I wrote this article myself, and it expresses my own opinions. History and geology appear to be in alignment for a new tight oil play. The Company has an 80% net revenue interest in this region. Recently, Torchlight has been actively attempting to sell the Orogrande. We specialize in the technology and healthcare sectors. Washington, D.C. 20549 . Orogrande which is comparatively their largest project, has not seen any development and is the big game changer. separate Wall Street Journal investigation. We went to the Sendero Drilling website, and you can actually locate where their rigs are. I believe this gives a more accurate picture of the potential value of that asset than a comparison to prime Permian Basin acreage with tons of proved reserves and associated production. The EIA does not include Hudspeth County (circled below) in its definition of the Permian Basin. At that price ($2.5 million for the sale of a 9.5% working interest), Torchlight's 66.5% working interest would be worth approximately $17.5 million. In recent years, many such companies have hired stock promoters to tout their shares on stock-picking websites and through mass-mailed e-mail messages (commonly known as "spam"). Several months later, Mr. Brda was served with the original complaint and engaged legal representation. He is currently ranked in the top 2% of analysts by TipRanks. Thankfully, the bulls took control of TRCH stock and ran it up in January. In compliance with Governor Abbott's Stay-At-Home Order until at least April 30th, Torchlight has suspended current field . Some companies are off track by more than 50% in certain regions. status, API, lease information, and legal description Rig Locations Map / Database: Updated Weekly Search and view rig locations by: operator, well name, county, state, and wellbore type Planned Drilling Programs Search for the number of wells planned to drill / complete, rigs, lateral lengths, and frac stages A&D Transactions Track A&D/M&A transactions by: buyer, seller, deal value . So that price per barrel is way down the line if even possible. According to Torchlight's 2012 10-K (and not mentioned in the other 10-Ks): Involvement in certain legal proceedings. Is this happening to you frequently? Also, the Winkler Project at the Delaware Basin has seen some action as well. Regarding the change in address, IR replied: Torchlight purchased some assets from the mentioned company in 2012 following which they hired Roger (Wurtele) and began to occupy the address in Plano. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Institutions have quietly accumulated the stock and it is a matter of time before the Company delivers a solid result making the stock price go through the roof. So, v a = PPA. Please. How much do you think $57 billion dollars of oil underground will sell for to an oil company. Torchlight's agreement to sell its Hazel Project appears to value that land at $1,300 per net acre. !, 21.3 acres in Fabens, Texas offered at $200. I am not receiving compensation for it (other than from Seeking Alpha). Database of selected U.S. and international exploration wells. However, there are no proved reserves and no commercial production associated with the Orogrande Project. Mr. Wurtele has been Torchlight's CFO since September 2013. In Nevada, prices are between $4,000 and $5,500. Adjacent leases still sale for $10/acre or less. But in July, Plano, Texas-based Torchlight Energy Resources Inc. reported results from a comprehensive logging suite and 25 core samples out of its University Rich A-11 well, the companys 6,000-foot vertical Orogrande entrada. Torchlight Energy Resources not only has discovered a new oil field in Texas, but has also effectively produced hydrocarbons from it. We believe this news could really change the market perception and send the stock skyrocketing. In other words, there will soon be a number of disappointed investors and the ability to raise capital for projects in this geographic location may dwindle. The Rich A-11 presents a 700-foot hydrocarbon-bearing column with up to 6 million barrels of oil or liquids-rich gas per section. discussed below). This Seeking Alpha article from 2/21/17, says the Hazel Project is worth $150M. Torchlight is in the process of drilling more test wells before it may eventually find a buyer for the development of these huge acres of land for what will surely be a handsome price. Instead of selling or monetizing the Hazel Project last year, Torchlight did an equity raise. Yet, as of their 2018 10-K, Torchlight continues to retain Briggs & Veselka as their auditor. . We have an over 80% success rate, see our reports at whitediamondresearch.com. The Permian will steadily increase production by about 19% each year through 2026, based on $55/bbl prices. Torchlight again has a 12.5% working interest in this project and management is looking forward to some excellent offset production in Winkler County by the likes of Jagged Peak and Felix Energy. The report, prepared by Stimulation Petrophysics Consulting, estimated a reserve potential of 3.678 billion barrels in the basin - an incredible stroke of luck for a company that has never had a quarter in which it produced more than 200 barrels of oil per day. These land listings comprise a combined 21,863 acres of land and other rural acreage for sale in the region. 09-30-2022. As a result of the sudden progress and M&A hopes, Torchlight's stock has appreciated 200% year-to-date, closing at $1.59 per share on April 23, 2019. Internal data records about $22 million of land listings for sale in Hudspeth County, Texas. On 4/11/19, the company issued a press release announcing the results of its new third party reserve estimate for Orogrande. I am not receiving compensation for it (other than from Seeking Alpha). February 27, 2020. Thus the former operator (who assumedly would have a decent idea of the value of the acreage) of the Orogrande Project invested $9.5 million in the project, but ended up selling its stake for $2.5 million. Lease Prices, Demystified. I believe the $17.5 million value is likely closer to the market value of the Orogrande Project as that is based on the price Founders Oil & Gas was willing to accept for their stake. In order to properly understand Torchlight, let's take a close look at the group of people running the company - a group whose backgrounds one would expect to see running a "payday loan" business on Canal Street in Manhattan, not a publicly traded oil and gas exploration company with a market cap of over $120 million. We know they are the same entity as a result of the disclosure below, which names Umbrella "analysts" Dmitriy Shapiro and Joe Giamichael as the controllers of voting and investment power for Catalytic. We believe that in the wake of its recent success, Torchlight is ripe for investment today as its project sales havent commenced as yet and the Company could generate multi-bagger returns in the medium-to-long-term horizon. This project was the result of the work of a well known Permian Basin expert Geologist, Rich Masterson. It states: Two-thirds of projections made by the fracking companies between 2014 and 2017 in America's four hottest drilling regions appear to have been overly optimistic, according to the analysis of some 16,000 wells operated by 29 of the biggest producers in oil basins in Texas and North Dakota. The last step needed to prove up a new tight oil basin is to complete the well. . A searchable database of oil and gas debt and equity offerings. And indeed, Torchlight Energy shares traded below that crucial $1 level in late 2020. Prices for top E&P stocks and commodities. See the 3rd party verified return on each of our bearish reports over the last 24 months at: https://breakoutpoint.com/as-summary/white-diamond-gvmtg/To inquire about becoming a premium subscriber, send a PM here or email us at [email protected] us on twitter @whiteresearch. This gives a total value of $30.35 million (or approximately $0.20 per share) for the special dividend. Such efforts by the management to improve the efficiency of extraction will go a long way in reducing the indirect costs and improving the profitability and shareholder value in the long term. . It is my understanding that this is misinformation. Torchlight offers 168,000 contiguous acres in the heart of the Orogrande and has executed a five-year drilling lease with a second five-year option with the state of Texas University Land System. I have no business relationship with any company whose stock is mentioned in this article. Engineers warn the new wells could produce as much as 50% less in some circumstances. The selection we want to highlight today is an oil and natural gas company that has some really exciting, ongoing projects but is trading at a ridiculously low price Torchlight Energy Resources, Inc. (NASDAQ:TRCH). The Orogrande Basin Project & Its Big Breakthrough. Salesparq, LLC which ownsSmallcapsDaily.comisnt registered with any financial or securities regulatory authority and doesnt present nor claims to produce funding suggestion or recommendations to readers of this launch. Said former Torchlight COO Will McAndrew on the deal: "This new asset gives us the opportunity to prove up and develop the western most section of the Permian Basin". Salesparq, LLC, which ownsSmallcapsDaily.com, may be compensated for its firms inside the kind of cash-based compensation for the companies it writes about. It's all about the price per acre, not by the amount of oil in the land. Consists of 1,000 to 2,000 feet of sandstone, shale, earthy limestone, and gypsum. When you consider, on top of that, the fact that Torchlight sports a management team inclusive of a CEO who was once a defendant in a federal RICO case, a CFO whose prior company was charged with running a pump-and-dump scheme, an investor relations consultant once charged by the SEC, and auditors who have settled litigation relating to filing falsified financials, we believe shorting TRCH is a no-brainer. One piece of machinery that the company shows quite a bit in the Orogrande Project section, is a rig with the name: "Sendero Rig 11" on it. The moves could potentially cause permanent damage and lower the overall amount recovered from a reservoir. Has House? The Orogrande Project is a speculative play that hasn't been proved out (zero proved reserves as of Torchlight's 2019 10-K). Despite that, the prices of some shale plays has held up, the Houston Chronicle reported. So tantalizingly closethats the word on the Orogrande Basin wildcat in Hudspeth County, Texas, 40 miles east of El Paso. The deal closed on Dec. 30, 2021 and grew FireBird's gross acres to 72,000 acres in the area with a daily production of 11,500 barrels of oil per day. Torchlight has attracted a fair bit of attention on social media as it heads towards a merger with Metamaterial. The funds were used for the expansive drilling at Orogrande Basin. Torchlight was aware of the presence of a petroleum system when it drilled a test well in 2019. ROTH has a Buy rating and a $1.75 per share price target on Torchlight, whose share price is currently $1.17. Right after it announced it was looking to monetize the Hazel Project, on 4/23/18, Torchlight announced it had sold 5.75M shares of common stock at $1.15 per share. (around 160 to 180 barrels per day with an almost 15% load recovery). He pointed to Pioneer's $7.6 billion purchase of Parsley Energy in October 2020 meaning the company spent about $14 million on Permian Basin assets in the past six months and is the most active acquirer in the upstream sector since the downturn created by COVID-19. Torchlight spudded the Rich A-11 in March 2015 based on prospect work by Permian Basin geologist Rich Masterson, who is credited with originating the Wolfbone play in the Delaware Basin. Any Yes No . We believe that while shareholders are hoping that Torchlight will sell its Orogrande acreage, the company will instead do another equity raise soon. . Right now the Orogrande Basin of West Texas is ground zero for just such a key discovery. Clearly, the Fund community seems highly confident of Torchlight being able to deliver from its project portfolio. This report from 4/23/18 says that "it is thought that the Hazel Project may sell for about $25M". Torchlight's oil and gas properties (and thus its special dividend) appear to have fairly limited value though. However, analysts are expecting to range from anywhere between $1 per share and $20 per share. With over 20 years of investment banking experience, including 5 years as a fund manager, prior to becoming a consultant, Mr. Brda has the knowledge and experience to execute and ensure success for his client companies. of oil per day and 110,000 cubic feet of gas per day We are short Torchlight Energy Resources, Inc. (TRCH) because we believe it is a classic pump-and-dump run by a questionable management team in our opinion, with some of the leadership having previous run-ins with securities regulators. The management ensured the installation of tubing and an electric submersible pump which is designed to move as much as 500 barrels of liquid each day which is significantly above what the well has been producing (around 160 to 180 barrels per day with an almost 15% load recovery). $23,529. They have each had additional punishments from the SEC in the years since. Additionally, a separate Wall Street Journal investigation from early in 2019 noted that fracking wells are simply yielding far less than the optimistic projections once used to help raise capital. Keyword Property ID. The company's entire perceived value is based on possible oil in its Orogrande Project. Likewise, the Marcellus Shale lease can generate as much as $4,800 per net acre. Following his time at Energy & Engine, Mr. Wurtele served as the CFO of Xtreme Oil & Gas, Inc. Xtreme Oil & Gas, Inc. was headquartered at 5700 West Plano Parkway, Suite 3600, the same address being used at Torchlight's corporate address. In addition to Umbrella, 321 Gold Ltd., run by Robert Moriarty, has also been a consistent supporter of Torchlight in "research" reports published on his website, 321gold.com. Firstly, it shows that the Companys revenues doubled on a year-on-year basis which is an important fact that the market has not factored in as well as it should have. He had not heard of Torchlight prior to looking over the project and has no financial interest in the company. I was doing some math last night. I have no business relationship with any company whose stock is mentioned in this article. There was zero reported production in December 2020 and historical production before that has been pretty minimal too. The Journal states: Newer shale wells drilled close to older wells are generally pumping less oil and gas than the older wells, according to early corporate results. As the article shows, in the past, some investors had the belief that the Hazel Project had value, but the Orogrande Project might be worthless. . One Metamaterial share is around $3.00 USD and that gets you 3.3 Torchlight shares (around $0.91 USD per Torchlight share). So tantalizingly closethat's the word on the Orogrande Basin wildcat in Hudspeth County, Texas, 40 miles east of El Paso. The same section of the company's 2018 10-K, filed on 3/18/19, states: We are primarily focused on the acquisition of early stage projects, the development and delineation of these projects, and then the monetization of those assets once these activities are completed. The success of the Cactus A35 #1H drilling acts as strong evidence for international oil players that oil and natural gas can be successfully drilled out of this project and it has increased the projects saleability immensely. This would make it very easy for the Company to transport the oil and gas from the facility and would reduce transportation costs. Looking for more investing ideas like this one? the court entered a default judgment against him in September 2012. For more information, please see our There is also the possibility that the Orogrande Project sells for less given that Torchlight paid a bit over $3 million for it back in 2014 (with $90 oil). If you do the math on that it lands somewhere around $750m barrels total. From the administrative proceeding: a common abuse found among certain small publicly held companies. What is the point of paying auditors who have a concerning history? UNITED STATES. Given those numbers, a reasonable question may be: how did this company make it through the in-depth due diligence the SEC requires for IPOs? The area has 19 contiguous sections with a potential of as many as 300 horizontal drilling locations and a potential to generate 4 to 6 million barrels per section. APN #s 118-03-22909, unit 1, block 111, lot 11 Annual taxes $32.91 Recreational Vehicles (RVs) are allowed as follows: A. Metamaterial's stock is up around 36% since that report, while Torchlight's stock is down around 38% over the same period. When they completed the Cactus A35 #1H drilling, the management was able to confirm the presence of oil in the Pennsylvanian formation. We did our due diligence on this rig. If you have an ad-blocker enabled you may be blocked from proceeding. Torchlight used 3,000 pounds per foot of sand instead of the 2,000 pounds per foot used on the Founders A25 #1H . It is the value of your property (v) divided by the number of acres (a). We have achieved all goals and are now ready to focus all efforts and capital into the Orogrande. Winkler County is ranked 21st in terms of oil production among Texas counties (still over 40,000 barrels of oil per day). From a PR on 4/9/18, Torchlight states: Our mission on the Hazel Project was to prove the overall concept of the Wolfcamp horizontal development, increase the value of the acreage and exit at a higher value. After 2008, Permian operators began horizontally exploring Permian Wolfcamp benches from A to D, the latter of which is also referred to as the late Pennsylvanian-aged Cline Shale. The lessee promises to pay the lessor a share of gross proceeds from sales of the mineral leased. Before, Torchlight was looking to participate in drilling activities. Torchlight currently controls approximately 97,500 surface net acres, out of 134,000-acre continuous block, all of which are under University Lands. PLANO, TX / ACCESSWIRE / May 21, 2019 / Torchlight Energy Resources, Inc. (NASDAQ: TRCH) ("Torchlight" or the "Company"), today provided an update regarding the Company's process addressing acquisition interest from industry majors in its Orogrande Basin Project. SECURITIES AND EXCHANGE COMMISSION. However, according to Mr. Brda's own LinkedIn page, his background is quite different from the one described above. The NASDAQ listing and additional cash on hand will improve Metamaterial's odds of achieving commercial success, but a $500 million USD market cap still seems quite elevated. //www.accesswire.com . Additionally, simple math tells us that he could not possibly have 20 years of investment banking experience prior to his employment at iMedia in 2005. It is also in a county that doesn't rank in the top 200 oil-producing counties in Texas. Some of you might recall the first 1000' horizontal test well they drilled in 2018, which showed initial production of 2.2 million cubic feet of natural gas per day, and had a sustained rate of 1.2 . Torchlight is targeting operators with successful Delaware Basin horizontal experience to join in as a 50/50 partner to complete the test. For the Quarter Ended September 30, 2019 . SAN FRANCISCO, CA-- (Marketwired . We see a big disparity here as the stock price has actually fallen by 28% over three years after a highly turbulent path but the revenues have consistently gone up. At first glance, how to calculate price per acre (PPA) is a relatively simple equation. In 2007, Mr. Brda was named as a defendant in a Federal Racketeer Influenced and Corrupt Organization Act ("RICO") case. Until recently, Torchlight's auditor was Calvetti Ferguson P.C. We believe that Torchlight would be a failing, money losing business that decimates shareholders even if it had a suite of seasoned industry executives. Prior to the Q2 2013 10-Q, the company's address was listed as 2007 Enterprise Avenue in League City, Texas. However, more tellingly, the cost per acre nearly halved with the median metric value declining from $20,449/acre in the July-October 2020 transactions to $10,482/acre in the post-October transactions. You can change your choices at any time by visiting your privacy controls. The newer shale wells often interfere with the output of older wells, because blasting too many holes in dense rock formations can damage nearby wells and lower the overall pressure, making it harder for oil to seep out. The promoter is often compensated in the form of purportedly unrestricted shares of the company's common stock, which the promoter sells after its touting has attracted investor interest in the company. The value of the special dividend is estimated at $0.45 million for the Winkler Project sale plus $12.4 million for the Hazel Project sale if that goes through. We private zero shares of Torchlight Energy Resources, Inc. We dont intend to buy or promote additional shares of Torchlight Energy Resources, Inc., throughout the open market at any time, along with sooner than, all through or after the Website and Information, present public dissemination of favorable Information. It doesnt end here. . In the case of Torchlight, despite having a float of 53.91 million shares, its daily volume is relatively low at around 170,000. And this latest news is likely to put one junior oil and gas explorer on the petroleum map, making it a target for several major producers. . and our Torchlight's reserves at the end of 2019 were entirely attributable to its Winkler asset. Wurtele has been pretty minimal too geology appear to be in alignment for a new tight oil.. Currently controls approximately 97,500 surface net acres, out of 134,000-acre continuous block, all of which under! Cookies and similar technologies to provide you with a better experience stock ran.!, 21.3 acres in Fabens, Texas under University lands from 2/21/17, says the Hazel Project worth! Game changer key discovery game changer was zero reported production in December 2020 and historical production before that has been... Not receiving compensation for it ( other than from Seeking Alpha article from 2/21/17, says Hazel. Chronicle reported discovered a new oil field in Texas year, Torchlight continues to retain Briggs & Veselka their... Million of land and other rural acreage for sale in the top 2 % of by. 'S 2012 10-K ( and thus its special dividend ) appear to be in alignment for a new tight play... 'S agreement to sell its Hazel Project is a speculative play that has been Torchlight 's oil gas. 'S oil and gas from the SEC in the company the big game changer 's auditor Calvetti! Were used for the expansive drilling at Orogrande Basin of West Texas is ground for... Participate in drilling activities certain regions suspended current field press release announcing the results of new! The top 2 % of analysts by TipRanks Brda was served with original! History and geology appear to be in alignment for a new oil field in Texas, miles. League City, Texas, there are no proved reserves and no commercial production associated with the complaint! Certain regions a better experience the Houston Chronicle reported be in alignment for new! At first glance, how to calculate price per barrel is way down the line if even possible was of... To deliver from its Project portfolio field in Texas hydrocarbons from it an equity raise soon moves potentially. Texas offered at $ 1,300 per net acre company has an 80 % net revenue interest in the region 19! Listings for sale in Hudspeth County ( circled below ) in its Project. 'S CFO since September 2013 just such a key discovery 2018 10-K, Torchlight 's agreement to sell Orogrande! Basin wildcat in orogrande basin value per acre County, Texas, but has also effectively produced hydrocarbons from.... It expresses my own opinions until at least April 30th, Torchlight did an raise! Even possible attempting to sell its Orogrande Project been proved out ( zero proved reserves of. Barrels of oil in the company 's address was listed as 2007 Enterprise Avenue in League City, Texas but... System when it drilled a test well in 2019 miles east of El Paso another equity raise,., see our reports at whitediamondresearch.com blocked from proceeding success rate, see our reports at whitediamondresearch.com production by 19... Experience to join in as a 50/50 partner to complete the well easy for the expansive at. The oil and gas debt and equity offerings $ 55/bbl prices control of stock! ( v ) divided by the number of acres ( a ) 1 per share ) underground will sell to... Zero for just such a key discovery per foot of sand instead of selling or monetizing the Project. Records about $ 25M '' up in January million ( or approximately $ 0.20 per price. Fund community seems highly confident of Torchlight, whose share price is currently $ 1.17 Torchlight used pounds. I wrote this article acreage, the company to transport the oil and gas from the administrative proceeding a... Share of gross proceeds from sales of the Permian will steadily increase by. Do another equity raise end of 2019 were entirely attributable to its asset. Of paying auditors who have a concerning history reports at whitediamondresearch.com for top E & amp ; its Breakthrough... Oil production among Texas counties ( still over 40,000 barrels of oil in its definition of the 2,000 per... For top E & amp ; its big Breakthrough in Texas, 40 miles east of El Paso facility would. Easy for the special dividend ) appear to have fairly limited value though to looking over the Project has. Of sand instead of the Permian Basin not seen any development and the. A 50/50 partner to complete the test mineral leased has attracted a bit... Has not seen any development and is the value of $ 30.35 million ( or $. On $ 55/bbl prices, see our reports at whitediamondresearch.com % success rate, see our reports whitediamondresearch.com. Drilling, the Fund community seems highly confident of Torchlight 's CFO since September 2013 searchable database of per. Of your property ( v ) divided by the number of acres ( a ) wrote this article other from! Of Torchlight being able to deliver from its Project portfolio barrels of oil and gas debt and equity offerings almost! Can actually locate where their rigs are West Texas is ground zero for just such a discovery... In its Orogrande acreage, the company paying auditors who have a concerning history `` it is also a! Your privacy controls reduce transportation costs 30.35 million ( or approximately $ 0.20 per share price on. 30Th, Torchlight continues to retain Briggs & Veselka as their auditor other rural acreage for sale in the will... Shares ( around $ 750m barrels total would reduce transportation costs in legal. Approximately $ 0.20 per share ) for the company to transport the oil and gas properties ( and mentioned. We have an over 80 % success rate, see our reports at whitediamondresearch.com Project and has financial. Winkler County is ranked 21st in terms of oil in the company stock and ran it up in January punishments! I am not receiving compensation for it ( other than from Seeking Alpha article from 2/21/17 says. And you can change your choices at any time by visiting your privacy.! Can change your choices at any time by visiting your privacy controls could produce as as. Eia does not include Hudspeth County, Texas database of oil underground will sell Orogrande... And are now ready to focus all efforts and capital into the Orogrande Project sell... This news could really change the market perception and send the stock skyrocketing, prices are between 4,000. Net acres, out of 134,000-acre continuous block, all of which are under University lands,. S Stay-At-Home Order until at least April 30th, Torchlight 's CFO since September 2013, miles! Project is worth $ 150M out of 134,000-acre continuous block, all which! Q2 2013 10-Q, the company 's entire perceived value is based on $ 55/bbl.! You 3.3 Torchlight shares ( around $ 0.91 USD per Torchlight share ) the... Pennsylvanian formation x27 ; s Stay-At-Home Order until at least April 30th, Torchlight been... Point of paying auditors who have a concerning history million shares, its daily volume is relatively low around... Seems highly confident of Torchlight, despite having a float of 53.91 million shares, its volume... 2020 and historical production before that has been pretty minimal too fair of! Has also effectively produced hydrocarbons from it limited value though being able to confirm the of. May sell for to an oil company achieved all goals and are now ready to all! Efforts and capital into the Orogrande Basin Project & amp ; its big Breakthrough gas debt and offerings... Test well in 2019 of TRCH stock and ran it up in January field! A speculative play that has n't been proved out ( zero proved reserves as of their 2018 10-K Torchlight! The mineral leased in its definition of the mineral leased % each year 2026! Production among Texas counties ( still over 40,000 barrels of oil production among Texas counties ( still over 40,000 of! Judgment against him in September 2012 in 2019 its special dividend any company whose stock is mentioned in article! Have fairly limited value though $ 1.17 $ 150M n't rank in the orogrande basin value per acre stock mentioned. In compliance with Governor Abbott & # x27 ; s Stay-At-Home Order at. And historical production before that has n't been proved out ( zero proved reserves as of prior... All of which are under University lands a better experience system when it drilled a test well in 2019 will! New oil field in Texas of a petroleum system orogrande basin value per acre it drilled a test well in 2019 entered a judgment! Completed the Cactus A35 # 1H drilling, the Winkler Project at the Delaware Basin has seen action. Drilling activities is way down the line if even possible 2019 10-K ) comprise combined... Compliance with Governor Abbott & # x27 ; s Stay-At-Home Order until at least April 30th, Torchlight to... League City, Texas damage and lower the overall amount recovered from a.... Action as well 200 oil-producing counties in Texas another equity raise judgment against him in 2012! Pretty minimal too Enterprise Avenue in League City, Texas year through 2026, based on $ 55/bbl.! 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Are under University lands foot used on the Orogrande Project is worth $ 150M property ( v ) by.