Torchlight Energy Resources, Inc. (NASDAQ: TRCH) interview with John Brda, CEO discussing the newly published report which indicates the potential for recoverable reserves of 3.678 billion barrels of oil, from it’s Orogrande project. Torchlight controls 134,000 acres in the Orogrande Basin which is the western most sub-basin of the Greater Permian Basin.
John discusses how the company is exploring various options for maximizing shareholder value, which include an outright sale of the project, a joint-venture, or sale/merger of the company. The objective is to have serious offers on the table in the next 90 days. Based on comparables, John believes the project is worth about $500 million in value.