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Torchlight provides Hazel Prospect update

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Oilfield Technology,

Torchlight Energy Resources, Inc., has announced that it has successfully completed and is producing oil from the company's first vertical test well, the Flying B Ranch #1, in its Midland Basin Hazel Project. The well was completed using a single stage frack.

As previously announced, Torchlight and their operating partner, Maverick Oil and Gas, drilled, logged, cored and set pipe on the Flying B Ranch #1 well in late July. The well was the first on Torchlight's 12 000 gross acre position in the Midland Basin. The company acidised and successfully performed a 210 000 lb. frack, testing a 250 ft pay zone interval in the Wolfcamp A formation. After testing production Torchlight has determined that sufficient quantities of oil exist to warrant further field development. Torchlight will employ horizontal drilling and advance completion techniques on future locations. Horizontal wells in the Hazel Project are expected to require ~7500 ft lateral legs and a frack stage for every 100 ft of pay zone exposure encountered (resulting in up to 70 frack stages). This methodology is in line with completion techniques currently being employed by many Permian operators. The company believes that its next Hazel Project wells will range in cost from US$4.5 to US$5 million and yield similar economic results to wells recently completed in the Eastern portion of the Midland Basin.

"We have gathered sufficient information from the logs, cores and production test on the Flying B Ranch #1 well to determine that the formation sets up nicely for a horizontal play," stated Rich Masterson, Torchlight's Consulting Geologist. "Results so far are in line with expectations, and I believe the next well should be a vertical pilot hole providing for the capture of scientific information, followed by a horizontal leg to further test the Wolfcamp A&B zones."

"We are extremely excited about the test results and achieving our first Permian Basin production," commented John Brda, Torchlight's CEO. "The 12 000-acre lease block is contiguous and sets up very nicely for horizontal drilling. With two to three benches and spacing of five to six wells per section, we anticipate being able to run 10 to 18 wells per section. This well count along with a conservative estimated ultimate recoverable (EUR) of 100 000 bbbls/ 1000 ft of pay zone exposure would yield 7 million bbls per section. Achieving that EUR from only 7500 ft horizontal legs and 10 wells per section should produce the very economic result that attracted us to this Project."

The company has provided an expected spud date for the next Hazel Project well of January, 2017.

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