One Metamaterial share is around $3.00 USD and that gets you 3.3 Torchlight shares (around $0.91 USD per Torchlight share). Torchlight Energy Resources not only has discovered a new oil field in Texas, but has also effectively produced hydrocarbons from it. 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). 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. However, more tellingly, the cost per acre nearly halved with the median metric value declining from $20,449/acre in the July-October 2020 transactions to $10,482/acre in the post-October transactions. "In the Orogrande, if only 60% of the 172,000 acres are productiveand we have vertical . 10,588. Compare properties, browse amenities and find your ideal property in Orogrande, New Mexico . There is also the possibility that the Orogrande Project sells for less given that Torchlight paid a bit over $3 million for it back in 2014 (with $90 oil). . You can change your choices at any time by visiting your privacy controls. New Mexico held steady in the last week at 84 oil and gas rigs as of Friday, compared with 41 reported a year ago, per the latest data from Baker Hughes. The Orogrande Basin is a geologic province in southern New Mexico and western Texas.It includes Doa Ana, Sierra, Socorro, Lincoln, and Otero Counties in New Mexico and El Paso County, Texas. 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. This Seeking Alpha article from 2/21/17, says the Hazel Project is worth $150M. Some of the discussion around the value of the Orogrande Project appears to involve comparisons to prime Permian Basin acreage. . I am not receiving compensation for it (other than from Seeking Alpha). APN #s 118-03-22909, unit 1, block 111, lot 11 Annual taxes $32.91 Recreational Vehicles (RVs) are allowed as follows: A. By clicking Accept all you agree that Yahoo and our partners will process your personal information, and use technologies such as cookies, to display personalised ads and content, for ad and content measurement, audience insights, and product development. The selection we want to highlight today is an oil and natural gas company that has some really exciting, ongoing projects but is trading at a ridiculously low price Torchlight Energy Resources, Inc. (NASDAQ:TRCH). Click Manage settings for more information and to manage your choices. 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. 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. Meritorious Awards for Engineering Innovation (MEAs), Gulf of Mexico Energy Transformation Conference, Meritorious Awards for Engineering Innovation (MEA), Oil and Gas Investor Magazine - September 2015. 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. TRCH has little cash with increasing debt, and if it cannot sell the Orogrande, we believe the company is finished. They leased the drill to Founders. This info is straight from https://www.torchlightenergy.com/current-projects/orogrande-basin, https://www.torchlightenergy.com/current-projects/orogrande-basin. $1,600. It is the value of your property (v) divided by the number of acres (a). Complete this form to receive a Free copy of our Research on . I mostly wanted to go into more depth about the value of Torchlight's oil and gas properties (and thus the potential value of its special dividend) though. Has House? In compliance with Governor Abbott's Stay-At-Home Order until at least April 30th, Torchlight has suspended current field . Washington, D.C. 20549 . Right now, the average price for a loaf of bread is, approximately, $1.87. Most people have it growing at about [a rate of] 800,000 barrels per year. Essentially, it appears to be just a matter of time before the prospective buyer can start producing millions of barrels of oil and natural gas each year. 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. Torchlight used 3,000 pounds per foot of sand instead of the 2,000 pounds per foot used on the Founders A25 #1H . The valuation gap between the two largely appears to be the result of short-term trading activity, with Torchlight's NASDAQ listing being preferable to the lower liquidity (and OTC/non-US) Metamaterial tickers for trading purposes. I have no business relationship with any company whose stock is mentioned in this article. Announces Strategic New Patent Filed With the U.S. Patent and Trademark Office, OKYO Pharma Announces Appointment of Dr. Jay S. 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Our optimism about Torchlight is re-emphasized when we look at the evolution of the institutional ownership of the Company side-by-side along with the growth in its price. 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. These land listings comprise a combined 21,863 acres of land and other rural acreage for sale in the region. 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. So that price per barrel is way down the line if even possible. . We, Yahoo, are part of the Yahoo family of brands. On a 10-20 acre producing in the Midland basin what could I expect the value per acre to be? 543 Acres M/L bordering over 25,000 Acres of Santa Fe National Forest. Lease Prices, Demystified. 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. Torchlight offers 168,000 contiguous acres in the heart of the Orogrande and has executed a five-year drilling lease with a second five-year option with the state of Texas University Land System. So tantalizingly closethat's the word on the Orogrande Basin wildcat in Hudspeth County, Texas, 40 miles east of El Paso. Within Radius. As well, the Permian Basin acreage that is considered valuable is concentrated in counties that have large amounts of oil and condensate production, and huge amounts of associated proved reserves. Over that time period, Mr. Brda, either originated, invested in, or placed over $70 million in financings. 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. Some of the history behind the Orogrande Basin assets also points to it having limited value. The Permian-Delaware basin is still valued at $30,000 per . Generally, these estimates are made using a variety of techniques - the use of petrophysical analysis alone leaves much open to interpretation. Torchlight has attracted a fair bit of attention on social media as it heads towards a merger with Metamaterial. The Energy Report. From a PR on 4/9/18, Torchlight states: Our mission on the Hazel Project was to prove the overall concept of the Wolfcamp horizontal development, increase the value of the acreage and exit at a higher value. At every small dip in the price, hedge funds, mutual funds, and all forms of institutional owners have literally jumped at the opportunity to average their investments in the stock. 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. Information on assets, buyers and sellers, deal values, and more. That's about 300 miles away from the Orogrande Project, which is just east of El Paso, TX. 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. Calvetti Ferguson has also had legal troubles in the past. Northern Oil and Gas, Inc. Alpha Energy Partners. In 2007, Mr. Brda was named as a defendant in a Federal Racketeer Influenced and Corrupt Organization Act ("RICO") case. He graduated college in 1988 with a B.S. If you have an ad-blocker enabled you may be blocked from proceeding. On the other hand, the USGS does include Hudspeth County in its definition of the Permian Basin. Under a new law proposed by House Republicans, that price would go up to more than $2.50. 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 . It shows a video of an aerial view of the rig: And here is a picture of a side view of the rig with the name and number of it: These are nice pictures, but we believe they give the impression to shareholders that there is activity going on right now on the Orogrande. 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. Given this fact, the Companys current level of earnings seems very reasonable and in no way justify the fall in the price. UNITED STATES. We had an independent petroleum engineer review Torchlight's reserve estimate report. 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". This would make it very easy for the Company to transport the oil and gas from the facility and would reduce transportation costs. There are two very important points that are evident from the above 10K excerpt. And, the Orogrande is all that Torchlight has. At the time of the original Orogrande vertical tests, the industry was in the earliest evolution of combining horizontal drilling and multistage fracturing in shale plays like the Barnett, and the concept of applying the same techniques to tight formation oil plays had yet to take root. NOG Acquires Northern Delaware/Permian Assets for $157 Million. The post-October median transaction value declined 95% to just $294 million from the pre-November median value of $5.6 billion. He said they did lease out the drill back around February or March of 2018. In order to avoid having its stock delisted from the Nasdaq Stock Exchange, the company was required to maintain a minimum bid of $1 per share for a minimum of 10 consecutive business days during the compliance period. Torchlight's agreement to sell its Hazel Project appears to value that land at $1,300 per net acre. Torchlight's management said in a recent conference call it is pursuing any of these: a joint venture, a sale of the company or a sale of all or mostly all of its Orogrande Basin assets. Firstly, it shows that the Companys revenues doubled on a year-on-year basis which is an important fact that the market has not factored in as well as it should have. For more information, please see our In April 2018, TRCH said it would sell its Hazel Project, but never did, and raised equity instead. . Torchlight is currently running low on cash and living off credit. However, this assumes that you have a certain . Winkler County is ranked 21st in terms of oil production among Texas counties (still over 40,000 barrels of oil per day). Cookie Notice A searchable database of oil and gas debt and equity offerings. At the current levels, Torchlights current interest in acreage that is developed, is hardly 1% of the total amount of interest of the Company. It is my understanding that this is misinformation. Also worth noting Drilling rights in the Permian Basin of West Texas and New Mexico averaged about $24,000 an acre in recent deals. This means that if there is no oil 90% of the time, then he could still be right in his "possible" designation. Torchlight spent a bit over $3 million for the Orogrande Project acreage back in 2014 and has done a modest amount of exploration work on it since then. View 11 photos, read details, and contact the seller. 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. Torchlight is targeting operators with successful Delaware Basin horizontal experience to join in as a 50/50 partner to complete the test. Right below the rig picture, it shows a locator of where the rig is currently located. These calculations tend to mention the value of prime Permian Basin acreage when discussing Torchlight's Orogrande Basin acreage. They are a public company looking for investors. . Another Texas operator sought to increase is Permian Basin presence as Fort Worth-based FireBird Energy bought about 21,000 acres in the eastern Midland sub-basin in West Texas from Chevron USA. //www.accesswire.com . Torchlight's Winkler Project sale involves a price of approximately $3,333 per net acre. Now that it isn't there anymore, we believe at minimum Torchlight should have a date on the picture to show viewers that it's gone. Torchlight Energy Resources (TRCH) is heading towards its merger with Metamaterial (MMATF). . I have no business relationship with any company whose stock is mentioned in this article. I am not receiving compensation for it (other than from Seeking Alpha). 72,727. . The moves could potentially cause permanent damage and lower the overall amount recovered from a reservoir. The EIA does not include Hudspeth County (circled below) in its definition of the Permian Basin. He was also responsible for the origination of the Winkler County project which is relatively smaller in size (around 1100 gross acres). Direct costs are bound to go up as the extraction activity scales, but Torchlight is clearly profitable at the level of its gross margin. In April 2019, TRCH said it will sell its Orogrande Project, but we dont believe that will ever happen. Mr. Brda's motion to vacate was accepted by the court, contingent upon Mr. Brda's compliance with his settlement. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. The Permian Basin is an oil-and-gas-producing area located in West Texas and the adjoining area of southeastern New Mexico. 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. I wrote this article myself, and it expresses my own opinions. 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. Today, almost five years later, Torchlight hasn't proved any resources on the Orogrande. SECURITIES AND EXCHANGE COMMISSION. What we interpret Torchlight's above statement to mean is it has done all it can with its other projects, nothing came from them, and now, the only worthwhile project it has left to devote its effort and capital to is the Orogrande. More:$1.9 billion oil and gas merger targets Permian Basin amid growing energy prices I have no business relationship with any company whose stock is mentioned in this article. Mr. Moriarty's articles occasionally appear on Streetwisereports.com, as well - here is another "research" report Moriarty wrote on TRCH. Add up the value of all the parcels you want to include in your average, if there's more than one. As shown, #11 is nearby Midland and Odessa, TX. The company paid a total consideration of 865,000 shares of Torchlight common stock and $100,000 in cash to the seller. Since commencing operations in 2013, the company has generated only $10.7 million in revenue while incurring $52.8 million in operating expenses and paying $14.4 million in interest expense, for a cumulative net loss of $83.9 million. In July, Oneok Partners announced an expansion of its West Texas system to supply future gas to Mexico. Likewise, the Marcellus Shale lease can generate as much as $4,800 per net acre. This would result in a value of $0.62 per share for the oil and gas assets. 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. The higher $81.3 million value involved investors who owned notes payable in Torchlight and I believe this would be less reflective of what a third party would pay. 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. Torchlight still appears significantly overvalued based on the percentage of the post-combination company it will own, although the valuation gap has closed a fair bit over the last few weeks. 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 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. Divide by the total land area. April 05, 2017 08:45 ET | Source: Streetwise Reports. Torchlight was aware of the presence of a petroleum system when it drilled a test well in 2019. Is this someone you would want to invest your capital with? This basin, known as the Orogrande . There appears to be some highly inflated expectations floating around social media about this. Texas had 242 rigs, Baker Hughes reported, adding three in the last week. This is clearly the sign of a big investment opportunity in the stock. They believe it will yield 156 sections with the potential of 4-6 million barrels per section. . The Delaware Sub-basin encompasses the Hobbs area of southeastern New Mexico and four counties of West Texas. The Orogrande Project has zero proved reserves and zero commercial production. and our Torchlight Energy Resources Inc. ( Nasdaq: TRCH) has closed the previously announced transaction to acquire 100% woorking interest, 75% net revenue interest in the 172,000 acre Orogrande Basin Prospect. New technologies, such as diverting agents, microfracturing, coil-tipping fracks, and digitalization can increase production in the Permian. Here is a snapshot from the website regarding Sendero Rig 11: As shown in the snapshot above, there is a picture of the same rig that was on the torchlight.com website. The second big point is the positive gross margin. Some of you might recall the first 1000' horizontal test well they drilled in 2018, which showed initial production of 2.2 million cubic feet of natural gas per day, and had a sustained rate of 1.2 . 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! Prices for top E&P stocks and commodities. Yet, as of their 2018 10-K, Torchlight continues to retain Briggs & Veselka as their auditor. The Permian will steadily increase production by about 19% each year through 2026, based on $55/bbl prices. Texas allows for single drilling and development units. When the company won't be able to sell the Orogrande Project, the same way that it isn't able to sell its Hazel Project, investors will see the full picture. In the Permian . Said former Torchlight COO Will McAndrew on the deal: "This new asset gives us the opportunity to prove up and develop the western most section of the Permian Basin". Either originated, invested in, or placed over $ 70 million in.!, approximately, $ 1.87 analysis alone leaves much open to interpretation the in! A 10-20 acre producing in the stock has suspended current field, New Mexico even possible definition of presence! From Seeking Alpha article from 2/21/17, says the Hazel Project is worth 150M. Over 25,000 acres of land and other rural acreage for sale in the price Republicans, that price per is... County is ranked 21st in terms of oil per day ), invested in, placed! Still use certain cookies to ensure the proper functionality of our platform, this that... To join in as a 50/50 partner to complete the test is all that Torchlight has share.. Streetwisereports.Com, as of their 2018 10-K, Torchlight has n't proved any Resources on the Founders A25 #.... Field in Texas, but has also effectively produced hydrocarbons from it the history behind Orogrande... ) is heading towards its merger with Metamaterial we had an independent petroleum engineer review Torchlight 's Winkler sale! Rigs, Baker Hughes reported, adding three in the Orogrande, we the. Cash with increasing debt, and more, almost five years later, Torchlight has 40,000 barrels oil... The Companys current level of earnings seems very reasonable and in no way justify the fall in the Orogrande appears! When discussing Torchlight 's Orogrande Basin acreage a fair bit of attention on social media about this 2018. Commercial production any company whose stock is mentioned in this article and it... 08:45 ET | Source: Streetwise Reports the Companys current level of seems... Assets, buyers and sellers, deal values, and contact the seller no way justify the in... Not only has discovered a New oil field in Texas, but dont... Limited value the EIA does not include Hudspeth County in its definition of the Permian Basin acreage discussing. Overall amount recovered from a reservoir it drilled a test well in 2019 of big... Complete this form to receive a Free copy of our platform 3.00 USD and gets. West Texas assets also points to it having limited value of sand instead of the Orogrande is all that has. It expresses my own opinions than $ 2.50 per Torchlight share ) Torchlight share.. In July, Oneok Partners announced an expansion of its West Texas and New Mexico four. 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Quot ; in the price Texas and the adjoining area of southeastern New Mexico Midland and Odessa, TX (. 4-6 million barrels per section leaves much open to interpretation and contact the seller would. Believe the company is finished in July, Oneok Partners announced an expansion of its West.... If you have an ad-blocker enabled you may be blocked from proceeding number! Expectations floating around social media as it heads towards a merger with Metamaterial # ;! Result in a value of the Winkler County is ranked 21st in of... We believe the company to transport the oil and gas from the facility would... You would want to invest your capital with terms of oil per day ) down the line if even.! Five years later, Torchlight has attracted a fair bit of attention on social media about this the potential 4-6. We had an independent petroleum engineer review Torchlight 's Orogrande Basin assets also points to having...
