Source: Umbrella Research
Torchlight announced yesterday that the Johnson #2 well has reached a peak production rate of 197 barrels of oil per day. The Johnson #2 well was completed in July in the Buda formation, located in the Marcelina Creek Project in Wilson County, TX. The well was completed with no stimulation and is producing oil with gravity of 40° API. The Johnson #2 well is currently producing total fluids of 350 to 400 barrels per day on a three-quarter inch choke and management expects that the well will sustain production of 120 to 165 bopd, including associated gas. Torchlight is currently capturing as much flush production as possible and plans to stimulate the well at a later date by setting a slotted liner and fracking the zone for increased production.
Detailed capex update anticipated from management. With the recent capital raise completed, the company is well positioned to move forward in expanding production across all of its acreage positions. The company is also in a position to seek non-dilutive alternatives to ramp the development process in a highly accretive manner.
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