Torchlight Energy said it has a positive outlook after drilling its first test well for the Orogrande Project. The well is the first of four test wells for the project, which is located on 172,000 acres on University Land in Hudspeth County, Texas, according to the company's site.
For the University Rich A11 well, Torchlight Energy reached a total depth of 6,109 feet. At about 5,990 feet, the company set casing and cemented it in position.
The project was launched after a discovery by Geologist Rich Masterson. The company based on Plano, Texas, noted the assets are almost all continuous and that it has a five-year primary term on leases with five-year extensions.
"Although early in the process, we are very encouraged by what we have encountered while drilling," Torchlight Chief Operations Officer Willard McAndrew III said in a statement. "There are many steps left with this exploratory project and we hope to make a discovery here that is both impactful and economical for the company and shareholders."
The next step after the drilling is to work with geologists to analyze the results.