Torchlight Illuminates a New Texas Oil Basin

Long patient shareholders of Torchlight Energy Resources Inc. (TRCH:NASDAQ)must have felt like it was a combination of Christmas and their birthday last week when the company finally announced positive drill results from a new and untested oil basin in far West Texas. In baseball terms the announcement would be called a home run out of the park with the bases loaded.

The Orogrande Basin project has been a work in progress since August of 2015. Back then the price of oil was collapsing to an eventual low of $26 a barrel in February of 2016. But the best deals are found at the bottom when even angels fear to tread and don’t even think about investing. Torchlight Energy signed a deal with the University of Texas on the 172,000-acre Orogrande Basin in September of 2014.

The Orogrande Basin is the baby of oil expert Richard Masterson, discoverer on the Wolfbone shale play in the Delaware Basin in West Texas. After last week’s results, he has a new trophy to plant on his mantelpiece with confirmation of the potential of the Orogrande Basin located in far West Texas…

 

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