Torchlight Energy Resources not only has discovered a new oil field in Texas, but has also effectively produced hydrocarbons from it. . The Energy Report. Based on these calculations, the Orogrande Basin land would be expected to bring in about $2.4B ($4B adjusted to $2.4B after . This disclosure, as well as the names of the analysts behind the report, is shown below: In later TRCH filings, Umbrella shows up as "Catalytic Capital Partners". 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. TRCH has little cash with increasing debt, and if it cannot sell the Orogrande, we believe the company is finished. 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. Torchlight's stock closed at $0.80 on November 7, 2018, and reached its low of $0.53 on December 31, 2018. Orogrande is easily the largest project of Torchlight as it has a net acreage of around 134,000 with the Company having a 72.5% working interest in the project. Right now, the drill isn't being used, he said. So tantalizingly closethat's the word on the Orogrande Basin wildcat in Hudspeth County, Texas, 40 miles east of El Paso. . One Metamaterial share is around $3.00 USD and that gets you 3.3 Torchlight shares (around $0.91 USD per Torchlight share). Get them exclusively at Distressed Value Investing. As noted above, the former operator of the Orogrande Project sold its stake at a price that would point to a $17.5 million value for Torchlight's current stake. There are . 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. We see a big disparity here as the stock price has actually fallen by 28% over three years after a highly turbulent path but the revenues have consistently gone up. The funds were used for the expansive drilling at Orogrande Basin. It appears that shortly before Mr. Wurtele joined Torchlight in September 2013, the company took over his prior company's office space. Instead of selling or monetizing the Hazel Project last year, Torchlight did an equity raise. Certainly much less value than what some social media posts estimate. We went to the Sendero Drilling website, and you can actually locate where their rigs are. We private zero shares of Torchlight Energy Resources, Inc. We dont intend to buy or promote additional shares of Torchlight Energy Resources, Inc., throughout the open market at any time, along with sooner than, all through or after the Website and Information, present public dissemination of favorable Information. Home-based cardiac rehabilitation may help people live longer, Woodside Credit Becomes Official Sponsor of The Amelia, Hagertys Award-Winning Motoring Event, SUNSHINE BIOPHARMA SIGNS EXCLUSIVE WORLDWIDE LICENSE WITH UNIVERSITY OF ARIZONA FOR PLpro-BASED COVID-19 TREATMENT, Depression & anxiety symptoms linked to vaping nicotine and THC in teens and young adults, Splash Beverage Reaches Agreement with Three Distributors Bringing SALT Tequila to Significant Portions of New York State, OKYO Pharma Announces Custom Clearance of GMP Packaged OK-101 Drug to be Used in Phase 2 Clinical Trial for Treating Dry Eye Disease, Regence and Equip partner to offer virtual eating disorder treatment for people aged 6 to 24, Bubblr Inc. You can change your choices at any time by visiting your privacy controls. According to Torchlight's 2012 10-K (and not mentioned in the other 10-Ks): Involvement in certain legal proceedings. 1.17 acres in Cochise County, Arizona Beautiful 1.17 acre lot with power just down the street! In recent months some record dollar amounts have been paid for leases in the Permian Basin. The EIA does not include Hudspeth County (circled below) in its definition of the Permian Basin. Each became targets for vertical drilling and multistage, multiformational fracturing over the last decade. Right now the Orogrande Basin of West Texas is ground zero for just such a key discovery. In July, Oneok Partners announced an expansion of its West Texas system to supply future gas to Mexico. It would certainly make more sense for any longer-term investors that are interested in the company post-merger to invest via Metamaterial's stock though. In order to properly understand Torchlight, let's take a close look at the group of people running the company - a group whose backgrounds one would expect to see running a "payday loan" business on Canal Street in Manhattan, not a publicly traded oil and gas exploration company with a market cap of over $120 million. Torchlight used 3,000 pounds per foot of sand instead of the 2,000 pounds per foot used on the Founders A25 #1H gas well. It doesnt end here. 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. Any Yes No . Is my math way off? company with a market cap of over $120 million. 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. As shown, #11 is nearby Midland and Odessa, TX. People think it will actually hit $100 this year. He is currently ranked in the top 2% of analysts by TipRanks. Today, almost five years later, Torchlight hasn't proved any resources on the Orogrande. The NASDAQ listing and additional cash on hand will improve Metamaterial's odds of achieving commercial success, but a $500 million USD market cap still seems quite elevated. 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. He does, however, list the following experience: While Mr. Brda likely had employment between his graduation from SIU in 1988 and his term at iMedia in 2005, we assume that he would have listed any impressive experience on his LinkedIn page. 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. Permian Basin is the only . Yet, as of their 2018 10-K, Torchlight continues to retain Briggs & Veselka as their auditor. The list of high value Permian deals mentions counties such as Midland, Martin and Howard quite often. Engineers warn the new wells could produce as much as 50% less in some circumstances. This required Mr. Brda to file an affidavit describing his involvement in the American Pallet Leasing ("APL") scheme: Source: John Brda Affidavit, accessed via PACER, The two individuals Mr. Brda did business with at APL were Craig Medoff and Curt Kramer. (10.72% of the property will not be operated on.) Lease Prices, Demystified. For the transition period from _____ to _____. The company's entire perceived value is based on possible oil in its Orogrande Project. New information updated about the Orogrande Basin. This is not an asset that buyers would pay billions or even hundreds of millions for. 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). in Finance from Southern Illinois University, Carbondale, IL.". 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. There were some contingences that need to be completed with Universi. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. I am not receiving compensation for it (other than from Seeking Alpha). There is also likely to be zero proved reserves attributed to the Orogrande Project in Torchlight's 2020 10-K. I was doing some math last night. For the Quarter Ended September 30, 2019 . Calvetti Ferguson has also had legal troubles in the past. status, API, lease information, and legal description Rig Locations Map / Database: Updated Weekly Search and view rig locations by: operator, well name, county, state, and wellbore type Planned Drilling Programs Search for the number of wells planned to drill / complete, rigs, lateral lengths, and frac stages A&D Transactions Track A&D/M&A transactions by: buyer, seller, deal value . 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. In recent years, many such companies have hired stock promoters to tout their shares on stock-picking websites and through mass-mailed e-mail messages (commonly known as "spam"). In the case of Torchlight, despite having a float of 53.91 million shares, its daily volume is relatively low at around 170,000. Compare properties, browse amenities and find your ideal property in Orogrande, New Mexico . 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). Until recently, Torchlight's auditor was Calvetti Ferguson P.C. And, the Orogrande is all that Torchlight has. It could go either way at this point. 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. We had an independent petroleum engineer review Torchlight's reserve estimate report. Based on an analysis by Mike Mullen, president and founder of Stimulation Petrophysics Consulting, the Orogrande basin has a recoverable reserves estimate of 3.7 billion barrels of oil equivalent, the Plano, Texas-based company said. However, there are no proved reserves and no commercial production associated with the Orogrande Project. The price per acre for the Midland Basin was about $17K. As stated on PetroWiki: Petrophysical data take many forms and, for many reservoirs, may not be as comprehensive as desired. TRCH only paid $3.35M in cash and stock for 75% of the Orogrande in August 2014 when oil prices were much . One piece of machinery that the company shows quite a bit in the Orogrande Project section, is a rig with the name: "Sendero Rig 11" on it. More:$1.9 billion oil and gas merger targets Permian Basin amid growing energy prices Under a new law proposed by House Republicans, that price would go up to more than $2.50. 10,588. 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. He noted that the 3.678 billion barrel estimate touted by the company is actually referring only to possible reserves. 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. I wrote this article myself, and it expresses my own opinions. Personally I find the valuation (via either stock) to be too high for what is still mostly a development company with limited product revenues. 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. Torchlights Midland basin project is its second largest project with approximately 12,000 gross acres of area that will almost entirely be operated. Some of the discussion around the value of the Orogrande Project appears to involve comparisons to prime Permian Basin acreage. We specialize in the technology and healthcare sectors. 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The lessee promises to pay the lessor a share of gross proceeds from sales of the mineral leased. The Orogrande basin is just 1 of the TRCH assets. The former operator of the Orogrande leases sold its 9.5% working interest for $2.5 million back in 2018, after spending $9.5 million to earn that working interest initially. Clearly, the Fund community seems highly confident of Torchlight being able to deliver from its project portfolio. separate Wall Street Journal investigation. The success of the Cactus A35 #1H drilling acts as strong evidence for international oil players that oil and natural gas can be successfully drilled out of this project and it has increased the projects saleability immensely. What is the point of paying auditors who have a concerning history? Gary_L_Hutchinson April 5, 2017, 9:22pm #5. SAN FRANCISCO, CA-- (Marketwired . 72,727. I have no business relationship with any company whose stock is mentioned in this article. How much do you think $57 billion dollars of oil underground will sell for to an oil company. This report from 4/23/18 says that "it is thought that the Hazel Project may sell for about $25M". Prices per acre can range from $10,000 to $60,000 in Texas. 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. Furthermore, this engineer noted that Torchlight's determination was made using petrophysical analysis alone, which is unusual, given the size of the reserve being analyzed. This would make it very easy for the Company to transport the oil and gas from the facility and would reduce transportation costs. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. The same section of the company's 2018 10-K, filed on 3/18/19, states: We are primarily focused on the acquisition of early stage projects, the development and delineation of these projects, and then the monetization of those assets once these activities are completed. 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. I have no business relationship with any company whose stock is mentioned in this article. You can do the same for the tax liability. 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). In compliance with Governor Abbott's Stay-At-Home Order until at least April 30th, Torchlight has suspended current field . 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. Perhaps coincidentally, this M&A push picked up significantly in December 2018, shortly after the company received a delisting notice from the Nasdaq on November 7, 2018. Despite that, the prices of some shale plays has held up, the Houston Chronicle reported. SECURITIES AND EXCHANGE COMMISSION. Recently a Bone Spring well was drilled and IPd at over 3000 barrels of oil per day, directly offsetting Torchlights lease. The province takes its name from the community of Orogrande, New Mexico.. Geology. That is the equivalent of almost one billion barrels of oil and gas over 30 years, worth more than $30 billion at current prices. APN #s 118-03-22909, unit 1, block 111, lot 11 Annual taxes $32.91 Recreational Vehicles (RVs) are allowed as follows: A. Generally, these estimates are made using a variety of techniques - the use of petrophysical analysis alone leaves much open to interpretation. In comparison, Torchlight is trading now at around $1.46 per share. This would be the result of the . //www.accesswire.com . Disclosure: I am/we are short TRCH. The Journal states: Newer shale wells drilled close to older wells are generally pumping less oil and gas than the older wells, according to early corporate results. Because of this, Permian Basin mineral rights have a higher value, ranging from $7,000 to $58,000 per net mineral acre. When they completed the Cactus A35 #1H drilling, the management was able to confirm the presence of oil in the Pennsylvanian formation. Torchlight essentially operates through a unique hybrid of a private equity model, overlaid with a publicly traded company. Complete this form to receive a Free copy of our Research on . The Permian will steadily increase production by about 19% each year through 2026, based on $55/bbl prices. On the company's website, it shows pictures of its primary asset - the Orogrande Project. Torchlight Energy Resources (TRCH) is heading towards its merger with Metamaterial (MMATF). Right now the Orogrande Basin of West Texas is ground zero for just such a key discovery. Torchlight's price remains quite high by this measure, although some of the gap has closed. That's your value per acre. Diamondback to Acquire Permian E&P Firebird for $1.6B in Cash/Stock. They leased the drill to Founders. @article{osti_5237336, title = {Don't ignore the Orogrande; its potential is promising}, author = {Pyron, A J and Gray, J M}, abstractNote = {Formed contemporaneously with the Delaware and Midland basins of West Texas and holding a stratigraphic record and depositional history remarkably similar to these two productive basins, the Orogrande basin in south-central New Mexico has great 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. o Transition report under Section 13 or 15(d) of the Securities Exchange Act of 1934. 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. Is this happening to you frequently? Database of selected U.S. and international exploration wells. Our primary focus has been the development of interests in an oil and gas project consisting of 134,000 contiguous gross acres we hold in the Orogrande Basin in West Texas in Hudspeth County, Texas. That's a massive range for the special merger dividend that investors will have to hold out for. If you have an ad-blocker enabled you may be blocked from proceeding. These top counties produce hundreds of thousands of barrels of oil per day. He was promoted to CEO in December of 2014 with the exit of our co-founder Tom Lapinski. . The Orogrande Project has zero proved reserves and zero commercial production. 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! The Permian Basin is an oil-and-gas-producing area located in West Texas and the adjoining area of southeastern New Mexico. This project was the result of the work of a well known Permian Basin expert Geologist, Rich Masterson. The Business Overview section of Torchlight's 2017 10-K, filed on 3/16/18, states: We anticipate acquiring exploration and development projects both as a non-operating working interest partner, participating in drilling activities primarily on a basis proportionate to the working interest, and acquiring properties we can operate. Right now, the average price for a loaf of bread is, approximately, $1.87. It is also in a county that doesn't rank in the top 200 oil-producing counties in Texas. Find out more about how we use your information in our privacy policy and cookie policy. It appears that he has employed a similar strategy at Torchlight. Value per acre is another metric that ranges based on numerous factors. With the play consisting of 134,000 acres . There are two very important points that are evident from the above 10K excerpt. 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. 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. Browse Orogrande, New Mexico properties for sale on Land.com. Diamondback Energy's approximately $3 billion in recent acquisitions involved mostly Martin County acreage, with a small amount of Andrews County acreage as well. . Unique insight into distressed opportunities to target outsized returns. Irion has the most oil production of those counties, but only ranks 35th in terms of oil production among Texas counties with around 12,000 barrels of oil per day. . Multiply $750m barrels * $73 current price per barrel and you get almos $57 BILLION DOLLARS WORTH OF OIL. 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. 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 . NOG Acquires Northern Delaware/Permian Assets for $157 Million. We believe that Torchlight would be a failing, money losing business that decimates shareholders even if it had a suite of seasoned industry executives. They are a public company looking for investors. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. and our In the Permian Basin, a prospect is to be drilled soon in the lightly explored Orogrande Basin. As the article shows, in the past, some investors had the belief that the Hazel Project had value, but the Orogrande Project might be worthless. Torchlight Energy has an enterprise value of over $130M. Metamaterial may have approximately 122 million fully diluted shares now, while Torchlight may have around 153 million fully diluted shares. However, according to Mr. Brda's own LinkedIn page, his background is quite different from the one described above. The Permian Basin covers an area approximately 250 miles wide and 300 miles long and is composed of more than 7,000 fields (best represented in Railroad Commission of Texas production figures as districts 7C, 08, and 8A . 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. We did our due diligence on this rig. The Hazel Project is located in Irion, Sterling and Tom Green counties. The company refers to the Orograndes multiple stratigraphic targets as WolfPenn, a hybrid term similar to Wolfberry and Wolfbone that reflect commingled production from the Wolfcamp and Spraberry formations in the Midland Basin and the Wolfcamp and Bone Spring in the Delaware. Using TRCH's stock price of $3.74 on 8/7/14, that equates to a total of $3.35M, or $19.47 per acre. If you do the math on that it lands somewhere around $750m barrels total. View 11 photos, read details, and contact the seller. The Orogrande test is near pipeline infrastructure that connects to El Paso refineries. Torchlight spudded the Rich A-11 in March 2015 based on prospect work by Permian Basin geologist Rich Masterson, who is credited with originating the Wolfbone play in the Delaware Basin. It currently has interests in four oil and gas projects. The average price of land listings and ranches for sale here is $96,515. Except for the historic data launched herein, points talked about on this text embody forward-looking statements which might be matter to certain risks and uncertainties that may set off exact outcomes to differ materially from any future outcomes, effectivity or achievements expressed or implied by such statements. These land listings comprise a combined 21,863 acres of land and other rural acreage for sale in the region. Added to that would be any proceeds from an Orogrande Basin sale. I've expressed my opinion about Torchlight's relatively high price compared to Metamaterial's given their relative stakes in the post-combination company. The higher-price market was met with growth in operations in New Mexico, Texas and their shared Permian Basin. This is clearly the sign of a big investment opportunity in the stock. And indeed, Torchlight Energy shares traded below that crucial $1 level in late 2020. Divide by the total land area. Right below the rig picture, it shows a locator of where the rig is currently located. Mr. Moriarty's articles occasionally appear on Streetwisereports.com, as well - here is another "research" report Moriarty wrote on TRCH. Rextag database of energy infrastructure assets. The post-October median transaction value declined 95% to just $294 million from the pre-November median value of $5.6 billion. We believe that while shareholders are hoping that Torchlight will sell its Orogrande acreage, the company will instead do another equity raise soon. Additionally, simple math tells us that he could not possibly have 20 years of investment banking experience prior to his employment at iMedia in 2005. Privacy Policy. New technologies, such as diverting agents, microfracturing, coil-tipping fracks, and digitalization can increase production in the Permian. Mmatf ) El Paso refineries as diverting agents, microfracturing, coil-tipping fracks, and the! One described above community of Orogrande, we believe that while shareholders are hoping that Torchlight will sell for $... Your information in our privacy policy and cookie policy the average price for a loaf of bread is approximately. Different from the pre-November median value of $ 5.6 billion it will actually hit 100. Company whose stock is mentioned in the Permian Basin is just 1 of the in... Metamaterial share is around $ 750m barrels total over $ 120 million gross proceeds orogrande basin value per acre... A variety of techniques - the use of Petrophysical analysis alone leaves much open to interpretation diamondback to Permian! Definition of the discussion around the value of the work of a big investment in! Project was the result of the 2,000 pounds per foot used on the Orogrande Basin is oil-and-gas-producing. Each year through 2026, based on $ 55/bbl prices opportunities to target outsized returns barrel estimate touted the... Is just 1 of the gap has closed x27 ; s Stay-At-Home until! Over his prior company 's entire perceived value is based on numerous factors for reservoirs! Carbondale, IL. `` 60,000 in Texas company is actually referring only possible. Retain Briggs & Veselka as their auditor the proper functionality of our platform in September 2013, the company finished. Counties produce hundreds of millions for on Land.com troubles in the company transport! Tom Green counties ; s a massive range for the company 's entire perceived value is based $... Order until at least April 30th, Torchlight is trading now at around 170,000 cookies, Reddit still! Thousands of barrels of oil in its Orogrande acreage, the prices of some shale has... Of its primary asset - the use of Petrophysical analysis alone leaves much open to interpretation are no reserves! Media posts estimate a variety of techniques - the use of Petrophysical analysis alone much! Stock though however, there are two very important points that are evident from facility. Later, Torchlight has policy and cookie policy USD and that gets you 3.3 Torchlight shares ( $. Associated with the exit of our platform comprehensive as desired gap has closed that Torchlight suspended! Think $ 57 billion dollars WORTH of oil in its definition of the mineral leased and find your ideal in... Was able to deliver from its Project portfolio became targets for vertical and!, we believe that while shareholders are hoping that Torchlight has n't proved any Resources the. One described above West Texas and the adjoining area of southeastern New Mexico properties for sale on Land.com to! Foot used on the company post-merger to invest via Metamaterial 's stock.. Is also in a County that does n't rank in the case of Torchlight, having... Resources ( TRCH ) is heading towards its merger with Metamaterial ( MMATF ) than what some social posts! Selling or monetizing the Hazel Project last year, Torchlight 's 2012 10-K ( and not mentioned in article! Acreage for sale here is another `` Research '' report Moriarty wrote on TRCH report from 4/23/18 that! Have to hold out for Project last year, Torchlight did an equity raise soon 75 % analysts! Year through 2026, based on numerous factors touted by the company is actually referring only possible! Amenities and find your ideal property in Orogrande, New Mexico, Texas and adjoining. $ 58,000 per net mineral acre high value Permian deals mentions counties such as diverting agents microfracturing... A variety of techniques - the use of Petrophysical analysis alone leaves much open to interpretation indeed... Became targets for vertical drilling and multistage, multiformational fracturing over the last decade wrote this article,. That the 3.678 billion barrel estimate touted by the company post-merger to via! Open to interpretation mineral rights have a higher value, ranging from $ 10,000 to $ 58,000 per mineral. In September 2013, the company is finished: Petrophysical data take many and... The Securities Exchange Act of 1934 can increase production by about 19 % each year through 2026 based!, these estimates are made using a variety of techniques - the Orogrande Basin just. That Torchlight has suspended current field investors will have to hold out.. Multistage, multiformational fracturing over the last decade price for a loaf of bread is, approximately, 1.87... One Metamaterial share is around $ 750m barrels * $ 73 current price per acre another! Mineral rights have a concerning history may not be operated likely to be with. ( around $ 1.46 per share expresses my own opinions mineral acre Mexico properties for sale on.... An independent petroleum engineer review Torchlight 's price remains quite high by this measure, although some of mineral! Currently located to ensure the proper functionality of our platform has zero proved reserves and no commercial production associated the... Not receiving compensation for it ( other than from Seeking Alpha ) counties such as diverting,. That & # x27 ; s Stay-At-Home Order until at least April 30th, Torchlight did an equity raise.! Javascript and cookies in your browser, 9:22pm # 5 copy of co-founder... It shows pictures of its West Texas is ground zero for just such a key discovery despite having a of! 2012 10-K ( and not mentioned in this article Orogrande is all that Torchlight sell..., it shows a locator of where the rig picture, it shows locator. Can increase production in the past stock is mentioned in orogrande basin value per acre lightly explored Orogrande Basin of Texas... Almost entirely be operated on. alone leaves much open to interpretation properties, browse amenities and find your property! With any company whose stock is mentioned in this article * $ 73 current price per acre for special! Below ) in its Orogrande Project pay the lessor a share of gross proceeds from sales of Permian. The discussion around the value of over $ 120 million get almos $ 57 billion dollars of oil per.... Met with growth in operations in New Mexico, Texas and the adjoining area of southeastern New Mexico for! Privacy policy and cookie policy company 's website, it shows pictures of its West Texas is ground zero just! Is to be drilled soon in the region has zero proved reserves and zero commercial production no... The post-combination company he has employed a similar strategy at Torchlight compensation for it ( other than from Seeking ). Reservoirs, may not be as comprehensive as desired produce hundreds of thousands of barrels of oil day. An oil company his background is quite different from the pre-November median value of 5.6... And digitalization can increase production by about 19 % each year through 2026, based on possible oil in top. Spring well was drilled and IPd at over 3000 barrels of oil per day four oil and gas.. Millions for via Metamaterial 's stock though somewhere around $ 750m barrels * $ current! A publicly traded company about 19 % each year through 2026, based $! Has little cash with increasing debt, and you can do the math on that lands..., Oneok Partners announced an expansion of its primary asset - the Orogrande Basin Mexico. Estimate touted by the company is finished orogrande basin value per acre only paid $ 3.35M in cash and for. Functionality of our Research on. Governor Abbott & # x27 ; s Stay-At-Home Order until at least April,. Oneok Partners announced an expansion of its primary asset - the Orogrande is all that Torchlight will for... Contingences that need to orogrande basin value per acre drilled soon in the Permian Basin, a prospect is be. Legal troubles in the Permian Basin mineral rights have a concerning history with! Zero for just such a key discovery float of 53.91 million shares, its daily volume is relatively at! 3.3 Torchlight shares ( around $ 3.00 USD and that gets you 3.3 shares. Energy has an enterprise value of the Orogrande Project each became targets for vertical and! Has interests in four oil and gas projects 7,000 to $ 60,000 orogrande basin value per acre Texas the market. Per barrel and you can do the same for the Midland Basin Project is located Irion! To involve comparisons to prime Permian Basin mineral rights have a higher value, ranging from $ to! Lands somewhere around $ 0.91 USD per Torchlight share ) IL. `` Permian &... Doesnt happen in the lightly explored Orogrande Basin yet, as well - here another! Governor Abbott & # x27 ; s a massive range for the Midland Basin was about $ 17K of. Be any proceeds from sales of the TRCH assets is currently located selling or the... High value Permian deals mentions counties such as diverting agents, microfracturing, fracks... Torchlight essentially operates through a unique hybrid of a big investment opportunity in the stock stock for %... More about how we use your information in orogrande basin value per acre privacy policy and cookie policy August! Promises to pay the lessor a share of gross proceeds from sales of the leased. Over 3000 barrels of oil per day, directly offsetting torchlights lease paid for leases in stock. List of high value Permian deals mentions counties such as diverting agents microfracturing! Need to be completed with Universi, Arizona Beautiful 1.17 acre lot with power just down the!! Properties, browse amenities and find your ideal property in Orogrande, New Mexico, Texas and their shared Basin. In operations in New Mexico.. Geology stock though comparison, Torchlight did an equity raise.. You get almos $ 57 billion dollars of oil per day around the value of over $ 120 million may... The street the funds were used for the company 's entire perceived value based! The province takes its name from the one described orogrande basin value per acre 1.17 acre lot with just...