A ROTH Capital Partners report relayed what work
has been recently completed.
In an Aug. 16 research note, analyst John White with ROTH Capital Partners
reported that Torchlight Energy Resources Inc. (TRCH:NASDAQ) gave a
"positive" operational update on its Orogrande asset, whose large
land package it is developing. "We are encouraged that Torchlight sees
further potential and plans additional wells this year and into 2019,"
he wrote.
Torchlight has been tackling the problem of gas blocking the flow of oil
out of its University Founders A25 1H well. To resolve it, the company had
Maverick, the project operator, install a dual-lift gas system into the
wellbore, which was done successfully. The system should help move fluids out
of the wellbore's lateral part. "This will be tested over the next 60
days to determine what level of fluid recovery potential exists," noted
White.
In other news, in accordance with its intent to drill two more wells in
2018 and three wells in 2019, Torchlight identified two locations for
drilling, to test shallower vertical targets, White relayed. "These
targets will fulfill drilling commitments required under agreement with
University Lands and if proven up, could add substantial value to the
project."
In the near term, initial work on the next Orogrande wells is scheduled to
commence in October.
ROTH has a Buy rating and a $1.75 per share price target on Torchlight,
whose stock is currently trading at around $1.12 per share.
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Disclosures from ROTH Capital Partners, Torchlight Energy Resources
Inc., Flash Note, August 16, 2018
Regulation Analyst Certification ("Reg AC"): The research
analyst primarily responsible for the content of this report certifies the
following under Reg AC: I hereby certify that all views expressed in this
report accurately reflect my personal views about the subject company or
companies and its or their securities. I also certify that no part of my
compensation was, is or will be, directly or indirectly, related to the
specific recommendations or views expressed in this report.
Within the last twelve months, ROTH has received compensation for
investment banking services from Torchlight Energy Resources, Inc.
ROTH makes a market in shares of Torchlight Energy Resources, Inc. and
as such, buys and sells from customers on a principal basis.
A Research Analyst and/or a member of the Analyst's household own(s)
debt or equity securities of Torchlight Energy Resources, Inc. stock.
Shares of Torchlight Energy Resources, Inc. may be subject to the
Securities and Exchange Commission's Penny Stock Rules, which may set forth
sales practice requirements for certain low-priced securities.
Within the last twelve months, ROTH has managed or co-managed a public
offering for Torchlight Energy Resources, Inc.
ROTH Capital Partners, LLC expects to receive or intends to seek
compensation for investment banking or other business relationships with the
covered companies mentioned in this report in the next three months.