Torchlight Energy Resources, Inc. (TRCH) ("Torchlight Energy" or "the Company") today announced that the Company's Marcelina Creek Project Johnson #2 well, completed in July 2013 in the Buda Georgetown formation, has reached a peak production rate of 197 barrels of oil per day. The well is currently producing total fluids of 350 to 400 barrels per day on a three-quarter inch choke. Torchlight reported that the Johnson #2 well was completed naturally with no stimulation and is producing oil that has an approximate gravity of 40° API.
"We are very pleased with the initial results from our Johnson #2 well," commented Tom Lapinski, Torchlight's CEO. "Our expectation is that the well will sustain production between 120 and 165 barrels of oil per day, including associated gas. We are capturing as much flush production as possible and plan to stimulate the well at a later date by setting a slotted liner and fracking the zone for increased production. The current completion is in the zone containing higher condensate and we anticipate tapping into the oiliest section of the Buda by employing a frac procedure."
The Marcelina Creek Project is located in Wilson County, Texas. The play involves the upper cretaceous formations including Austin Chalk, Buda, and Eagle Ford formations. Torchlight currently has two wells producing on the lease: one from the Buda Formation and a second horizontal Austin Chalk well. The lease is completely surrounded on all four sides by Eagle Ford producers from well-known companies such as Hunt Oil and Clayton Williams. Torchlight Energy has a 75% Working Interest in the majority of the 1,080 acre block with 50% WI in a 280 acre section.