Torchlight Energy Resources (NASDAQ:TRCH) has extended its non-binding letter of intent with Metamaterial Inc. (CSE:MMAT) until November 30, 2020. Originally announced on September 21, 2020, this extension allows both companies to finalize a definitive agreement after due diligence and negotiation. The transaction is subject to customary closing conditions, including approvals from NASDAQ, CSE, and shareholders. Torchlight has engaged Roth Capital Partners, while META has retained Hamilton Clark as financial advisors.
Torchlight Energy Resources (NASDAQ: TRCH) has initiated hydraulic fracturing operations at its Hazel Project, which is expected to last one week. The operation involves slickwater fracturing with a rate of 80 barrels per minute and 37 stages. Following the fracturing, a flowback process will begin, and results will be announced thereafter. The company focuses on the acquisition and development of domestic oil fields with significant assets in the Permian Basin region of Texas.
Torchlight Energy Resources (NASDAQ:TRCH) and Metamaterial Inc. (CSE:MMAT) have signed a non-binding letter of intent for Torchlight to acquire 100% of META and divest its oil and gas assets by mid-2021. This strategic acquisition aims to transition Torchlight into the Advanced Materials market, allowing for 75% ownership of the combined entity by META shareholders. The deal is seen as an opportunity for Torchlight to enhance shareholder value through a special dividend while maintaining its legacy assets during the transition.
Torchlight Energy Resources, Inc. (NASDAQ: TRCH) announced plans for a gas lift installation on the University Cactus A-35H well, set to occur within two weeks. The well, tested earlier in 2020, yielded early results of 15 barrels of oil per day (BOPD) and 110 thousand cubic feet per day (MCFPD) from a 100-foot frac interval. CEO John Brda expressed optimism about optimizing flow back results through the gas lift approach, which aims to improve efficiency in oil and gas extraction.
Torchlight Energy Resources, Inc. (NASDAQ: TRCH) announced the successful drilling and casing of the Flying B Ranch #4H well on its Hazel acreage. The horizontal well reached approximately 7,500 feet and is set for stimulation with a significant sand loading of 3,200 pounds per foot, aimed at maximizing production. CEO John Brda highlighted the successful navigation within the Wolfcamp A zone as a positive development. Preparations are underway for fracking to commence in early October.
Torchlight Energy Resources (NASDAQ: TRCH) announced its participation in the LD 500 Investor Conference on September 2, 2020, at 9:20 am PST/12:20 pm EST. CEO John Brda will present to a virtual audience. The conference runs from September 1-4, 2020, providing an accessible platform for investors to learn about unique companies. Torchlight focuses on developing profitable oil fields in Texas, particularly in the Permian Basin. For more information, visit www.torchlightenergy.com.
Torchlight Energy Resources (NASDAQ: TRCH) has commenced drilling operations on a new horizontal well in the Hazel acreage, specifically from the existing wellbore in the Flying B Ranch #4 extending approximately 7500 feet. The planned stimulation targets the Wolfcamp A zone, leveraging advanced techniques. CEO John Brda expressed satisfaction with the swift action taken by option holders. Torchlight focuses on domestic oil field acquisition and development, primarily in West and Central Texas, including the lucrative Permian Basin.
Torchlight Energy Resources (NASDAQ:TRCH) announced the commencement of drilling on a new horizontal well in the Hazel acreage, targeting the Wolfcamp A zone. This operation follows a prior wellbore analysis that indicated strong potential. The expected horizontal length is approximately 7,500 feet, with plans for stimulation post-drilling. CEO John Brda expressed satisfaction with the rapid progress made by option holders. The company remains focused on profitable domestic oil development, particularly in Texas.
Torchlight Energy Resources (NASDAQ:TRCH) announced an option agreement to sell the Hazel Project to private investors for $1,300 per acre. The transaction could yield approximately $12.4 million if the investors successfully drill the Flying B Ranch #4 well. This move aligns with Torchlight's strategy to divest non-core assets, focusing on the Orogrande project. The funds from the sale would be utilized to eliminate the company's secured debt, solidifying its financial position.
Torchlight Energy Resources (NASDAQ: TRCH) announced an option agreement to sell the Hazel Project to private investors for $1,300 per acre. The deal, potentially worth $12.4 million, requires drilling the Flying B Ranch #4 well, with funds expected by March 31, 2021, if executed. CEO John Brda emphasized focusing on core assets and highlighted the deal's potential to relieve secured debt. Torchlight controls 9,600 net acres, with plans to enhance its Orogrande project.