Torchlight to foray into gas in Waller County, Texas

22 December 2011: Torchlight Energy Resources has executed an LOI to farm into a gas and condensate prospect in Waller County, Texas On 16 December Torchlight agreed to farm-in to a 940 acre block controlled and operated by La Sal Energy LLC of Houston, Texas. The block is a direct offset and extension to the prolific Katy Field discovered by Exxon in the mid-1960's. The field is reported to have had 6 TCF of gas and many wells are still producing today. Torchlight will contribute funds to re-entry and fracture stimulate the Sparks Formation, the main producing zone in Katy field. For that contribution Torchlight will earn a 40 per cent interest in the block which has one additional re-entry and one possible new well to drill. Torchlight will also have the option to increase its working interest up to an additional 5% following the results of the re-entry.

Source: Yourindustrynews