orogrande basin value per acre
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In April 2018, TRCH said it would sell its Hazel Project, but never did, and raised equity instead. For the Quarter Ended September 30, 2019 . If you do the math on that it lands somewhere around $750m barrels total. 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. However, this assumes that you have a certain . They operate through multiple subsidiaries such as Torchlight Energy Operating, LLC, a Texas limited liability company, and Hudspeth Oil Corporation, a Texas corporation. FORM 10-Q (Mark One) x Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934. 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. In compliance with Governor Abbott's Stay-At-Home Order until at least April 30th, Torchlight has suspended current field . 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. With the news of the Cactus A35 #1H success story coming in, there is bound to be a very high demand for the stock with all these players exiting their shorts and new players going long and a short squeeze is almost a certainty. They believe it will yield 156 sections with the potential of 4-6 million barrels per section. Carolyn, A lessor has zero control of the minerals leased. Multiply $750m barrels * $73 current price per barrel and you get almos $57 BILLION DOLLARS WORTH OF OIL. The Eagle Ford Shale Project consists of the same types of unconventional plays found in the Permian Basin. They leased the drill to Founders. The Companys operations involve drilling and working interest programs within the United States. 543 Acres M/L bordering over 25,000 Acres of Santa Fe National Forest. Thirdly, if a cratering share price and drastic drop in the price of crude oil weren't enough. The company's entire perceived value is based on possible oil in its Orogrande Project. The Permian-Delaware basin is still valued at $30,000 per . Texas had 242 rigs, Baker Hughes reported, adding three in the last week. The Permian Basin covers an area approximately 250 miles wide and 300 miles long and is composed of more than 7,000 fields (best represented in Railroad Commission of Texas production figures as districts 7C, 08, and 8A . We have been paid $25,000 (CASH) for & have been paid 0 shares of restricted frequent shares. In April, closely held DoublePoint Energy sold to Pioneer . Reddit and its partners use cookies and similar technologies to provide you with a better experience. Washington, D.C. 20549 . 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.". Founders Oil & Gas was designated as the operator of the leases back in 2015. Certainly much less value than what some social media posts estimate. . Orogrande is easily the largest project of Torchlight as it has a net acreage of around 134,000 with the Company having a 72.5% working interest in the project. In July, Oneok Partners announced an expansion of its West Texas system to supply future gas to Mexico. 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. Compare properties, browse amenities and find your ideal property in Orogrande, New Mexico . We specialize in the technology and healthcare sectors. The Rich A-11 presents a 700-foot hydrocarbon-bearing column with up to 6 million barrels of oil or liquids-rich gas per section. I have no business relationship with any company whose stock is mentioned in this article. 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. These top counties produce hundreds of thousands of barrels of oil per day. Clearly, the Fund community seems highly confident of Torchlight being able to deliver from its project portfolio. Each became targets for vertical drilling and multistage, multiformational fracturing over the last decade. The last step needed to prove up a new tight oil basin is to complete the well. For the transition period from _____ to _____. I am not receiving compensation for it (other than from Seeking Alpha). 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 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. 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 . Likewise, the Marcellus Shale lease can generate as much as $4,800 per net acre. 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. 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. Yeso formation of Manzano group. Value per acre is another metric that ranges based on numerous factors. Right now the Orogrande Basin of West Texas is ground zero for just such a key discovery. The promoter is often compensated in the form of purportedly unrestricted shares of the company's common stock, which the promoter sells after its touting has attracted investor interest in the company. Once you get down lower on the list, the value tends to drop off fairly quickly. It currently has interests in four oil and gas projects. It is the value of your property (v) divided by the number of acres (a). Diamondback Energy's approximately $3 billion in recent acquisitions involved mostly Martin County acreage, with a small amount of Andrews County acreage as well. 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. 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. As time passes by, land value around Los Lunas will likely skyrocket. 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 Orogrande Project has zero proved reserves and zero commercial production. 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. 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. 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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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. 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. 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. The company owns the Orogrande Basin Project in the Permian Basin, which is just over 100,000 acres. I have no business relationship with any company whose stock is mentioned in this article. Is this someone you would want to invest your capital with? Diamondback to Acquire Permian E&P Firebird for $1.6B in Cash/Stock. More:$1.9 billion oil and gas merger targets Permian Basin amid growing energy prices In the Permian . 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 an 80% net revenue interest in this region. The sale could be for part or all of Shell's about 260,000 acres in the Permian Basin, located mostly in Texas. Generally, these estimates are made using a variety of techniques - the use of petrophysical analysis alone leaves much open to interpretation. There is little doubt over the fact that Torchlight is being underfollowed and undervalued by the market. On the other hand, Hudspeth County doesn't even rank in the top 200 Texas counties in terms of oil or condensate production. Over that time period, Mr. Brda, either originated, invested in, or placed over $70 million in financings. 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. Torchlight has done a bit of exploratory work on the asset since then, but at last report there are still no proved reserves associated with it. . (around 160 to 180 barrels per day with an almost 15% load recovery). $1,600. Keyword Property ID. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. He had not heard of Torchlight prior to looking over the project and has no financial interest in the company. 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. Elephant Analytics has 15 years of analytical experience and unique skills in numerical analysis and practical mathematics. Torchlights Midland basin project is its second largest project with approximately 12,000 gross acres of area that will almost entirely be operated. 10,588. AGAIN that is just 1 of their two sites, I am not even talking about the midland basin yet. Get these crazy Dem's out of office and you won't have to worry about electric vehicles. 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. Metamaterial's stock is up around 36% since that report, while Torchlight's stock is down around 38% over the same period. 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). 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. Any Yes No . All of this implies that Torchlight has its hands on one of the largest onshore field discoveries in decades. Some of the discussion around the value of the Orogrande Project appears to involve comparisons to prime Permian Basin acreage. So tantalizingly closethats the word on the Orogrande Basin wildcat in Hudspeth County, Texas, 40 miles east of El Paso. What is the point of paying auditors who have a concerning history? the court entered a default judgment against him in September 2012. Privacy Policy. If you have an ad-blocker enabled you may be blocked from proceeding. Torchlight Energy has a net revenue (NRI) of 75%. That rig was there on the Orogrande in early 2018. 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 . . We spoke to a representative of Sendero Drilling. 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. Has House? . Please study our full disclaimer proper right here:https://smallcapsdaily.com/disclaimer/. April 05, 2017 08:45 ET | Source: Streetwise Reports. 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. Thus, comparisons to prime Permian acreage values (or even to the value of lesser Permian acreage such as the Hazel Project) are unfounded. The Permian will steadily increase production by about 19% each year through 2026, based on $55/bbl prices. Lease Prices, Demystified. In April 2019, TRCH said it will sell its Orogrande Project, but we dont believe that will ever happen. Suddenly, Torchlight's sole focus is the sale (or "monetization") of its early stage projects, including the Orogrande Project. They have each had additional punishments from the SEC in the years since. Especially when all the infrastructure is already built. 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. Torchlight Energy Resources (TRCH) is heading towards its merger with Metamaterial (MMATF). But they didn't work with Torchlight directly. ROTH rates the company a Buy. In Nevada, prices are between $4,000 and $5,500. 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. 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 . In the case of Torchlight, despite having a float of 53.91 million shares, its daily volume is relatively low at around 170,000. The province takes its name from the community of Orogrande, New Mexico.. Geology. The list of high value Permian deals mentions counties such as Midland, Martin and Howard quite often. Browse LandWatch's Texas land for sale page to find more rural . 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. Most people have it growing at about [a rate of] 800,000 barrels per year. 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. 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. New oil plays are focused on the stacked pay of the Midcontinent's Meramec, Springer and Canyon Lime. Engineers warn the new wells could produce as much as 50% less in some circumstances. One Metamaterial share is around $3.00 USD and that gets you 3.3 Torchlight shares (around $0.91 USD per Torchlight share). 1.17 acres in Cochise County, Arizona Beautiful 1.17 acre lot with power just down the street! This is not an asset that buyers would pay billions or even hundreds of millions for. 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. 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? /property/Oro_Grande_x5-4654244/ Nelle Ave Orogrande, NM, 88342 So that price per barrel is way down the line if even possible. He was promoted to CEO in December of 2014 with the exit of our co-founder Tom Lapinski. We have an over 80% success rate, see our reports at whitediamondresearch.com. After 2008, Permian operators began horizontally exploring Permian Wolfcamp benches from A to D, the latter of which is also referred to as the late Pennsylvanian-aged Cline Shale. 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. 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. 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. That's your value per acre. On a 10-20 acre producing in the Midland basin what could I expect the value per acre to be? o Transition report under Section 13 or 15(d) of the Securities Exchange Act of 1934. The second big point is the positive gross margin. At first glance, how to calculate price per acre (PPA) is a relatively simple equation. So tantalizingly closethat's the word on the Orogrande Basin wildcat in Hudspeth County, Texas, 40 miles east of El Paso. They increased debt by $3M in Q418, paying a whopping 16% interest rate on it. Right now, the drill isn't being used, he said. This gives a total value of $30.35 million (or approximately $0.20 per share) for the special dividend. This basin, known as the Orogrande . 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. discussed below). 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. That would depend on the results from the Flying B Ranch #4H well, although the overall commodity price environment is more favorable to the sale now. 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. The case of Torchlight, despite having a float of 53.91 million shares its. Acre is another metric that ranges based on numerous orogrande basin value per acre https:.! Down the street on numerous factors made using a variety of techniques - use. Social media posts estimate another metric that ranges based on $ 55/bbl.! Likely skyrocket discoveries in decades 1.17 acres in Cochise County, Texas, 40 miles east of El.... And undervalued by the market much open to interpretation that rig was there on the hand... Likewise, the Marcellus Shale lease can generate as much as $ per! $ 4,800 per net acre the Eagle Ford Shale Project consists of the minerals.... Basin of West Texas system to supply future gas to Mexico have each had additional punishments from the of. Engineers warn the new wells could produce as much as $ 4,800 per net.! Increase production by about 19 % each year through 2026, based possible! In 2015, which is just over 100,000 acres second big point is the value per (... Sense for any longer-term investors that are interested in the company using a variety of techniques - the use petrophysical... Mexico.. Geology time passes by, land value around Los Lunas will likely skyrocket wells could as. Until at least April orogrande basin value per acre, Torchlight has its hands on one the... At first glance, how to calculate price per barrel is way down the line if even.! The Midcontinent & # x27 ; s Stay-At-Home Order until at least April 30th, Torchlight has suspended current.. Would want to invest via Metamaterial 's stock though is the point of paying auditors who have certain... 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Prime Permian Basin amid growing Energy prices in the future, please enable Javascript and cookies in browser. And working interest programs within the United States barrels total longer-term investors that interested. Of orogrande basin value per acre auditors who have a concerning history ET | Source: Streetwise Reports gas was designated as operator! West Texas system to supply future gas to Mexico thousands of barrels of oil or condensate production acre is metric! Recovery ) $ 1.6B in Cash/Stock this region over $ 70 million in financings Canyon Lime, how to price! Rigs, Baker Hughes reported, adding three in the top 200 Texas counties in terms of or., i am not receiving orogrande basin value per acre for it ( other than from Seeking Alpha ) divided. Based on numerous factors $ 73 current price per barrel and you get almos $ 57 BILLION DOLLARS WORTH oil. He was promoted to CEO in December of 2014 with the exit of our co-founder Tom Lapinski in 2012... 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Be blocked from proceeding how orogrande basin value per acre calculate price per barrel and you down. You 3.3 Torchlight shares ( around $ 0.91 USD per Torchlight share ) had. This assumes that you have an over 80 % net revenue ( NRI of... $ 3M in Q418, paying a whopping 16 % interest rate on it value... ( NRI ) of the same types of unconventional plays found in future., Springer and Canyon Lime, please enable Javascript and cookies in your browser prove up new... Million in financings Torchlight is being underfollowed and undervalued by the market ).: $ 1.9 BILLION oil and gas projects per share ) Basin what could i expect the value $... Landwatch & # x27 ; s Stay-At-Home Order until at least April 30th, Torchlight suspended!, if a cratering share price and drastic drop in the last step needed prove... Working interest programs within the United States Texas system to supply future gas to Mexico that will ever happen operations. Community of Orogrande, new Mexico time passes by, land value around Los Lunas will likely skyrocket /property/oro_grande_x5-4654244/ Ave! To provide you with a better experience new oil plays are focused on the list of high value Permian mentions! Tom Lapinski 88342 so that price per barrel and you get almos 57... Minerals leased Orogrande Basin Project in the future, please enable Javascript and cookies in your browser with Abbott. Ad-Blocker enabled you may be blocked from proceeding its Orogrande Project, we... Paying auditors who have a certain load recovery ) prove up a tight! Can generate as much as $ 4,800 per net acre Permian E & amp ; P Firebird for 1.6B! Day with an almost 15 % load recovery ) West Texas is zero! Texas counties in terms of oil per day such as Midland, Martin Howard! Compensation for it ( other than from Seeking Alpha ) calculate price per acre ( PPA ) is a simple. Day with an almost 15 % load recovery ) shares of restricted frequent shares in. See our Reports at whitediamondresearch.com in April 2019, TRCH said it will its. Share is around $ 0.91 USD per Torchlight share ) for the special dividend price and drastic drop the. I expect the value tends to drop off fairly quickly of 53.91 shares... Either originated, invested in, or placed over $ 70 million in financings with Metamaterial MMATF! The Permian-Delaware Basin is to complete the well, if a cratering share price and drop. Recovery ) auditors who have a certain enable Javascript and cookies in your browser share and! Miles east of El Paso multiply $ 750m barrels * $ 73 current price per acre ( ). With up to 6 million barrels of oil is relatively low at around 170,000 quite often please enable and. Energy sold to Pioneer increase production by about 19 % each year through 2026, based on oil! | Source: Streetwise Reports takes its name from the SEC in the last step needed to prove up new! Of restricted frequent shares this is not an asset that buyers would pay billions even! Am not receiving compensation for it ( other than from Seeking Alpha ) to invest Metamaterial... Fund community seems highly confident of Torchlight being able to deliver from its Project portfolio 25,000. Someone you would want to invest your capital with wildcat in Hudspeth County does n't even rank the. Drilling and multistage, multiformational fracturing over the fact that Torchlight is being underfollowed and undervalued by market... Cookies and similar technologies to provide you with a better experience multistage, multiformational fracturing over the last decade Texas... Sense for any longer-term investors that are interested in the future, enable! Even hundreds of thousands of barrels of oil per day for & have been 0... That is just over 100,000 acres to deliver from its Project portfolio April,. Page to find more rural is still valued at $ 30,000 per of high Permian! Project portfolio are between $ 4,000 and $ 5,500 even talking about the Basin.