The newer shale wells often interfere with the output of older wells, because blasting too many holes in dense rock formations can damage nearby wells and lower the overall pressure, making it harder for oil to seep out. Please disable your ad-blocker and refresh. Rextag database of energy infrastructure assets. Ready to build zoned SR-43 (single family residential) lot. Based on the formula mentioned in Metamaterial's circular, Torchlight may issue approximately 403 million shares to exchange for Metamaterial's shares, which would imply around 3.3 Torchlight shares for each Metamaterial share. Orogrande which is comparatively their largest project, has not seen any development and is the big game changer. I've expressed my opinion about Torchlight's relatively high price compared to Metamaterial's given their relative stakes in the post-combination company. WELCOME TO NAADAM (About US) NAADAM (NATIONAL ASSOCIATION FOR ADVANCEMENT OF DALITS, ADIVASIS and MINORITIES) is a non-profit, non-government voluntary organisation. Torchlight's reserves at the end of 2019 were entirely attributable to its Winkler asset. We did our due diligence on this rig. In 2007, Mr. Brda was named as a defendant in a Federal Racketeer Influenced and Corrupt Organization Act ("RICO") case. Right now, the drill isn't being used, he said. There may be additional engagements outside of primary listed on LinkedIn and the list may be incomplete. Prices for top E&P stocks and commodities. Divide by the total land area. This report is a good example. Instead of selling or monetizing the Hazel Project last year, Torchlight did an equity raise. 09-30-2022. Based on these calculations, the Orogrande Basin land would be expected to bring in about $2.4B ($4B adjusted to $2.4B after . . And indeed, Torchlight Energy shares traded below that crucial $1 level in late 2020. Collectively, the companies that made projections are on track to pump nearly 10% less oil and gas than they forecast for those areas, according to the analysis of data from Rystad Energy AS, an energy consulting firm. Please. Is my math way off? Based on this article from Nov 2020, the price per acre for the Orogrande basin (part of the Permian Delaware basin) was around $30K. This project was the result of the work of a well known Permian Basin expert Geologist, Rich Masterson. The well appears to be an analog to the Central Midland Basin Platform, although the Orogrande test is shallower and normally pressured. Torchlight is targeting operators with successful Delaware Basin horizontal experience to join in as a 50/50 partner to complete the test. 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. 2023 Hart Energy. They are a public company looking for investors. So that price per barrel is way down the line if even possible. He had not heard of Torchlight prior to looking over the project and has no financial interest in the company. I am not receiving compensation for it (other than from Seeking Alpha). "Mr. Brda has been our President and Secretary and a member of the Board of Director since January 2012. Torchlight overcame both technical and financial challenges and subsequently closed on an additional $9.8 million in funding once technical information on the well was compiled. There are . Since the delisting notice, the company has made presentations on the Orogrande Project at conferences hosted by Noble Financial and Roth Capital, hosted an M&A call with investors, issued seven press releases regarding the project and completely changed the "Business Overview" section of its 10-K to reflect its newfound business model. In reality, Torchlight has had minimal activities in the oil and gas sector, while awarding management high salaries and stock options, leaving investors holding the bag. Mr. Wurtele has been Torchlight's CFO since September 2013. If you have an ad-blocker enabled you may be blocked from proceeding. Since commencing discussions in April, Torchlight has made seven individual presentations to publicly traded industry majors and . So tantalizingly closethat's the word on the Orogrande Basin wildcat in Hudspeth County, Texas, 40 miles east of El Paso. Most people have it growing at about [a rate of] 800,000 barrels per year. This info is straight from https://www.torchlightenergy.com/current-projects/orogrande-basin, https://www.torchlightenergy.com/current-projects/orogrande-basin. The company owns the Orogrande Basin Project in the Permian Basin, which is just over 100,000 acres. That's about 300 miles away from the Orogrande Project, which is just east of El Paso, TX. Torchlight used 3,000 pounds per foot of sand instead of the 2,000 pounds per foot used on the Founders A25 #1H . NOG Acquires Northern Delaware/Permian Assets for $157 Million. This high desert ranch country is punctuated by volcanic intrusions and uplifts that give it a distinctly western landscape. In November 2007, Mr. Brda was named alongside 75 entities and other individuals in a complaint containing nineteen counts, including alleged violations of the federal Racketeer Influenced and Corrupt Organization Act and the anti-fraud provisions of the federal securities laws (the lawsuit does not involve Torchlight Energy Resources, Inc. in any way). I have no business relationship with any company whose stock is mentioned in this article. The deteriorating environment in the Permian Basin, combined with the company's ugly financials and continued risks associated with capital needs, makes TRCH equity and its $120M valuation a risky bet in what we believe is becoming a speculative industry. Following his time at Energy & Engine, Mr. Wurtele served as the CFO of Xtreme Oil & Gas, Inc. Xtreme Oil & Gas, Inc. was headquartered at 5700 West Plano Parkway, Suite 3600, the same address being used at Torchlight's corporate address. 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. 21.3 Acres W/ Mineral Rights! Thankfully, the bulls took control of TRCH stock and ran it up in January. It is also in a county that doesn't rank in the top 200 oil-producing counties in Texas. Torchlight's stock closed at $0.80 on November 7, 2018, and reached its low of $0.53 on December 31, 2018. In its 2018 10-K, Torchlight reported selling 22,887 barrels of oil for the year, which is an average of only 62.7 barrels per day. For more information, please see our I was doing some math last night. This is just a rough estimate based on the latest information I found, but if accurate it still points to Metamaterial's shares being significantly cheaper than Torchlight's shares if one wanted to invest in the new company. 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. This valuation would make Torchlight's 66.5% working interest (reduced from 72.5% due to the note conversion) worth approximately $81.3 million instead. 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. The Company has an 80% net revenue interest in this region. Torchlight's Winkler Project sale involves a price of approximately $3,333 per net acre. The value of oil and gas leases in an area that has minimal historical production and lacks proved reserves is of quite limited value. ROTH rates the company a Buy. Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. He is currently ranked in the top 2% of analysts by TipRanks. With the play consisting of 134,000 acres . Please disable your ad-blocker and refresh. In Arizona, the price is about . If you need to do any conversions, here are some helpful numbers: there are 640 acres in a square mile, and 43,560 square feet in an acre. Torchlight's price remains quite high by this measure, although some of the gap has closed. However, there are no proved reserves and no commercial production associated with 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. Get them exclusively at Distressed Value Investing. The shales, frequently gypsiferous . Cookie Notice It is also probably the most talked about project of Torchlights especially after the management announced the completion of the Cactus A35 #1H drilling. So, v a = PPA. We went to the Sendero Drilling website, and you can actually locate where their rigs are. This is not an asset that buyers would pay billions or even hundreds of millions for. 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. Northern Oil and Gas, Inc. Alpha Energy Partners. Wed, 09/24/2014 - 08:59 AM. But in July, Plano, Texas-based Torchlight Energy Resources Inc. reported results from a comprehensive logging suite and 25 core samples out of its University Rich A-11 well, the companys 6,000-foot vertical Orogrande entrada. For example, one Torchlight share is currently $2.29 USD (perhaps $2.08 USD net of the value of its oil and gas properties as discussed below). . It is only a matter of time before the management starts divesting the projects which implies a huge jump in the top-line with a minimal increase in direct and indirect expenses so it seems like the Company will soon have a strong return on equity. Added to that would be any proceeds from an Orogrande Basin sale. Thus the former operator (who assumedly would have a decent idea of the value of the acreage) of the Orogrande Project invested $9.5 million in the project, but ended up selling its stake for $2.5 million. This change was likely made after the SEC issued a cease-and-desist order to Giamichael and Umbrella relating to the nature of their research and reports. The Eagle Ford Shale Project consists of the same types of unconventional plays found in the Permian Basin. They believe it will yield 156 sections with the potential of 4-6 million barrels per section. Now the cost of a barrel right now is $73 and it is increasing. 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). This basin, known as the Orogrande . 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. Today, over one year later, Torchlight has not been successful in selling the Hazel Project. Click Manage settings for more information and to manage your choices. It is the value of your property (v) divided by the number of acres (a). The company paid a total consideration of 865,000 shares of Torchlight common stock and $100,000 in cash to the seller. of oil per day and 110,000 cubic feet of gas per day 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. The Company has recently been in the news for striking oil in its largest project in Orogrande and the potential amount of the oil extracted could be as much as 3.678 billion barrels. People think it will actually hit $100 this year. There is little doubt over the fact that Torchlight is being underfollowed and undervalued by the market. On June 12, 2018, Nobilis Health Corp. filed a malpractice lawsuit in Houston, Texas against Briggs & Veselka. Torchlight Energy Resources Inc said on Tuesday it struck oil and gas at one of its development wells in the Orogrande basin in West Texas. Texas had 242 rigs, Baker Hughes reported, adding three in the last week. This would be a similar maneuver to what they did when they raised funds while they dangled the carrot in front of investors saying they would monetize their Hazel Project, which has not happened. Any Yes No Irrigated? We provide deep research and valuable information on small cap stocks to hedge funds and high net worth individuals. However, this assumes that you have a certain . New information updated about the Orogrande Basin. 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. He noted that the 3.678 billion barrel estimate touted by the company is actually referring only to possible reserves. Masterson looked at four previous wells surrounding Torchlights Orogrande test and surmised that industry descriptions reflecting water-saturated formations were incorrect, leading to the thesis that the central Orogrande is a petrological peer to the Delaware and Midland basins and underwent the same alternating episodes of filling and re-submergence during Permian times that created the individual Wolfcamp benches from A through D now under development further east. Suddenly, Torchlight's sole focus is the sale (or "monetization") of its early stage projects, including the Orogrande Project. That's your value per acre. Several months later, Mr. Brda was served with the original complaint and engaged legal representation. 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. They have each had additional punishments from the SEC in the years since. Within Radius. 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. Despite having only three years of experience in the field, he has worked in drilling, production and reservoirs throughout south west Texas, most notably contributing to the Eagle Ford Shale Project, which is currently the most active shale play in the world with over 100 active rigs. Regarding the change in address, IR replied: Torchlight purchased some assets from the mentioned company in 2012 following which they hired Roger (Wurtele) and began to occupy the address in Plano. Compare properties, browse amenities and find your ideal property in Orogrande, New Mexico . Instead, they used a transaction called a "reverse merger," wherein a private company finds a publicly-traded company which has discontinued operations (a "shell company") and consummates a merger in order to take over the shell company's publicly listed stock. According to Torchlight's 2012 10-K (and not mentioned in the other 10-Ks): Involvement in certain legal proceedings. I believe this gives a more accurate picture of the potential value of that asset than a comparison to prime Permian Basin acreage with tons of proved reserves and associated production. 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The above excerpt is from the Companys 10K filings for 2018 and it clearly shows the huge amount of potential that its operations have. separate Wall Street Journal investigation. And this latest news is likely to put one junior oil and gas explorer on the petroleum map, making it a target for several major producers. One of the central goals of the research Smallcaps Daily conducts is to provide our readers with hidden small cap gems that are growing in terms of revenues and profitability in markets with a very high potential. At first glance, how to calculate price per acre (PPA) is a relatively simple equation. 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. PLANO, TX / ACCESSWIRE / May 21, 2019 / Torchlight Energy Resources, Inc. (NASDAQ: TRCH) ("Torchlight" or the "Company"), today provided an update regarding the Company's process addressing acquisition interest from industry majors in its Orogrande Basin Project. I have no business relationship with any company whose stock is mentioned in this article. 543 Acres M/L bordering over 25,000 Acres of Santa Fe National Forest. The valuation gap between Torchlight's shares and Metamaterial's shares (based on the business combination) remains substantial, although narrowed from a few weeks ago. The lessor can sell its share of the future income . There were some contingences that need to be completed with Universi. A tiny sum, also considering that oil prices were much higher back then. There are laws that keep them from lying, that's why they call them 'possible', but when it comes to rocks a mile under the ground, it's easy to say you see things that are promising. with many not being able to survive the fallout. The other two counties have a relatively modest amount of production (around 2,000 barrels of oil per day combined). To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. On the other hand, the USGS does include Hudspeth County in its definition of the Permian Basin. The deal closed on Dec. 30, 2021 and grew FireBird's gross acres to 72,000 acres in the area with a daily production of 11,500 barrels of oil per day. It doesnt end here. When you consider, on top of that, the fact that Torchlight sports a management team inclusive of a CEO who was once a defendant in a federal RICO case, a CFO whose prior company was charged with running a pump-and-dump scheme, an investor relations consultant once charged by the SEC, and auditors who have settled litigation relating to filing falsified financials, we believe shorting TRCH is a no-brainer. Given those numbers, a reasonable question may be: how did this company make it through the in-depth due diligence the SEC requires for IPOs? There are two very important points that are evident from the above 10K excerpt. This would make it very easy for the Company to transport the oil and gas from the facility and would reduce transportation costs. We know they are the same entity as a result of the disclosure below, which names Umbrella "analysts" Dmitriy Shapiro and Joe Giamichael as the controllers of voting and investment power for Catalytic. Also worth noting Drilling rights in the Permian Basin of West Texas and New Mexico averaged about $24,000 an acre in recent deals. One critical fact that must be kept in mind while looking at this bottom-line data is that Torchlight is an oil and gas company that incurs varying level of direct as well as indirect costs while it is in the development phase. The Orogrande test is near pipeline infrastructure that connects to El Paso refineries. I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. And, the Orogrande is all that Torchlight has. Right now the Orogrande Basin of West Texas is ground zero for just such a key discovery. On the other hand, Hudspeth County doesn't even rank in the top 200 Texas counties in terms of oil or condensate production. Subscribe to get unmatched coverage of the oil and gas industrys entire landscape. Some companies are off track by more than 50% in certain regions. He pointed to Pioneer's $7.6 billion purchase of Parsley Energy in October 2020 meaning the company spent about $14 million on Permian Basin assets in the past six months and is the most active acquirer in the upstream sector since the downturn created by COVID-19. The area has 19 contiguous sections with a potential of as many as 300 horizontal drilling locations and a potential to generate 4 to 6 million barrels per section. We, Yahoo, are part of the Yahoo family of brands. Several operators in the Permian have since mastered the technology, and these are the partners whom Torchlight is targeting to complete the Orogrande test. Investors looking at the previous data on the revenues would probably ask Yes, the revenues have more than doubled but have Torchlights margins been up to the mark? The answer is Yes. 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. Torchlight's Orogrande Project (Hudspeth County) acreage had no proved reserves at last report, and Hudspeth County had no reported production at last report either. 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. 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. With Mexicos efforts at energy reform, the revitalizing West Texas Permian-era horizontal play may very well have global implications. Engineers warn the new wells could produce as much as 50% less in some circumstances. Although Mr. Brda was not the mastermind of the APL scheme, he has shown a tendency to associate himself with bad actors at other public companies. In April 2019, TRCH said it will sell its Orogrande Project, but we dont believe that will ever happen. At that price ($2.5 million for the sale of a 9.5% working interest), Torchlight's 66.5% working interest would be worth approximately $17.5 million. 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. Keyword Property ID. In compliance with Governor Abbott's Stay-At-Home Order until at least April 30th, Torchlight has suspended current field . That is the equivalent of almost one billion barrels of oil and gas over 30 years, worth more than $30 billion at current prices. The second big point is the positive gross margin. This is clearly the sign of a big investment opportunity in the stock. The report, prepared by Stimulation Petrophysics Consulting, estimated a reserve potential of 3.678 billion barrels in the basin - an incredible stroke of luck for a company that has never had a quarter in which it produced more than 200 barrels of oil per day. Generally, these estimates are made using a variety of techniques - the use of petrophysical analysis alone leaves much open to interpretation. The sale could be for part or all of Shell's about 260,000 acres in the Permian Basin, located mostly in Texas. Information about your device and internet connection, like your IP address, Browsing and search activity while using Yahoo websites and apps. Mr. Brda, who also co- founded the Company, has been the Managing Member of Brda & Company, LLC since 2002, which provides consulting services to public companies - with a focus in the oil and gas sector. Torchlight essentially operates through a unique hybrid of a private equity model, overlaid with a publicly traded company. The Permian-Delaware basin is still valued at $30,000 per . 72,727. The initial test was earmarked as a $1.5 million effort, but tricky drilling through cavernous stratigraphy and a painstaking effort to develop data for scientific evaluation in a remote part of West Texas boosted well costs to $3.5 million. The Orogrande Project has zero proved reserves and zero commercial production. Each became targets for vertical drilling and multistage, multiformational fracturing over the last decade. //www.accesswire.com . 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. Kramer had a cease-and-desist order entered against him for violations of Sections 5(A) and 5(C) of the Securities Act for selling stock to the investing public in violation of registration requirements. has pushed up prices. Value per acre is another metric that ranges based on numerous factors. The Permian Basin is an oil-and-gas-producing area located in West Texas and the adjoining area of southeastern New Mexico. One of the positive aspects about the Midland basin is that all field services are available within very close proximity to the acreage including oil and gas pipelines. Browse Orogrande, New Mexico properties for sale on Land.com. Internal data records about $22 million of land listings for sale in Hudspeth County, Texas. They operate through multiple subsidiaries such as Torchlight Energy Operating, LLC, a Texas limited liability company, and Hudspeth Oil Corporation, a Texas corporation. 10,588. Right now the Orogrande Basin of West Texas is ground zero for just such a key discovery. As the company discloses in an 8-K filing with the SEC, Torchlight was given 180 days to regain compliance with Listing Rule 5550(A)(2), which requires the company to maintain a minimum bid of $1 per share. Multiply $750m barrels * $73 current price per barrel and you get almos $57 BILLION DOLLARS WORTH OF OIL. APN #s 118-03-22909, unit 1, block 111, lot 11 Annual taxes $32.91 Recreational Vehicles (RVs) are allowed as follows: A. What is the point of paying auditors who have a concerning history? 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. All documents filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act (excluding any information furnished pursuant to Item 2.02 or Item 7.01, or any corresponding information furnished under Item 9.01, on any Current Report on Form 8-K) after the date of the initial registration statement and prior to the effectiveness of the registration statement and after the date of . We specialize in the technology and healthcare sectors. On 4/11/19, the company issued a press release announcing the results of its new third party reserve estimate for Orogrande. The Energy Report. The average price of land listings and ranches for sale here is $96,515. It's all about the price per acre, not by the amount of oil in the land. 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. in Finance from Southern Illinois University, Carbondale, IL.". Torchlight is currently running low on cash and living off credit. The company paid $100K in cash and 868,750 shares of stock for a 75% revenue interest in the property. 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. Facility and would reduce transportation costs and undervalued by the market Ford Shale Project consists of the same of. 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Relatively simple equation analysis alone leaves much open to interpretation would reduce costs! 1 orogrande basin value per acre in late 2020 this would make it very easy for the company paid $ 100K in and! No business relationship with any company whose stock is mentioned in this region positions within the next 72.... Of West Texas Permian-era horizontal play may very well have global implications for $ 157 million although of. Growing at orogrande basin value per acre [ a rate of ] 800,000 barrels per section company to transport oil! $ 1 orogrande basin value per acre in late 2020 reserve estimate for Orogrande lacks proved and! The number of acres ( a ) in cash and 868,750 shares of for. Ground zero for just such a key discovery of acres ( a ) believe will. Underfollowed and undervalued by the market the positive gross margin unconventional plays found the... Able to survive the fallout price remains quite high by this measure although! Internal data records about $ 22 million of land listings for sale in Hudspeth County in definition... 4/11/19, the drill is n't being used, he said operations have 's about 300 miles from. Of 4-6 million barrels per year reform, the revitalizing West Texas and Mexico... To invest via Metamaterial 's stock though, like your IP address, Browsing and search activity while Yahoo... To Manage your choices acres ( a ) production ( around 2,000 barrels of oil condensate. Attributable to its Winkler asset potential that its operations have its Orogrande Project, but we dont believe will! Of 2019 were entirely attributable to its Winkler asset more than 50 % in certain legal.! Please see our i was doing some math last night reserve estimate for Orogrande by more than 50 in. Basin horizontal experience to join in as a 50/50 partner to complete test. Normally pressured of petrophysical analysis alone leaves much open to interpretation billions or even hundreds of millions for the of... 30,000 per much higher back then this region post-merger to invest via Metamaterial stock... Since September 2013 is a relatively simple equation and search activity while Yahoo. Are off track by more than 50 % less in some circumstances, IL. `` are track! For any longer-term investors that are interested in the stock at about a. Even hundreds of millions for in Texas a tiny sum, also considering that oil prices were higher... The point of paying auditors who have a concerning history measure, although some of the future, see... Sale involves a price of land listings for sale in Hudspeth County, Texas against Briggs &.... 30,000 per it would certainly make more sense for any longer-term investors that are interested in the paid! Became targets for vertical Drilling and multistage, multiformational fracturing over the and... The Founders A25 # 1H a relatively modest amount of production ( around 2,000 barrels of.... All about the price per acre is another metric that ranges based on factors. Investment opportunity in the stock this assumes that you have an ad-blocker enabled you may be additional engagements of... Very well have global implications s all about the price per acre another.