Torchlight Energy Resources, Inc. Announces Revenue and Operational Results for the Year 2012; Provides Capital Expenditure Guidance for the Year 2013
For the year, the company had net production of 10,655 barrels of oil for the year as compared to <300 for 2011.
The company provided capital expenditure guidance for the year 2013. For the year 2013, the company's capital spending plans include Capex for the following programs: two horizontal Buda wells at Marcelina Creek, Three development wells in third quarter of 2013 in the Finney project located in central Kansas, no cost to the company. The company expects for 2013 with the capital development plan is to drill 6 to 8 new wells.