orogrande basin value per acre

Right now the Orogrande Basin of West Texas is ground zero for just such a key discovery. Carolyn, A lessor has zero control of the minerals leased. /property/Oro_Grande_x5-4654244/ Nelle Ave Orogrande, NM, 88342 Mr. Wurtele has been Torchlight's CFO since September 2013. ROTH has a Buy rating and a $1.75 per share price target on Torchlight, whose share price is currently $1.17. They operate through multiple subsidiaries such as Torchlight Energy Operating, LLC, a Texas limited liability company, and Hudspeth Oil Corporation, a Texas corporation. 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. Torchlight's Winkler Project sale involves a price of approximately $3,333 per net acre. . This high desert ranch country is punctuated by volcanic intrusions and uplifts that give it a distinctly western landscape. If you do the math on that it lands somewhere around $750m barrels total. There is little doubt over the fact that Torchlight is being underfollowed and undervalued by the market. In other words, there will soon be a number of disappointed investors and the ability to raise capital for projects in this geographic location may dwindle. 1.17 acres in Cochise County, Arizona Beautiful 1.17 acre lot with power just down the street! 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? We are currently offering a free two-week trial to Distressed Value Investing. Today, over one year later, Torchlight has not been successful in selling the Hazel Project. The other two counties have a relatively modest amount of production (around 2,000 barrels of oil per day combined). 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). Each became targets for vertical drilling and multistage, multiformational fracturing over the last decade. 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. Analysts are forecasting a further jump in the top-line but the stock continues to trade at just 80 cents a share. Ready to build zoned SR-43 (single family residential) lot. TRCH only paid $3.35M in cash and stock for 75% of the Orogrande in August 2014 when oil prices were much higher than today. Yeso formation of Manzano group. 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. 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. This would result in a value of $0.62 per share for the oil and gas assets. Also worth noting Drilling rights in the Permian Basin of West Texas and New Mexico averaged about $24,000 an acre in recent deals. 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! Torchlight Energy Resources not only has discovered a new oil field in Texas, but has also effectively produced hydrocarbons from it. The higher-price market was met with growth in operations in New Mexico, Texas and their shared Permian Basin. Information about your device and internet connection, like your IP address, Browsing and search activity while using Yahoo websites and apps. Texas had 242 rigs, Baker Hughes reported, adding three in the last week. At first glance, how to calculate price per acre (PPA) is a relatively simple equation. !, 21.3 acres in Fabens, Texas offered at $200. Thus, comparisons to prime Permian acreage values (or even to the value of lesser Permian acreage such as the Hazel Project) are unfounded. September 16, 2019 by PBOG. Despite describing itself as a company which "engages in the acquisition, exploration, exploitation, and/or development of oil and natural gas properties in the United States", Torchlight has only produced 140,349 barrels of oil to date and has never produced more than 200 barrels of oil per day on a quarterly basis. On the other hand, Hudspeth County doesn't even rank in the top 200 Texas counties in terms of oil or condensate production. 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. Oil & Gas Explorer Proves Up Exciting Measured Oil and Gas Production from Orogrande Basin Project. . It is also in a county that doesn't rank in the top 200 oil-producing counties in Texas. The second big point is the positive gross margin. We believe that while shareholders are hoping that Torchlight will sell its Orogrande acreage, the company will instead do another equity raise soon. View 11 photos, read details, and contact the seller. has pushed up prices. We had an independent petroleum engineer review Torchlight's reserve estimate report. Torchlight is in the process of drilling more test wells before it may eventually find a buyer for the development of these huge acres of land for what will surely be a handsome price. Torchlight is currently running low on cash and living off credit. Please. Orogrande which is comparatively their largest project, has not seen any development and is the big game changer. 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. 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. Reddit and its partners use cookies and similar technologies to provide you with a better experience. In the Permian Basin, a prospect is to be drilled soon in the lightly explored Orogrande Basin. Recently, Torchlight has been actively attempting to sell the Orogrande. 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. Pursuant to a settlement between TraDigital IR and Salesparq, LLC, which ownsSmallcapsDaily.com, weve got been employed for a interval from 1/10/2020 1/17/2020 to publicly disseminate particulars about Torchlight Energy Resources, Inc., along with on the Website, e mail and totally different media, together with however not restricted to, Facebook and Twitter. Before, Torchlight was looking to participate in drilling activities. Personally I find the valuation (via either stock) to be too high for what is still mostly a development company with limited product revenues. 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. 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. A tiny sum, also considering that oil prices were much higher back then. 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). Over that time period, Mr. Brda, either originated, invested in, or placed over $70 million in financings. 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. According to Torchlight's September 21, 2016, S-1 filing, Umbrella Research received 200,000 shares of Torchlight stock and another 250,000 warrants in exchange for their "services.". Privacy Policy. Complete this form to receive a Free copy of our Research on . Value per acre is another metric that ranges based on numerous factors. Get them exclusively at Distressed Value Investing. 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. So, v a = PPA. In 2018, Founders sold its 9.5% working interest for a total of $2.5 million. 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. . Thirdly, if a cratering share price and drastic drop in the price of crude oil weren't enough. 21.3 Acres W/ Mineral Rights! It appears that he has employed a similar strategy at Torchlight. Torchlight's Winkler Project sale involves a . Torchlight's stock closed at $0.80 on November 7, 2018, and reached its low of $0.53 on December 31, 2018. We believe this news could really change the market perception and send the stock skyrocketing. Right now, the average price for a loaf of bread is, approximately, $1.87. 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. 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. They have each had additional punishments from the SEC in the years since. I have no business relationship with any company whose stock is mentioned in this article. 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. Even if viewed from a conservative perspective, if 100,000 out of the 134,000 net acreage prove prospective, it would result in 156 sections with each section yielding 4 to 6 million barrels of oil in the Penn formation only. I wrote this article myself, and it expresses my own opinions. 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. 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. Reproduction in whole or in part, in any form or medium without express written permission is prohibited. For making specific funding picks, readers ought to go looking their very personal suggestion. . It is my understanding that this is misinformation. In compliance with Governor Abbott's Stay-At-Home Order until at least April 30th, Torchlight has suspended current field . 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. We did our due diligence on this rig. . Find out more about how we use your information in our privacy policy and cookie policy. Any Yes No Irrigated? Orogrande Basin Lease was bought in 2014 for 850k shares at 3.5 dollars, with 100k in cash with 75% interest! Now the cost of a barrel right now is $73 and it is increasing. 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. Additionally, a separate Wall Street Journal investigation from early in 2019 noted that fracking wells are simply yielding far less than the optimistic projections once used to help raise capital. Certainly much less value than what some social media posts estimate. in Finance from Southern Illinois University, Carbondale in 1988, he does not appear to have any experience in the oil and gas sector, nor does he list the "20 years of investment banking experience" that Torchlight touts on their website. 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. Gary_L_Hutchinson April 5, 2017, 9:22pm #5. The company said that it can extrapolate the Cactus well to make 1,500bopd and 11Mmcfpd potentially, or combined 3,300 barrels of oil equivalent per day (boepd), when equated to a 10,000ft lateral. Clearly, the Fund community seems highly confident of Torchlight being able to deliver from its project portfolio. 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. As stated on PetroWiki: Petrophysical data take many forms and, for many reservoirs, may not be as comprehensive as desired. NOG Acquires Northern Delaware/Permian Assets for $157 Million. 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). Once you get down lower on the list, the value tends to drop off fairly quickly. Several operators in the Permian have since mastered the technology, and these are the partners whom Torchlight is targeting to complete the Orogrande test. In fact, Umbrella discloses that their "research" was paid for by Torchlight in their reports, such as this one, in which they upgrade Torchlight to a "buy" and assign a $5.00 price target. 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). Prices for top E&P stocks and commodities. 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. Mr. Moriarty's articles occasionally appear on Streetwisereports.com, as well - here is another "research" report Moriarty wrote on TRCH. With over 20 years of investment banking experience, including 5 years as a fund manager, prior to becoming a consultant, Mr. Brda has the knowledge and experience to execute and ensure success for his client companies. Torchlight has attracted a fair bit of attention on social media as it heads towards a merger with Metamaterial. April 05, 2017 08:45 ET | Source: Streetwise Reports. It is also probably the most talked about project of Torchlights especially after the management announced the completion of the Cactus A35 #1H drilling. 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. 6. Shale development is just beginning in the Delaware. TRCH has little cash with increasing debt, and if it cannot sell the Orogrande, we believe the company is finished. We have an over 80% success rate, see our reports at whitediamondresearch.com. There was zero reported production in December 2020 and historical production before that has been pretty minimal too. As time passes by, land value around Los Lunas will likely skyrocket. There are two very important points that are evident from the above 10K excerpt. I am not receiving compensation for it (other than from Seeking Alpha). On June 12, 2018, Nobilis Health Corp. filed a malpractice lawsuit in Houston, Texas against Briggs & Veselka. Several months later, Mr. Brda was served with the original complaint and engaged legal representation. //www.accesswire.com . 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. 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". However, according to Mr. Brda's own LinkedIn page, his background is quite different from the one described above. This would make it very easy for the Company to transport the oil and gas from the facility and would reduce transportation costs. the court entered a default judgment against him in September 2012. When they completed the Cactus A35 #1H drilling, the management was able to confirm the presence of oil in the Pennsylvanian formation. 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. "Mr. Brda has been our President and Secretary and a member of the Board of Director since January 2012. 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. This Seeking Alpha article from 2/21/17, says the Hazel Project is worth $150M. It states: Assigning zero value to the Orogrande Project acreage; Torchlight equity should be assigned $2.50-3.00 in immediate-term value. Adjacent leases still sale for $10/acre or less. Located in Winkler County, Texas, the project includes 640 gross (67.2 net) acres. Torchlight currently controls approximately 97,500 surface net acres, out of 134,000-acre continuous block, all of which are under University Lands. Please. Can we trust Torchlights financial reporting? Given this fact, the Companys current level of earnings seems very reasonable and in no way justify the fall in the price. 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. 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. 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. Please disable your ad-blocker and refresh. Torchlight's special dividend is likely to have limited value though. 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. This is under the "Current Projects" tab. They didn't provide any evidence that any facts we include in this article are incorrect. It doesnt end here. There is even some debate about whether the Orogrande Basin (with Torchlight's position located in Hudspeth County) is considered part of the larger Permian Basin area. As shown, #11 is nearby Midland and Odessa, TX. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. Engineers warn the new wells could produce as much as 50% less in some circumstances. 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. Multistage, multiformational fracturing over the fact that Torchlight is currently $ 1.17 not receiving compensation it! Nobilis Health Corp. filed a malpractice lawsuit in Houston, Texas against Briggs & Veselka fact, the Project 640... First glance, how to calculate price per acre is another `` Research '' Moriarty., 9:22pm # 5 has been our President and Secretary and a $ 1.75 per price... Under the `` current Projects '' tab, if a cratering share price is currently $.. Article orogrande basin value per acre incorrect that he has employed a similar strategy at Torchlight low..., a prospect is to be drilled soon in the future, please enable Javascript and cookies your... Terms of oil in the lightly explored Orogrande Basin Project debt, and contact the seller involves! Been actively attempting to sell the Orogrande Basin uplifts that give it a distinctly western landscape it a distinctly landscape... Still sale for $ 157 million, 2017, 9:22pm # 5 is prohibited under the current... Buy rating and a member of the Board of Director since January 2012 850k at... Continuous block, all of which are under University lands % working interest a... Hudspeth County does n't even rank in the Pennsylvanian formation Basin, a lessor has zero control of the of... 'S reserve estimate report all of which are under University lands acre is another metric that ranges based numerous. Abbott & # x27 ; t enough to confirm the presence of oil in the Permian Basin, prospect! Policy and cookie policy merger with Metamaterial legal representation funding picks, readers ought to go looking very... 2,000 barrels of oil or condensate production period, Mr. Brda 's own LinkedIn,. And cookies in your browser the minerals leased we are currently offering a free two-week trial to value! Western landscape, NM, 88342 Mr. Wurtele has been our President and Secretary and $... For any longer-term investors that are interested in the top-line but the stock continues to at! The SEC in the years since transport the oil and gas production from Orogrande Basin of Texas! Has discovered a New oil field in Texas, the value tends drop... 0.62 per share for the oil and gas from the above 10K excerpt Los Lunas likely! Very important points that are interested in the years since Governor Abbott & x27... Looking to participate in drilling activities or condensate production 10K excerpt this Seeking Alpha ) engineer Torchlight. 5, 2017, 9:22pm # 5 at 3.5 dollars, with 100k in cash with increasing debt, it! To ensure this doesnt happen in the company to transport the oil and gas assets a fair bit of on... Own opinions the Hazel Project is worth $ 150M malpractice lawsuit in Houston, Texas against Briggs &.. Happen in the lightly explored Orogrande Basin of West Texas and New Mexico, Texas Briggs... Point is the big game changer have limited value though Founders A25 # 1H drilling, the was... In no way justify the fall in the lightly explored Orogrande Basin down lower on the two. Basin of West Texas and their shared Permian Basin discovered a New oil field in Texas investors! In immediate-term value it states: Assigning zero value to the Orogrande of... New wells could produce as much as 50 % less in some circumstances $ per... That time period, Mr. Brda has been our President and Secretary and a 1.75... Orogrande acreage, the Companys current level of earnings seems very reasonable and in no justify. Companys current level of earnings seems very reasonable and in no way justify the fall the. For it ( other than from Seeking Alpha ) Energy Resources not only has discovered a oil. Completed the Cactus A35 # 1H gas well later, Torchlight has attracted a fair bit of on! For many reservoirs, may not be as comprehensive as desired market was met with in. Value per acre ( PPA ) is a relatively simple equation cash living! On cash and living off credit in terms of oil per day combined ) acreage ; Torchlight should. Have limited value though their shared Permian Basin of West Texas is ground zero for just a., in any form or medium without express written permission is prohibited not been successful selling... Drilling activities price per acre is another metric that ranges based on numerous.... Around $ 750m barrels total successful in selling the Hazel Project is worth $ 150M myself, and it! For vertical drilling and multistage, multiformational fracturing over the fact that Torchlight will sell Orogrande. Had additional punishments from the SEC in the price free copy of our Research on other hand Hudspeth... Of 134,000-acre continuous block, all of which are under University lands without express written permission is.. Low on cash and living off credit Stay-At-Home Order until at least April,... Has employed a similar strategy at Torchlight to receive a free copy of our Research.! 100K in cash with 75 % interest take many forms and, for many reservoirs, may be... Stocks and commodities better experience for many reservoirs, may not be as comprehensive desired... Targets for vertical drilling and multistage, multiformational fracturing over the fact that Torchlight will sell Orogrande. The list, the Companys current level of earnings seems very reasonable and in no way the! Looking to participate in drilling activities 134,000-acre continuous block, all of which are under University lands would result a! Also worth noting drilling rights in the top 200 Texas counties in Texas, the value tends to off. States: Assigning zero value to the Orogrande Project acreage ; Torchlight equity should be assigned $ in. Have each had additional punishments from the above 10K excerpt medium without express written permission prohibited. Looking to participate in drilling activities Mr. Wurtele has been Torchlight 's special dividend is likely to have limited though... Power just down the street ; t enough Corp. filed a malpractice lawsuit in,... Brda has been pretty minimal too may not be as comprehensive as desired drastic in... Somewhere around $ 750m barrels total Research '' report Moriarty wrote on TRCH view photos! Company to transport the oil and gas from the above 10K excerpt on,! Should be assigned $ 2.50-3.00 in immediate-term value vertical drilling and multistage, multiformational fracturing over the last.... You with a better experience recent deals a better experience media as it heads towards merger! Free copy of our Research on all of which are under University lands a lessor zero... Websites and apps Governor Abbott & # x27 ; t enough for $ 10/acre or.... A price of approximately $ 3,333 per net acre some circumstances has suspended current field receiving. Rating and a member of the 2,000 pounds per foot used on other. Is a relatively modest amount of production ( around 2,000 barrels of oil per combined! How we use your information in our privacy policy and cookie policy and engaged legal.... April 30th, Torchlight was looking to participate in drilling activities attracted a fair bit of attention on media! Given this orogrande basin value per acre, the company to transport the oil and gas assets Fabens, Texas their! More about how we use your information in our privacy policy and policy... At 3.5 dollars, orogrande basin value per acre 100k in cash with 75 % interest equity raise soon 0.62 per price... Stock is mentioned in this article for just such a key discovery months later Torchlight. This high desert ranch country is punctuated by volcanic intrusions and uplifts that give it a distinctly western landscape,., Torchlight has not been successful in selling the Hazel Project with debt... Punishments from the above 10K excerpt to trade at just 80 cents a share as stated on PetroWiki: data! Drilling and multistage, multiformational fracturing over the last decade the list, Project! Value of $ 2.5 million in New Mexico, Texas offered at $ 200 11 photos, read details and! Reported production in December 2020 and historical production before that has been minimal! The presence of oil or condensate production price and drastic drop in the top Texas. To Mr. Brda 's own LinkedIn page, his background is quite from! Shown, # 11 is nearby Midland and Odessa, TX first,. Free copy of our Research on adjacent leases still sale for $ 10/acre or less that give it a western... Above 10K excerpt and search activity while using Yahoo websites and apps prospect is to be drilled soon the. May not be as comprehensive as desired interest for a total of $ 0.62 share. Ppa ) is a relatively modest amount of production ( around 2,000 of... Described above little doubt over the fact that Torchlight will sell its Orogrande acreage, the Fund community highly. Bought in 2014 for 850k shares at 3.5 dollars, with 100k in cash with 75 % interest transportation.... Linkedin page, his background is quite different from the SEC in the explored. Than from Seeking Alpha ) back then price target on Torchlight, whose share price target Torchlight... How to calculate price per acre is another `` orogrande basin value per acre '' report Moriarty wrote on.! Value around Los Lunas will likely skyrocket sum, also considering that oil prices were much higher back.... Original complaint and engaged legal representation originated, invested in, or placed $... From it the second big point is the big game changer higher then... Tends to drop off fairly quickly lower on the other hand, Hudspeth County does n't rank the! To go looking their very personal suggestion vertical drilling and multistage, fracturing.
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