John A. Brda is the President, CEO, Secretary and Director of Torchlight Energy Resources (NASDAQ:TRCH). Mr. Brda has been the President and Secretary and a member of the board of directors of Torchlight Energy Resources, Inc., since January 2012. He was promoted to Chief Executive Officer in December of 2014 with the exit of the company’s Co-Founder Tom Lapinski. In this exclusive interview in the Wall Street Transcript, Mr. Brda reveals some significant upcoming milestones for his company.
The company has weathered the oil price downturn and is poised to perform. “Tom retired in 2014, I took over as CEO and transitioned us to a Permian-focused company. We have three assets in the Permian Basin, and we are currently in development mode on all three. 2014 and the commodity price downturn was tough for many energy companies which did not survive, but for Torchlight, it simply kept us from jumping into full development, as no one wanted to finance or even talk about oil and gas.”
One project thas already started to pay out. “We have 12,000 gross, 9,600 net, acres on the eastern edge of the Midland Basin, still firmly in the basin, not up on the eastern shelf…all of our plays were originated by Rich Masterson, who is a well-known Permian Basin geologist. He is the geologist on all of our projects, and this one he brought to us along with Greg McCabe.”
Another major project is nearing investment confirmation. “In fact, we are drilling our first horizontal well out there as we speak. We are getting ready to finish the vertical section right now, and then we will do some more science work to determine where we want to go horizontal, which should be underway in the next few days. That project is really a main focus of our company, because if we can prove that we can drill nice horizontal wells out there, we have 133,000 acres in which to do so…The main pay zone there is the Pennsylvanian.”
All of the ongoing projects have near term return potential: “…this is going to be a very transformative year for us. We are moving into production on all our plays, and we are moving forward with potential additional projects…I think people are going to be surprised by the strides we make this year.”
To get complete details on the potential for massive returns in Torchlight Energy, read the entire interview in the Wall Street Transcript.