(MENAFN – Investors Ideas) Oil Driller Hits Milestone in the Permian Basin Source: Streetwise Reports December 31, 2018 (Investorideas.com Newswire) Oil and gas drilling company hits a milestone at its 133,000 acre position in the Permian Basin in Texas. On the heels of a $6 million financing deal, the company has been releasing drill results and continues to drill. Torchlight Energy Resources Inc. (TRCH:NASDAQ) completed the drilling phase of the A39 #1 well in addition to the A11 #2 well, both located in the Orogrande Basin in Hudspeth County, Texas. Torchlight owns 72.5% working interest in full of the 133,000 net acre unit. Earlier this month, the company announced its that in conjunction with drill partner Wolfbone Properties and operator Maverick Operating, Torchlight has drilled A39 #1 to a vertical depth of 4,035 feet, and casing was set. The company noted that "electric logs show excellent hydrocarbon potential in multiple intervals which is representative of economical conventional and unconventional productive formations." This was preceded by an announcement in late November that well A11 #2 was drilled to a depth of 4,009 feet and casing was set. Both wells will be "perforated and stimulated to commence testing of each well. […]
