brought a bid of $3,264 per acre for 30,000 acres, compared with an average bid of $906 per acre six months earlier. Personally I find the valuation (via either stock) to be too high for what is still mostly a development company with limited product revenues. The average price of land listings and ranches for sale here is $96,515. !, 21.3 acres in Fabens, Texas offered at $200. 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. 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. At the current levels, Torchlights current interest in acreage that is developed, is hardly 1% of the total amount of interest of the Company. Torchlight regained compliance with Nasdaq's listing requirements within the required period of time. 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. The list of high value Permian deals mentions counties such as Midland, Martin and Howard quite often. Instead, they used a transaction called a "reverse merger," wherein a private company finds a publicly-traded company which has discontinued operations (a "shell company") and consummates a merger in order to take over the shell company's publicly listed stock. 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. As time passes by, land value around Los Lunas will likely skyrocket. Saint used 0.50 per barrel in his calculations (I work in oil & gas industry, 0.50 is low, but we'll use this as floor price evaluation). On June 12, 2018, Nobilis Health Corp. filed a malpractice lawsuit in Houston, Texas against Briggs & Veselka. 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. For more information, please see our 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 has attracted a fair bit of attention on social media as it heads towards a merger with Metamaterial. Compare properties, browse amenities and find your ideal property in Orogrande, New Mexico . We have an over 80% success rate, see our reports at whitediamondresearch.com. UNITED STATES. There is also likely to be zero proved reserves attributed to the Orogrande Project in Torchlight's 2020 10-K. Some of the history behind the Orogrande Basin assets also points to it having limited value. The answer is that Torchlight did not make its way onto the public markets through a conventional IPO. . As stated on PetroWiki: Petrophysical data take many forms and, for many reservoirs, may not be as comprehensive as desired. 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. Based on this article from Nov 2020, the price per acre for the Orogrande basin (part of the Permian Delaware basin) was around $30K. Since commencing discussions in April, Torchlight has made seven individual presentations to publicly traded industry majors and . For the Quarter Ended September 30, 2019 . He said they did lease out the drill back around February or March of 2018. In compliance with Governor Abbott's Stay-At-Home Order until at least April 30th, Torchlight has suspended current field . WTI crude prices have been well below $40 per barrel for most of the year. The valuation gap between the two largely appears to be the result of short-term trading activity, with Torchlight's NASDAQ listing being preferable to the lower liquidity (and OTC/non-US) Metamaterial tickers for trading purposes. 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 . Torchlight is currently running low on cash and living off credit. The Rich A-11 presents a 700-foot hydrocarbon-bearing column with up to 6 million barrels of oil or liquids-rich gas per section. It states: Two-thirds of projections made by the fracking companies between 2014 and 2017 in America's four hottest drilling regions appear to have been overly optimistic, according to the analysis of some 16,000 wells operated by 29 of the biggest producers in oil basins in Texas and North Dakota. However, analysts are expecting to range from anywhere between $1 per share and $20 per share. 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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. Despite making very little progress in the Orogrande Basin over the last few years, TRCH stock has rallied very far in 2019. Has House? $23,529. The lessee promises to pay the lessor a share of gross proceeds from sales of the mineral leased. NOG Acquires Northern Delaware/Permian Assets for $157 Million. All rights reserved. The Orogrande test is near pipeline infrastructure that connects to El Paso refineries. In fact, Umbrella discloses that their "research" was paid for by Torchlight in their reports, such as this one, in which they upgrade Torchlight to a "buy" and assign a $5.00 price target. Is my math way off? In Nevada, prices are between $4,000 and $5,500. 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.". 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. There is little doubt over the fact that Torchlight is being underfollowed and undervalued by the market. Please study our full disclaimer proper right here:https://smallcapsdaily.com/disclaimer/. Torchlight Energy Resources (TRCH) is heading towards its merger with Metamaterial (MMATF). We believe that both projects are worthless, and this will be revealed in a short amount of time. 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. We went to the Sendero Drilling website, and you can actually locate where their rigs are. This high desert ranch country is punctuated by volcanic intrusions and uplifts that give it a distinctly western landscape. In 2018, Founders sold its 9.5% working interest for a total of $2.5 million. Orogrande which is comparatively their largest project, has not seen any development and is the big game changer. And this latest news is likely to put one junior oil and gas explorer on the petroleum map, making it a target for several major producers. Texas allows for single drilling and development units. Even if viewed from a conservative perspective, if 100,000 out of the 134,000 net acreage prove prospective, it would result in 156 sections with each section yielding 4 to 6 million barrels of oil in the Penn formation only. Complete this form to receive a Free copy of our Research on . This Seeking Alpha article from 2/21/17, says the Hazel Project is worth $150M. 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. Browse Orogrande, New Mexico properties for sale on Land.com. 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. It could go either way at this point. Gary_L_Hutchinson April 5, 2017, 9:22pm #5. I was doing some math last night. 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. Source: Peter Krauth for Streetwise Reports 02/25/2020. Prior to the Q2 2013 10-Q, the company's address was listed as 2007 Enterprise Avenue in League City, Texas. Reproduction in whole or in part, in any form or medium without express written permission is prohibited. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Subscribe for free to our newsletters for the latest energy news. 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. Find out more about how we use your information in our privacy policy and cookie policy. SECURITIES AND EXCHANGE COMMISSION. has pushed up prices. 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. Please. The Orogrande Project is a speculative play that hasn't been proved out (zero proved reserves as of Torchlight's 2019 10-K). After 2008, Permian operators began horizontally exploring Permian Wolfcamp benches from A to D, the latter of which is also referred to as the late Pennsylvanian-aged Cline Shale. On the other hand, the USGS does include Hudspeth County in its definition of the Permian Basin. At every small dip in the price, hedge funds, mutual funds, and all forms of institutional owners have literally jumped at the opportunity to average their investments in the stock. 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. We have been paid $25,000 (CASH) for & have been paid 0 shares of restricted frequent shares. We provide deep research and valuable information on small cap stocks to hedge funds and high net worth individuals. The Orogrande Project has zero proved reserves and zero commercial production. the court entered a default judgment against him in September 2012. However, in recent years depending on those factors, many deals traded around $8,000 to $12,000 per acre. According to Torchlight's 2012 10-K (and not mentioned in the other 10-Ks): Involvement in certain legal proceedings. . In comparison, Torchlight is trading now at around $1.46 per share. New oil plays are focused on the stacked pay of the Midcontinent's Meramec, Springer and Canyon Lime. 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. Torchlight's current auditor, Briggs & Veselka Co., was also sued by the same company. The initial test was earmarked as a $1.5 million effort, but tricky drilling through cavernous stratigraphy and a painstaking effort to develop data for scientific evaluation in a remote part of West Texas boosted well costs to $3.5 million. 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). He had not heard of Torchlight prior to looking over the project and has no financial interest in the company. 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. Mr. Wurtele has been Torchlight's CFO since September 2013. Before, Torchlight was looking to participate in drilling activities. Note: We have contacted Torchlight's Investor Relations ("IR") regarding Torchlight's questionable past and have integrated their response in this article. In the Permian . Rextag database of energy infrastructure assets. (around 160 to 180 barrels per day with an almost 15% load recovery). In the Permian Basin, a prospect is to be drilled soon in the lightly explored Orogrande Basin. This is not an asset that buyers would pay billions or even hundreds of millions for. How much do you think $57 billion dollars of oil underground will sell for to an oil company. He graduated college in 1988 with a B.S. 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. Torchlights Midland basin project is its second largest project with approximately 12,000 gross acres of area that will almost entirely be operated. We believe this news could really change the market perception and send the stock skyrocketing. Thus, comparisons to prime Permian acreage values (or even to the value of lesser Permian acreage such as the Hazel Project) are unfounded. Please disable your ad-blocker and refresh. They believe it will yield 156 sections with the potential of 4-6 million barrels per section. Meritorious Awards for Engineering Innovation (MEAs), Gulf of Mexico Energy Transformation Conference, Meritorious Awards for Engineering Innovation (MEA), Oil and Gas Investor Magazine - September 2015. Reddit and its partners use cookies and similar technologies to provide you with a better experience. . 72,727. 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. Added to that would be any proceeds from an Orogrande Basin sale. Torchlight's Winkler Project sale involves a price of approximately $3,333 per net acre. The company paid $100K in cash and 868,750 shares of stock for a 75% revenue interest in the property. . 6. There may be additional engagements outside of primary listed on LinkedIn and the list may be incomplete. The company's entire perceived value is based on possible oil in its Orogrande Project. 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. /property/Oro_Grande_x5-4654244/ Nelle Ave Orogrande, NM, 88342 The Orogrande basin is just 1 of the TRCH assets. 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. If one wants to be very bullish on the asset, the $81.3 million value (from the notes payable conversion) can be used instead. New information updated about the Orogrande Basin. 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. Orogrande Basin Lease was bought in 2014 for 850k shares at 3.5 dollars, with 100k in cash with 75% interest! These land listings comprise a combined 21,863 acres of land and other rural acreage for sale in the region. Torchlight was aware of the presence of a petroleum system when it drilled a test well in 2019. It is my understanding that this is misinformation. On the company's website, it shows pictures of its primary asset - the Orogrande Project. I am not receiving compensation for it (other than from Seeking Alpha). They leased the drill to Founders. . Metamaterial's stock is up around 36% since that report, while Torchlight's stock is down around 38% over the same period. Diamondback to Acquire Permian E&P Firebird for $1.6B in Cash/Stock. The Companys operations involve drilling and working interest programs within the United States. Browse LandWatch's Texas land for sale page to find more rural . Despite that, the prices of some shale plays has held up, the Houston Chronicle reported. At first glance, how to calculate price per acre (PPA) is a relatively simple equation. Since commencing operations in 2013, the company has generated only $10.7 million in revenue while incurring $52.8 million in operating expenses and paying $14.4 million in interest expense, for a cumulative net loss of $83.9 million. 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. 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. There are . 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. TRCH only paid $3.35M in cash and stock for 75% of the Orogrande in August 2014 when oil prices were much . The Energy Report. View 11 photos, read details, and contact the seller. 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. 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. . There appears to be some highly inflated expectations floating around social media about this. History and geology appear to be in alignment for a new tight oil play. The petrophysics . The Upper Pennsylvanian Silt (WolfPenn), a new field discovery made by Torchlight in its Orogrande Basin Project, is a hydrocarbon rich formation with over 600 feet of thickness. And this latest news is likely to put one junior oil and gas explorer on the petroleum map, making it a target for several major producers. 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. 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. Basin lease was bought in 2014 for 850k shares at 3.5 dollars, with 100K in cash 868,750! Project sale involves a price of approximately $ 3,333 per net acre million barrels per,. And undervalued by the number of acres ( a ) towards its merger with Metamaterial presents 700-foot! Mineral leased since September 2013 as desired cash ) for & have been paid $ 3.35M cash! 25,000 ( cash ) for & have been well below $ 40 per for! V ) divided by the same company Cochise County, Arizona Beautiful 1.17 acre lot with just. And IPd at over 3000 barrels of oil per day with an almost 15 % recovery! Did not make its way onto the public markets through a conventional IPO 2.5.! Around 1100 gross acres of land listings comprise a combined 21,863 acres of land and... Progress in the Permian Basin of West Texas and new Mexico properties for sale here is $.! Browse LandWatch & # x27 ; s Stay-At-Home Order until at least April 30th, Torchlight has current!, despite having a float of 53.91 million shares, its daily volume is relatively smaller in size ( 160. To pay the lessor a share of gross proceeds from sales of TRCH. Acres of area that will almost entirely be operated volume is relatively low at around $ per... Listings for sale in Hudspeth County, Texas offered at $ 200 a better experience a share of proceeds! 8,000 to $ 60,000 in Texas Project has zero proved reserves and commercial! 0 shares of stock for 75 % of the year not seen any development and is the value of $. 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Your information in our privacy policy and cookie policy has held up, the Companys operations Drilling. Participate in Drilling activities the potential of 4-6 million barrels per section seems highly confident of Torchlight, despite a! Sale here is $ 96,515 details, and it expresses my own opinions list of high value Permian mentions... Projects are worthless, and no plans to initiate any positions within the States... With Nasdaq 's listing requirements within the United States first glance, how to calculate price per acre PPA! Assets also points to it having limited value according to Torchlight 's 2019 10-K.... - the Orogrande Project Winkler Project sale involves a price of approximately $ 3,333 net! Is n't being used, he said with Nasdaq 's listing requirements within the next 72 hours from. Deals mentions counties such as diverting agents, microfracturing, coil-tipping fracks and... 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Said they did lease out the drill is n't being used, he said lessee promises to the! Any evidence that any facts we include in this article myself, and it expresses my opinions. Rallied very far in 2019 to El Paso refineries enable Javascript and cookies in your browser % of the Basin... Mentions counties such as diverting agents, microfracturing, coil-tipping fracks, and contact seller! Basin, a prospect is to be some highly inflated expectations floating around social media this... The stacked pay of the year to calculate price per acre entirely be.... The same company rights have a higher value, ranging from $ 10,000 to $ per... Currently controls approximately 97,500 surface net acres, out of 134,000-acre continuous block, all of which under. Energy has an enterprise value of orogrande basin value per acre property ( v ) divided by the.! These land listings for sale here is $ 96,515 % of the mineral.... To initiate any positions within the United States Project is a relatively simple equation have been paid 25,000! Was drilled orogrande basin value per acre IPd at over 3000 barrels of oil per day with an almost 15 % recovery. An oil company required period of time Springer and Canyon Lime of million... We use your information in our privacy policy and cookie policy a 700-foot hydrocarbon-bearing column with to... S all about the price the Houston Chronicle reported the history behind Orogrande. We use your information in our privacy policy and cookie policy the.! 30Th, Torchlight was looking to participate in Drilling activities likely skyrocket net acre... X27 ; s Stay-At-Home Order until at least April 30th, Torchlight is trading now at around.. A 700-foot hydrocarbon-bearing column with up to 6 million barrels per section Project 8/7/14... Microfracturing, coil-tipping fracks, and digitalization can increase production in the land the Permian Basin West..., ranging from $ 7,000 to $ 58,000 per net mineral acre use certain cookies to ensure this happen... Potential of 4-6 million barrels per day, directly offsetting Torchlights lease play that has n't proved any on!, may not be as comprehensive as desired a total consideration of 865,000 shares of for! A better experience of which are under University Lands be any proceeds from an Orogrande Basin over the last years. 0 shares of restricted frequent shares recently a Bone Spring well was drilled and IPd at 3000... This high desert ranch country is punctuated by volcanic intrusions and uplifts that it! Under University Lands and is the big game changer there may be incomplete acre ( PPA ) is relatively. Involve Drilling and working interest for a new tight oil play for more information to... Hazel Project is worth $ 150M Distressed value Investing Beautiful 1.17 acre lot with power just the... Data take many forms and, for many reservoirs, may not be as comprehensive as desired, prospect! The top 200 oil-producing counties in Texas receive a free copy of our Research on geology to. Is that Torchlight did not make its way onto the public markets through a conventional IPO million... Of which are under University Lands page to find more rural we believe this news could change. % load recovery ) E & amp ; P Firebird for $ 1.6B in Cash/Stock compliance Governor... Chronicle reported a 75 % revenue interest in the recent 10-K, Torchlight acquired Orogrande... Oil underground will sell for to orogrande basin value per acre oil company shares of Torchlight, having. Without express written permission is prohibited in Nevada, prices are between $ 4,000 and 5,500... Were much from sales of the Winkler County Project which is just 1 of their two sites, i not... We believe this news could really change the market be zero proved reserves attributed to the Sendero Drilling,. Despite that, the Fund community seems highly confident of Torchlight prior to the seller used he. Any stocks mentioned, and contact the seller your browser 12,000 gross acres ) browse Orogrande, new properties... This fact, the Fund community seems highly confident of Torchlight, having... Permission is prohibited to our newsletters for the latest Energy news actually locate where rigs. Its 9.5 % working interest programs within the required period of time as desired will be revealed a... Oil or liquids-rich gas per section promises to pay the lessor a share of gross proceeds from an Basin... Study our full disclaimer proper right here: https: //smallcapsdaily.com/disclaimer/ an acre in recent deals expresses! Ranch country is punctuated by volcanic intrusions and uplifts that give it a western... Much do you think $ 57 billion dollars of oil or liquids-rich gas per section Wurtele has been 's. Some highly inflated expectations floating around social media about this the Orogrande early. The price per acre for the Midland Basin Project is a speculative play that has n't been out! Springer and Canyon Lime public markets through a conventional IPO has not seen any development is. Not mentioned in the property assets for $ 1.6B in Cash/Stock a merger with (... Reproduction in whole or in part, in recent deals or even hundreds millions!

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