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. "Mr. Brda has been our President and Secretary and a member of the Board of Director since January 2012. There appears to be some highly inflated expectations floating around social media about this. . The Company has an 80% net revenue interest in this region. 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. Right now, the drill isn't being used, he said. NOG Acquires Northern Delaware/Permian Assets for $157 Million. 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. 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. 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. In March 2020, holders of notes payable by Torchlight converted $7.331 million in note principal and accrued interest into a 6% working interest in the Orogrande Project. Thus, comparisons to prime Permian acreage values (or even to the value of lesser Permian acreage such as the Hazel Project) are unfounded. The above excerpt is from the Companys 10K filings for 2018 and it clearly shows the huge amount of potential that its operations have. 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! The former operator of the Orogrande Project sold its 9.5% working interest in the assets for $2.5 million in 2018, which gives a better idea of the potential worth of Orogrande Basin assets. SECURITIES AND EXCHANGE COMMISSION. 1.17 acres in Cochise County, Arizona Beautiful 1.17 acre lot with power just down the street! status, API, lease information, and legal description Rig Locations Map / Database: Updated Weekly Search and view rig locations by: operator, well name, county, state, and wellbore type Planned Drilling Programs Search for the number of wells planned to drill / complete, rigs, lateral lengths, and frac stages A&D Transactions Track A&D/M&A transactions by: buyer, seller, deal value . The Business Overview section of Torchlight's 2017 10-K, filed on 3/16/18, states: We anticipate acquiring exploration and development projects both as a non-operating working interest partner, participating in drilling activities primarily on a basis proportionate to the working interest, and acquiring properties we can operate. February 27, 2020. FORM 10-Q (Mark One) x Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934. Torchlight's oil and gas properties (and thus its special dividend) appear to have fairly limited value though. Suddenly, Torchlight's sole focus is the sale (or "monetization") of its early stage projects, including the Orogrande Project. 2023 Hart Energy. He does, however, list the following experience: While Mr. Brda likely had employment between his graduation from SIU in 1988 and his term at iMedia in 2005, we assume that he would have listed any impressive experience on his LinkedIn page. I believe this gives a more accurate picture of the potential value of that asset than a comparison to prime Permian Basin acreage with tons of proved reserves and associated production. With the play consisting of 134,000 acres . Browse LandWatch's Texas land for sale page to find more rural . APN #s 118-03-22909, unit 1, block 111, lot 11 Annual taxes $32.91 Recreational Vehicles (RVs) are allowed as follows: A. 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. View 11 photos, read details, and contact the seller. Mr. Brda, who also co- founded the Company, has been the Managing Member of Brda & Company, LLC since 2002, which provides consulting services to public companies - with a focus in the oil and gas sector. Torchlight's current auditor, Briggs & Veselka Co., was also sued by the same company. Torchlight's reserves at the end of 2019 were entirely attributable to its Winkler asset. This Seeking Alpha article from 2/21/17, says the Hazel Project is worth $150M. One Metamaterial share is around $3.00 USD and that gets you 3.3 Torchlight shares (around $0.91 USD per Torchlight share). Multiply $750m barrels * $73 current price per barrel and you get almos $57 BILLION DOLLARS WORTH OF OIL. The Energy Report. 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. Torchlight Energy has an enterprise value of over $130M. Also worth noting Drilling rights in the Permian Basin of West Texas and New Mexico averaged about $24,000 an acre in recent deals. All of this implies that Torchlight has its hands on one of the largest onshore field discoveries in decades. He has a B.S. Thus the former operator (who assumedly would have a decent idea of the value of the acreage) of the Orogrande Project invested $9.5 million in the project, but ended up selling its stake for $2.5 million. Generally, these estimates are made using a variety of techniques - the use of petrophysical analysis alone leaves much open to interpretation. TRCH has little cash with increasing debt, and if it cannot sell the Orogrande, we believe the company is finished. There may be additional engagements outside of primary listed on LinkedIn and the list may be incomplete. Despite making very little progress in the Orogrande Basin over the last few years, TRCH stock has rallied very far in 2019. Likewise, the Marcellus Shale lease can generate as much as $4,800 per net acre. The lessor can sell its share of the future income . There is little doubt over the fact that Torchlight is being underfollowed and undervalued by the market. . Those horizontal efforts have grown to encompass the Bone Spring in the Delaware Basin and the Spraberry in the Midland Basin. Price Per Acre. 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. 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. 543 Acres M/L bordering over 25,000 Acres of Santa Fe National Forest. 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. September 16, 2019 by PBOG. Cookie Notice That's a massive range for the special merger dividend that investors will have to hold out for. 09-30-2022. . If you have an ad-blocker enabled you may be blocked from proceeding. April 05, 2017 08:45 ET | Source: Streetwise Reports. While the Orogrande Basin could be technically considered a sub-basin of the Permian Basin, its omission from some definitions of the Permian Basin is one indication that it is a fringe area. $23,529. In the Permian . 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. Founders Oil & Gas was designated as the operator of the leases back in 2015. This gives a total value of $30.35 million (or approximately $0.20 per share) for the special dividend. Diamondback to Acquire Permian E&P Firebird for $1.6B in Cash/Stock. On June 12, 2018, Nobilis Health Corp. filed a malpractice lawsuit in Houston, Texas against Briggs & Veselka. 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. 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. The various Orogrande Basin transactions point to a value of well under $1 per share for the special dividend, perhaps as low as a dime or two. Gary_L_Hutchinson April 5, 2017, 9:22pm #5. Is this happening to you frequently? If one wants to be very bullish on the asset, the $81.3 million value (from the notes payable conversion) can be used instead. 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. Some of the history behind the Orogrande Basin assets also points to it having limited value. 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. 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. This would be the result of the . In April, closely held DoublePoint Energy sold to Pioneer . In addition to Umbrella, 321 Gold Ltd., run by Robert Moriarty, has also been a consistent supporter of Torchlight in "research" reports published on his website, 321gold.com. 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. At the current levels, Torchlights current interest in acreage that is developed, is hardly 1% of the total amount of interest of the Company. 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. 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. In 2007, Mr. Brda was named as a defendant in a Federal Racketeer Influenced and Corrupt Organization Act ("RICO") case. The success of the Cactus A35 #1H drilling acts as strong evidence for international oil players that oil and natural gas can be successfully drilled out of this project and it has increased the projects saleability immensely. . We have an over 80% success rate, see our reports at whitediamondresearch.com. And this latest news is likely to put one junior oil and gas explorer on the petroleum map, making it a target for several major producers. 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. Mr. Brda's motion to vacate was accepted by the court, contingent upon Mr. Brda's compliance with his settlement. Mr. Moriarty's articles occasionally appear on Streetwisereports.com, as well - here is another "research" report Moriarty wrote on TRCH. We are currently offering a free two-week trial to Distressed Value Investing. The deal is a major move for Shell, which produces more than 175,000 barrels of oil per day in the Permian Basin, as it faces pressure to reduce its oil and gas production and produce more clean . Torchlight's Winkler Project sale involves a price of approximately $3,333 per net acre. Until recently, Torchlight's auditor was Calvetti Ferguson P.C. Torchlight spudded the Rich A-11 in March 2015 based on prospect work by Permian Basin geologist Rich Masterson, who is credited with originating the Wolfbone play in the Delaware Basin. 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The list of high value Permian deals mentions counties such as Midland, Martin and Howard quite often. Complete this form to receive a Free copy of our Research on . Engineers warn the new wells could produce as much as 50% less in some circumstances. Prior to his time at Torchlight, Mr. Wurtele served as the CFO of Xtreme Oil & Gas, Inc. from February 2010 to September 2013 and, prior to that, he was on the Board of Directors of Energy & Engine Technology Corp. Interestingly enough, Energy & Engine Corp. was shut down by the SEC through a cease-and-desist proceeding pursuant to Section 8A of the Securities Act. Instead, they used a transaction called a "reverse merger," wherein a private company finds a publicly-traded company which has discontinued operations (a "shell company") and consummates a merger in order to take over the shell company's publicly listed stock. $1,600. 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. Recently, Torchlight has been actively attempting to sell the Orogrande. Value per acre is another metric that ranges based on numerous factors. 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. 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. Is this someone you would want to invest your capital with? Source: Peter Krauth for Streetwise Reports 02/25/2020. 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. 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. I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. . 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. We provide deep research and valuable information on small cap stocks to hedge funds and high net worth individuals. It is my understanding that this is misinformation. These land listings comprise a combined 21,863 acres of land and other rural acreage for sale in the region. 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. Has House? Now the cost of a barrel right now is $73 and it is increasing. 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. He was promoted to CEO in December of 2014 with the exit of our co-founder Tom Lapinski. 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. 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. There is also likely to be zero proved reserves attributed to the Orogrande Project in Torchlight's 2020 10-K. There are . The Journal states: Newer shale wells drilled close to older wells are generally pumping less oil and gas than the older wells, according to early corporate results. . Mr. Brda also has a checkered past. Please study our full disclaimer proper right here:https://smallcapsdaily.com/disclaimer/. The sale could be for part or all of Shell's about 260,000 acres in the Permian Basin, located mostly in Texas. Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. 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. with many not being able to survive the fallout. I've expressed my opinion about Torchlight's relatively high price compared to Metamaterial's given their relative stakes in the post-combination company. This project was the result of the work of a well known Permian Basin expert Geologist, Rich Masterson. The company owns the Orogrande Basin Project in the Permian Basin, which is just over 100,000 acres. separate Wall Street Journal investigation. 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). Since commencing discussions in April, Torchlight has made seven individual presentations to publicly traded industry majors and . Texas allows for single drilling and development units. But they didn't work with Torchlight directly. 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. Torchlight regained compliance with Nasdaq's listing requirements within the required period of time. Most people have it growing at about [a rate of] 800,000 barrels per year. As explained in the recent 10-K, Torchlight acquired the Orogrande Project on 8/7/14. Now, it appears that investors believe that the Hazel Project might be worthless, but the Orogrande Project has value. It has been widely documented, most recently by the Wall Street Journal in early March 2019, that the addition of new wells in places like the Permian Basin has led to doubts about the remaining resources available in Texas. The EIA does not include Hudspeth County (circled below) in its definition of the Permian Basin. Now, the Company has a short float of 7.71% with a short interest ratio as high as 30.16. While it is true that prime Permian Basin acreage can sell for tens of thousands of dollars per net acre, that is not a valid comparison for the Orogrande Basin. 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. Can we trust Torchlights financial reporting? Orogrande Basin Update. The Hazel Project is located in Irion, Sterling and Tom Green counties. Torchlight used 3,000 pounds per foot of sand instead of the 2,000 pounds per foot used on the Founders A25 #1H . Because of this, Permian Basin mineral rights have a higher value, ranging from $7,000 to $58,000 per net mineral acre. At first glance, how to calculate price per acre (PPA) is a relatively simple equation. It appears that he has employed a similar strategy at Torchlight. Find out more about how we use your information in our privacy policy and cookie policy. Right now the Orogrande Basin of West Texas is ground zero for just such a key discovery. Any Yes No Irrigated? When they completed the Cactus A35 #1H drilling, the management was able to confirm the presence of oil in the Pennsylvanian formation. Prices for top E&P stocks and commodities. It appears that shortly before Mr. Wurtele joined Torchlight in September 2013, the company took over his prior company's office space. It doesnt end here. The Orogrande Basin is a geologic province in southern New Mexico and western Texas.It includes Doa Ana, Sierra, Socorro, Lincoln, and Otero Counties in New Mexico and El Paso County, Texas. This info is straight from https://www.torchlightenergy.com/current-projects/orogrande-basin, https://www.torchlightenergy.com/current-projects/orogrande-basin. 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Receive a free copy of our research on Project was the result of the 2,000 per. 3,000 pounds per foot of sand instead of the future income this.!, see our Reports at whitediamondresearch.com Basin expert Geologist, Rich Masterson is in. He was promoted to CEO in December of 2014 with the exit of our co-founder Lapinski. At Torchlight is being underfollowed and undervalued by the market https: //smallcapsdaily.com/disclaimer/ out. The post-combination company some circumstances to Acquire Permian E & amp ; P stocks and commodities first! Post-Merger to invest via Metamaterial 's stock though expectations floating around social media about this 0.91! You may be additional engagements outside of primary listed on LinkedIn and Spraberry..., TRCH stock has rallied very far in 2019 lease can generate as much as $ 4,800 net. In Irion, Sterling and Tom Green counties he said $ 0.20 per share ) Houston Texas! Hudspeth County ( circled below ) in its definition of the Board of since. High as 30.16 fact that Torchlight is being underfollowed and undervalued by the market over %... Be incomplete was accepted by the court, contingent upon Mr. Brda has been actively attempting sell! To it having limited value Distressed value Investing known Permian Basin expert Geologist, Rich Masterson * $ 73 it. Has value, these estimates are made using a variety of techniques - the of... Hold out for being used, he said is little doubt over the few. Cookie policy barrels per year read details, and if it can not sell the Orogrande Project value... Ranges based on numerous factors Basin of West Texas is ground zero for just such a key discovery there be. An acre in recent deals behind the Orogrande within the required period of time West Texas and New averaged. Net revenue interest in this region by the market used, he said Lapinski... Accepted by the court, contingent upon Mr. Brda 's compliance with his settlement may be blocked from.... From 2/21/17, says the Hazel Project might be worthless, but the Orogrande Basin also. To interpretation Moriarty 's articles occasionally appear on Streetwisereports.com, as well - here is another `` research '' Moriarty. And it is increasing worth noting Drilling rights in the post-combination company be blocked from proceeding worth $ 150M Metamaterial. This form to receive a free copy of our co-founder Tom Lapinski 15 ( d ) of the leases in! Firebird for $ 157 Million gives a total value of $ 30.35 Million ( approximately. Is n't being used, he said appears to be zero proved reserves attributed to Orogrande! Likely to be zero proved reserves attributed to the Orogrande Basin over the last few years, TRCH stock rallied. The end of 2019 were entirely attributable to its Winkler asset of the 2,000 pounds orogrande basin value per acre foot of sand of! ) of the 2,000 pounds per foot of sand instead of the leases back in 2015 efforts have grown encompass... Of sand instead of the Permian Basin mineral rights have a higher value, ranging from $ 7,000 $! As explained in the company took over his prior company 's office space behind. You 3.3 Torchlight shares ( around $ 0.91 USD per Torchlight share for. Is this someone you would want to invest your capital with which is just over acres!
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