The proceeds will be used to drill and complete a vertical Buda well that will be engineered for re-entry at a later time to go out horizontally into the Eagle Ford formation that lies just above the Buda and below the Austin Chalk formations.
The drilling preparation will begin immediately and the company expects to have this particular well drilled and completed in 30 to 60 days.
Torchlight CEO Tom Lapinski said this is the first of three vertical wells the company intends to drill in this field in the first part of this year.
"This falls right in line with our efforts to grow the company by drilling in proven exploitation projects," Lapinski said.
