Torchlight Energy Resources, Inc. provided an update to its Orogrande Basin Project and Hazel Project which is located in the prolific Permian Basin. Torchlight Energy's consulting geologist, Rich Masterson, together with the Orogrande Project Operator, Founders Oil and Gas has selected the next new well location for drilling. Surveys of the location are currently being completed with drilling permitting and roads and location buildout planned for the coming weeks. The company expects to spud the well before April 30, 2017. Although this date is beyond Founder's contractual drilling obligation date, Torchlight has agreed to extend that date to provide sufficient time for contract updates currently being negotiated with the lessor, University Lands. The initial UL lease was entered into with a commitment by the lessor to create a subsequent Drilling and Development Unit which would extend leases beyond the primary term expiring in April, 2018. Torchlight, Founders and UL are finalizing this unitization agreement which will dictate drilling requirements beyond the primary term. As a result of the new contract, all leases in the Drilling and Development Unit would be designated as one. This single unit would allow any one well drilled within the entire acreage to satisfy drilling obligations set out by the contract terms. In its Hazel Project in the Midland Basin, the company is awaiting delivery and review of technical data provided on the shale logs and sidewall cores from its vendors. This data is imperative to selecting the ideal locations of the perforations and ultimately the frac design. Thus, the company has adjusted its expected completion date for the recently announced plans to frac that well to occur in approximately two weeks.