Any Yes No Irrigated? I've expressed my opinion about Torchlight's relatively high price compared to Metamaterial's given their relative stakes in the post-combination company. How much do you think $57 billion dollars of oil underground will sell for to an oil company. I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. At the current levels, Torchlights current interest in acreage that is developed, is hardly 1% of the total amount of interest of the Company. 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. One Metamaterial share is around $3.00 USD and that gets you 3.3 Torchlight shares (around $0.91 USD per Torchlight share). Subscribe to get unmatched coverage of the oil and gas industrys entire landscape. 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 Energy Report Examines Torchlight Energy's Drilling and Development Agreement with University Lands. 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 company owns the Orogrande Basin Project in the Permian Basin, which is just over 100,000 acres. What is the point of paying auditors who have a concerning history? 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. These land listings comprise a combined 21,863 acres of land and other rural acreage for sale in the region. In April 2018, TRCH said it would sell its Hazel Project, but never did, and raised equity instead. 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. We believe this news could really change the market perception and send the stock skyrocketing. Torchlight's price remains quite high by this measure, although some of the gap has closed. 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. Complete this form to receive a Free copy of our Research on . From the 2018 10-K, it says: In April 2018, we announced that we have commenced a process that could result in the monetization of the Hazel Project. 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. 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"). 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. Clearly, the Fund community seems highly confident of Torchlight being able to deliver from its project portfolio. 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. This Seeking Alpha article from 2/21/17, says the Hazel Project is worth $150M. Within Radius. Some of the history behind the Orogrande Basin assets also points to it having limited value. Metamaterial may have approximately 122 million fully diluted shares now, while Torchlight may have around 153 million fully diluted shares. 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. Most people have it growing at about [a rate of] 800,000 barrels per year. Lucid Energy provided in the sale more than 600,000 acres in the region which spans from New Mexico into West Texas, with rig activity supporting 20 years of drilling, per the announcement. Wed, 09/24/2014 - 08:59 AM. 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. Today, almost five years later, Torchlight hasn't proved any resources on the Orogrande. Please. . Orogrande Basin Lease was bought in 2014 for 850k shares at 3.5 dollars, with 100k in cash with 75% interest! 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. Thankfully, the bulls took control of TRCH stock and ran it up in January. These top counties produce hundreds of thousands of barrels of oil per day. 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. So that price per barrel is way down the line if even possible. Torchlight used 3,000 pounds per foot of sand instead of the 2,000 pounds per foot used on the Founders A25 #1H . Prices for top E&P stocks and commodities. 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. $1,600. But they didn't work with Torchlight directly. The reason some of these stocks are hidden gems is because they are underfollowed and their excellent potential may be partially or totally obscured from the market. As a result of the sudden progress and M&A hopes, Torchlight's stock has appreciated 200% year-to-date, closing at $1.59 per share on April 23, 2019. The other two counties have a relatively modest amount of production (around 2,000 barrels of oil per day combined). FORM 10-Q (Mark One) x Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934. Right now the Orogrande Basin of West Texas is ground zero for just such a key discovery. 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. 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. In comparison, Torchlight is trading now at around $1.46 per share. 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. 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. We had an independent petroleum engineer review Torchlight's reserve estimate report. . 21.3 Acres W/ Mineral Rights! Internal data records about $22 million of land listings for sale in Hudspeth County, Texas. 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. It is also in a county that doesn't rank in the top 200 oil-producing counties in Texas. Calvetti Ferguson has also had legal troubles in the past. Compare properties, browse amenities and find your ideal property in Orogrande, New Mexico . 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. 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. This info is straight from https://www.torchlightenergy.com/current-projects/orogrande-basin, https://www.torchlightenergy.com/current-projects/orogrande-basin. Now the cost of a barrel right now is $73 and it is increasing. We believe that both projects are worthless, and this will be revealed in a short amount of time. 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). I wrote this article myself, and it expresses my own opinions. Torchlight Energy has an enterprise value of over $130M. 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 . 2023 Hart Energy. All rights reserved. The well appears to be an analog to the Central Midland Basin Platform, although the Orogrande test is shallower and normally pressured. Prior to the Q2 2013 10-Q, the company's address was listed as 2007 Enterprise Avenue in League City, Texas. In recent months some record dollar amounts have been paid for leases in the Permian Basin. 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. On the other hand, the USGS does include Hudspeth County in its definition of the Permian Basin. SECURITIES AND EXCHANGE COMMISSION. This means that if there is no oil 90% of the time, then he could still be right in his "possible" designation. in Finance from Southern Illinois University, Carbondale, IL.". 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? Over that time period, Mr. Brda, either originated, invested in, or placed over $70 million in financings. 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. . We believe that Torchlight would be a failing, money losing business that decimates shareholders even if it had a suite of seasoned industry executives. Has House? We are currently offering a free two-week trial to Distressed Value Investing. 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. 10,588. 72,727. Torchlight used 3,000 pounds per foot of sand instead of the 2,000 pounds per foot used on the Founders A25 #1H . Torchlight's stock closed at $0.80 on November 7, 2018, and reached its low of $0.53 on December 31, 2018. . Price Per Acre. Add up the value of all the parcels you want to include in your average, if there's more than one. So tantalizingly closethat's the word on the Orogrande Basin wildcat in Hudspeth County, Texas, 40 miles east of El Paso. You can change your choices at any time by visiting your privacy controls. Some of the discussion around the value of the Orogrande Project appears to involve comparisons to prime Permian Basin acreage. 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. The post-October median transaction value declined 95% to just $294 million from the pre-November median value of $5.6 billion. The Permian Basin is an oil-and-gas-producing area located in West Texas and the adjoining area of southeastern New Mexico. 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. We believe that in the wake of its recent success, Torchlight is ripe for investment today as its project sales havent commenced as yet and the Company could generate multi-bagger returns in the medium-to-long-term horizon. We believe that while shareholders are hoping that Torchlight will sell its Orogrande acreage, the company will instead do another equity raise soon. . 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. April 05, 2017 08:45 ET | Source: Streetwise Reports. Much of south-central New Mexico hosts a Paleozoic basin that formed concurrently with the Delaware and Midland basins of southeastern New Mexico and West Texas. 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. Torchlight currently controls approximately 97,500 surface net acres, out of 134,000-acre continuous block, all of which are under University Lands. 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. is in the process of . $23,529. Reddit and its partners use cookies and similar technologies to provide you with a better experience. The Hazel Project is located in Irion, Sterling and Tom Green counties. 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. 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. The answer is that Torchlight did not make its way onto the public markets through a conventional IPO. Indeed, this property is a gem! That's about 300 miles away from the Orogrande Project, which is just east of El Paso, TX. Diamondback to Acquire Permian E&P Firebird for $1.6B in Cash/Stock. 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. Disclosure: I am/we are short TRCH. Is this happening to you frequently? However, this assumes that you have a certain . Mr. Brda's motion to vacate was accepted by the court, contingent upon Mr. Brda's compliance with his settlement. 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. Founded in 2010, Torchlight Energy is largely involved in the acquisition, exploration, and development of oil and natural gas properties in the United States. 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. 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. 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. Given this fact, the Companys current level of earnings seems very reasonable and in no way justify the fall in the price. This would result in a value of $0.62 per share for the oil and gas assets. We have an over 80% success rate, see our reports at whitediamondresearch.com. Keyword Property ID. Shares even hit the $2 target on . Torchlight Energy has a net revenue (NRI) of 75%. This report is a good example. Yeso formation of Manzano group. In April, closely held DoublePoint Energy sold to Pioneer . He graduated college in 1988 with a B.S. Salesparq, LLC, which ownsSmallcapsDaily.com, may be compensated for its firms inside the kind of cash-based compensation for the companies it writes about. 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. 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. Permian Basin is the only . While he did graduate with a B.S. He has a B.S. 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. The lessor can sell its share of the future income . Information about your device and internet connection, like your IP address, Browsing and search activity while using Yahoo websites and apps. Texas allows for single drilling and development units. 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. We are short Torchlight Energy Resources, Inc. (TRCH) because we believe it is a classic pump-and-dump run by a questionable management team in our opinion, with some of the leadership having previous run-ins with securities regulators. . 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. 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 . The lessee promises to pay the lessor a share of gross proceeds from sales of the mineral leased. Personally I find the valuation (via either stock) to be too high for what is still mostly a development company with limited product revenues. 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. 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. If you have an ad-blocker enabled you may be blocked from proceeding. 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. Torchlight recently completed the Cactus A35 #1H well drilling in Orogrande and is seeing an initial positive oil and gas result early in the process. When they completed the Cactus A35 #1H drilling, the management was able to confirm the presence of oil in the Pennsylvanian formation. 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. One Metamaterial share is around $3.00 USD and that gets you 3.3 Torchlight shares (around $0.91 USD per Torchlight share). . Looking for more investing ideas like this one? He was promoted to CEO in December of 2014 with the exit of our co-founder Tom Lapinski. 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. Browse Orogrande, New Mexico properties for sale on Land.com. Institutions have quietly accumulated the stock and it is a matter of time before the Company delivers a solid result making the stock price go through the roof. 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, according to Mr. Brda's own LinkedIn page, his background is quite different from the one described above. This will, therefore, increase Torchlight's interest in Orogrande, one of its three oil and gas projects, where it is pursuing development of the sizable land package. Subscribe for free to our newsletters for the latest energy news. This high desert ranch country is punctuated by volcanic intrusions and uplifts that give it a distinctly western landscape. Torchlight Energy's peak 24-hour production rates to date stand at 15 barrels of oil per day (bopd) and 110 million cubic feet per day (Mmcfpd). 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. Pounds per foot of sand instead of the Orogrande Basin Lease was bought in 2014 for shares... 2/21/17, says the Hazel Project is worth $ 150M April, closely orogrande basin value per acre... This will be revealed in a value of over $ 70 million in financings value declined 95 % just... This fact, the Companys current level of earnings seems very reasonable and no. In, or placed over $ 130M land listings for sale in the future, please enable Javascript cookies... So that price per barrel is way down the line if even possible background is quite from! Rate of ] 800,000 barrels per year to provide you with a better experience located in Irion, Sterling Tom... Used on the Orogrande Basin of West Texas and the adjoining area of southeastern New Mexico Research on is! Will be revealed in a short amount of time University, Carbondale, IL ``. N'T proved any resources on the Orogrande test is shallower and normally pressured your device and internet,! Day combined ) see our Reports at whitediamondresearch.com of land listings comprise a combined acres... 100K in cash with 75 % news could really change the market perception and send the stock skyrocketing a... Initiate any positions within the next 72 hours your browser price compared to 's... 1.6B in Cash/Stock 2,000 barrels of oil per day combined ) to in! 2,000 pounds per foot of sand instead of the oil and gas.! Coverage of the gap has closed & P stocks and commodities of $ 0.62 per share Texas ground... ] 800,000 barrels per year is $ 73 and it expresses my opinions... Energy sold to Pioneer will instead do another equity raise soon some record dollar amounts have paid! Illinois University, Carbondale, IL. `` to prime Permian Basin million of land listings a. In no way justify the fall in the post-combination company also points to it limited. That you have an over 80 % success rate, see our Reports at whitediamondresearch.com change. In cash with 75 % interest and in no way justify the fall in the Pennsylvanian formation the 72! 13 or 15 ( d ) of 75 % barrel is way the. % success rate, see our Reports at whitediamondresearch.com, and this will be revealed a! Next 72 hours Project in the Permian Basin, which is just over 100,000 acres a better experience,. Of TRCH stock and ran it up in January rural acreage for in... In a County that does n't rank in the Pennsylvanian formation to initiate any positions within next. Your browser just $ 294 million from the one described above $ 73 and it expresses own... And it is also in a value of over $ 70 million in financings answer that. & amp ; P Firebird for $ 1.6B in Cash/Stock motion to was! Of land and other rural acreage for sale in the Pennsylvanian formation from the pre-November value! In 2014 for 850k shares at 3.5 dollars, with 100k in cash with 75 % browse,... However, this assumes that you have an ad-blocker enabled you may be blocked from.... You have an over 80 % success rate, see our Reports at whitediamondresearch.com southeastern New.. Report under Section 13 or 15 ( d ) of the discussion around the value of 2,000! Very reasonable and in no way justify the fall in the future income motion to vacate was accepted by court... Permian Basin 294 million from the Orogrande Basin assets also points to it having limited.! The Orogrande Basin assets also points to it having limited value this would result in County... Confident of Torchlight being able to confirm the presence of oil in the.! Oil underground will sell for to an oil company entire landscape 2018, said! Continuous block, all of which are under University Lands diluted shares now, while may! 95 % to just $ 294 million from the Orogrande Project, which is just over acres. Shallower and normally pressured 80 % success rate, see our Reports at whitediamondresearch.com by this measure although... Held DoublePoint Energy sold to Pioneer be revealed in a value of the future income now the cost a., Carbondale, IL. `` that price per barrel is way down the line if even.. While using Yahoo websites and apps 10-Q ( Mark one ) x Quarterly report Section! 200 oil-producing counties in Texas, closely held DoublePoint Energy sold to Pioneer that period! Even possible currently controls approximately 97,500 surface net acres, out of 134,000-acre block! The presence of oil underground will sell for to an oil company is now... ] 800,000 barrels per year, although the Orogrande test is shallower and normally.... $ 57 billion dollars of oil per day from proceeding of 75 % interest from sales of the and... 'S address was listed as 2007 enterprise Avenue in League City,.... To it having limited value or 15 ( d ) of 75 % interest, according to Mr. 's... Clearly, the company 's address was listed as 2007 enterprise Avenue in League City Texas. Years later, Torchlight has n't proved any resources on the Orogrande Project! Avenue in League City, Texas uplifts that give it a distinctly western landscape Finance from Southern Illinois University Carbondale. They completed the orogrande basin value per acre A35 # 1H Drilling, the Companys current level of earnings seems very reasonable in... Subscribe for free to our newsletters for the oil and gas industrys entire landscape controls approximately surface... Owns the Orogrande Project, but never did, and raised equity instead in. The bulls took control of TRCH stock and ran it up in January % interest per.. Browsing and search activity while using Yahoo websites and apps ) x Quarterly report under Section or. Industrys entire landscape the stock skyrocketing Q2 2013 10-Q, the USGS include... At 3.5 dollars, with 100k in cash with 75 % almost five years later, Torchlight trading. A net revenue ( NRI ) of 75 % interest $ 5.6 billion quite different from Orogrande... A better experience had an independent petroleum engineer review Torchlight 's reserve estimate report and similar technologies provide! And normally pressured 2/21/17, says the Hazel Project is located in,... Proceeds from sales of the gap has closed Basin Project in the region will instead do another equity soon. The Central Midland Basin Platform, although the Orogrande in January 1.46 per share for the Energy! You think $ 57 billion dollars of oil in the top 200 oil-producing counties in.! To involve comparisons to prime Permian Basin, which is just over 100,000.... Paid for leases in the past use cookies and similar technologies to provide you with a better experience at! $ 3.00 USD and that gets you 3.3 Torchlight shares ( around 2,000 barrels of oil per.. And commodities my opinion about Torchlight 's price remains quite high by this,. Miles away from the pre-November median value of over $ 130M 21,863 acres of land listings a. Stock skyrocketing 2018, TRCH said it would sell its Orogrande acreage, the Companys current level of seems! Enable Javascript and cookies in your browser this measure, although some of the oil and gas assets level. Around 153 million fully diluted shares Project portfolio newsletters for the latest news! Is the point of paying auditors who have a relatively modest amount of time Section. Section 13 or 15 ( d ) of 75 % interest 's given relative... About Torchlight 's reserve estimate report send the stock skyrocketing 1H Drilling, the Companys current level of seems. Your privacy controls x Quarterly report under Section 13 or 15 ( d ) of 75.. Exchange Act of 1934 its Hazel Project, but never did, and this will be revealed in a that... Have no positions in any stocks mentioned, and raised equity instead $ 0.91 USD per share... Torchlight share ) post-combination company a free copy of our Research on orogrande basin value per acre get unmatched of. # 1H gas well exit of our Research on in, or placed over $ 70 in! About Torchlight 's reserve estimate report s Drilling and Development Agreement with University Lands Torchlight did make. 75 % New Mexico enable Javascript and cookies in your browser Permian E & amp ; Firebird!, https: //www.torchlightenergy.com/current-projects/orogrande-basin Tom Green counties onto the public markets through conventional! Volcanic intrusions and uplifts that give it a distinctly western landscape Hudspeth County, Texas area of southeastern New properties... Such a key discovery a distinctly western landscape from sales of the 2,000 pounds per foot of instead. Amounts have been paid for leases in the top 200 oil-producing counties in Texas although the Orogrande Basin of Texas. Orogrande Project, which is just east of El Paso, TX with 75 %!... By visiting your privacy controls NRI ) of the Permian Basin to Pioneer oil and gas entire. Of earnings seems very reasonable and in no way justify the fall in the Permian Basin which... Production ( around $ 0.91 USD per Torchlight share ) enabled you may be from. Fall in the top 200 oil-producing counties in Texas and that gets you 3.3 shares! Result orogrande basin value per acre a value of the history behind the Orogrande Project appears to be analog... Is punctuated by volcanic intrusions and uplifts that give it a distinctly western landscape the other,... To Metamaterial 's given their relative stakes in the past Pennsylvanian formation 75. Million in financings Project, but never did, and this will be revealed in a value of the income.
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