BERAL, INC.
Andrew Racz
Director of Research
300 East 54 Street, Suite 26C
New York, NY 10022
Phone: (212) 319-6949
Fax: (212) 753-1944
E-mail: mlikar@aol.com

Torchlight Energy
Resources, Inc.

(TRCH – NASDAQ)

Price

$4.40

Shares Outstanding

18.3 million

Fully Diluted

30 million

Market Value

$52 million

   

A growing midsize oil developer. Torchlight Energy Resources is

A company which the world has only started to notice.

More to come!

Torchlight Energy Resources, Inc. (TRCH)
Recorded Interview
John Brda, President, Secretary and Director
May 21, 2014

Racz:

Well, I mentioned I went to Cambridge and in the summer of ’61 I spent some 4 or 5 months in South Africa during a big war in the Belgium Congo. And I went there as a 19 year old journalist. I interviewed President Tshombe and Dag Hammarskjold, the Secretary General was flying in to make peace and his airplane mysteriously disappeared and they said it was a crash. I went to the airport and I said it was an assassination by Tshombe. And fortunately I told this story to some other important men including President Nixon. And today there is an article in the Wall Street Journal about a U.N. investigation of Hammarskjold’s death I was the only eye witness to a major international event which is starting to get media coverage. Now let us start.

This is interview of a medium sized, up and coming oil company – Torchlight Energy. John, can you explain to me why in the year 2013/14 or even before, interest picked up in medium sized drilling companies. In the past the world only associated oil with Bunker Hunt and Paul Getty.

Brda:

Let me understand your question. Is there any historical reason why we are actively drilling?

Racz:

Well, people didn’t talk about oil companies too much in the 90’s in the last decade; but people talk about the oil companies now. People talk about the oil companies now. People talk about the American Oil – they talk about what is actually deep water drilling i.e. Gulf Oil Drilling. They talk about the Keystone Pipeline. Now I was very active in the Transalaska Pipeline. In fact, President Nixon interviewed me because I used to go to Alaska every two months but then nothing happened. You know, they built the pipeline, but suddenly American oil production and drilling is a front page story. Now that’s what I want to know.

Brda:

I think from the political standpoint it is always in our best interest as a country to not be beholden to foreign producers of oil. And the more we can produce domestically, and the more we consume of our own production domestically, the less reliant we are going to be on the Saudi’s and the Middle East and Venezuela to a lesser extent. For political hostage type situations like what happened in the 70’s. And so, we as small to mid-size producers are getting a lot of press and coverage lately because we are growing our organizations and we are producing more oil on a daily basis which in turn adds into the daily production as the US industry as a whole is aware of. Some pundits are saying that in the year 2020 we will be independent completely. I think that is a little aggressive, but certainly it helps us as a country to be able to reach those goals.

Racz:

25 years ago Mr. Pickens of Mesa Petroleum-the famous oil man who built up the company and had the hedge fund and built companies – repeatedly stated that we are going to have the US dollar destroyed if we carry on buying foreign oil and not solve our problems. He was always a front page story.

Brda:

Oil is tied to the US Dollars that is the commodity trading; the world denomination is in dollars. The more dependent we become on foreign production, the more likely they are going to try to create alternative methods of payment but as long as the US dollar is front and center and it is the default payment mechanism we are going to be okay.

Racz:

Is the federal government in favor of your business or not?

Brda:

I think they are not in favor of our business. I think this administration has certainly shown over the last 7 or 8 years that they are pro clean energy; or green energy so to speak, no matter what it costs.

Racz:

I have looked at many clean energy companies. They are at best revenue neutral but most of them are abject failures.

Brda:

Correct.

Racz:

I know if I buy a stock, I know what is a failure and what is a success. It is very simple. And if these new clean energy companies are actual business failures is the political trend going to change?

Brda:

I think they are trying to change it politically but the reality is that it requires so many dollars in order to get entrenched into our system that it is just going to take you know – 5/10/15/20 years for any those types of technologies to even gain a foothold into a traditional hydrocarbon market. I think that where the growth is going to come from – the push to the clean energy side; this is going to come through natural gas. I think you are going to continue to see municipalities and fleets to start to run on natural gas. When I think of hydrocarbon of the future, natural gas comes to my mind.

Racz:

With this background, could you describe some numbers of your company.

Brda:

Sure. Torchlight Energy is a mid-continent player. We have producing properties in South Texas. We have producing properties in Central Oklahoma, in South West Kansas. We have four major projects in our company. We are currently producing north of 300 barrels a day and doubling our production on a quarterly basis. We predominately produce oil; however, we do have associated gas in some of our production in Oklahoma so our oil to gas mix will be 75% oil and 25% natural gas and we feel with what we have on our plate this year – we have about 90 wells to drill in state in and we are going to be about 2000 barrels a day and that is happening by the end of this year.

Racz:

2000 barrels is it for a month?

Brda:

That’s a day.

Racz:

2000 barrels is $200,000 a day?

Brda:

Correct.

Racz:

It gives over $60 million a year.

Brda:

That’s correct.

Racz:

And you have – and I’m an expert in this – you have a whole series of possibilities to drill continuously this year, next year and year after which really means that the $60 million eventually – well I presume with luck you can become $100 million per year oil and gas producer .

Brda:

That is correct. Right now we have over 1,000 drilling locations in our inventory. Without adding any more acreage or any more projects that we have in house currently, we have over 1,000 locations to drill and we are only drilling (I shouldn’t say only) but we are only drilling 90 locations this year, so we have 9 or 10 years of inventory still remaining before we add another acre of land to drill on so the answer to that question is yes. This year is going to be an incredible growth year for us, but it is not going to stop this year. We are going to continue to grow our company on a barrels of oil per day basis and on a top line revenue and cash flow basis as well.

Racz:

Is the international situation – the Middle East, Russia and so on – in what way do they influence your daily business?

Brda:

They really don’t influence our daily business. The only influence we see is minor blips on commodity pricing, certainly on oil. Natural gas is priced domestically but if there is turmoil in the Middle East, you might see oil spike up $4 or $5 and typically it’s a moment in time; it is not a reflection of the true market. I think the supply and demand and the overall trend of the market on a longer one year six month history gives you a better indication of how our oil is going to be priced. But it is does affect us, but it is not in a substantial way.

Racz:

Now specifically, it may not be an important issue, but does the future of Russia and Russian oil have any influence on your business?

Brda:

I think we’re too small to have any influence on us. We’re not a major – we don’t drill anything off shore or in foreign countries – you know, the extent of our excitement is Oklahoma, Texas and Kansas. So that aspect of what is going on in Russia should not affect us in any shape at all.

Racz:

Let’s go to this. At the moment without financing, how many shares do you have outstanding?

Brda:

We have 8.5 million shares and we have about 9 million in options and warrants and they are all cash options and warrants. If everyone were exercised, they would bring in about $25 million cash to the company and the original folks who contributed into our 12% senior secured a little over a year ago, they have the right to convert their debt into stock at $1.75 which would add another $5 or $6 – so on 32 million shares would be fully diluted with no debt and $25 million capital on the books.

Racz:

This means that altogether you have 30 million at $4 which is $120 million? It is almost 2 years of 100 million future production - $26 million cash and the market at $120 million makes the stock undervalued . Now, you said you are a mid-size producer with possibilities of expansion and more business, the next major item is cash. In other words, if you raise $10 million or $50 million at reasonable prices, with $50 million you could expand more rapidly and any expansion is meaningful on a per share basis. In other words, the company is very much leveraged to capital acquisition at decent prices and you have confidence you know how to use it.

Brda:

Correct. There is one statement there that I would have to argue. If we raise $50 million today, we couldn’t spend it quick enough and the reason being that our partners – operating partners in Oklahoma and Kansas – are basically drilling as quickly as we can drill. So, even if we had more cash on the books, we wouldn’t be able to drill more wells than we are already going to drill this year simply because of personnel and services. We wouldn’t be able to get….

Racz:

But there are other mid-size companies, smaller companies who do not have access – easy access to capital and therefore eventually – I know you are breaking out now in production numbers, eventually acquisitions or joint ventures become an important issue for management.

Brda:

Correct.

Racz:

But you are not yet Bunker Hunt’s former oil empire – he was big…

Brda:

No we are not that.

Racz:

And because Bunker Hunt always had access to money, he was in various international as well as domestic expansion programs. I mean he could write any checks. And you cannot yet.

Brda:

No, the answer to that is no we cannot but you also have to weigh depending if we are doing the money raising via debt or via equity, we have to weigh the difference between what you can spend that money on and what the cost of capital is. You know if I am going to raise $50 million in capital via equity today, I’ve got to have a place to spend it or I’m not going raise $50 million – I’ll only raise $20 million as opposed to $50 because…

Racz:

But the oil industry, the oil industry is so big that one way or another, intelligent expansion is welcome by the stockholders.

Brda:

No doubt but you also have to understand that you know – that nothing happens within days it takes months if not 6 months to a year to develop those joint venture relationships of which we have two fantastic joint venture relationships we are continuing to expand on. However, I just feel that the access to capital is going to be there; I think we need to take it in chunks instead of all at once.

Racz:

I’m trying to bring up examples. This fellow in South Dakota, a very wealthy man, who built a very big empire in oil – you probably know his name – I met him once. It was done at an incredible fast pace and he was both in exploration and in acquisition. Now – Occidental Petroleum was the opposite. It was only in acquisition – became a very powerful oil, international oil company. The Superior Oil at their earlier stage was both. The oil industry had many colorful structures in the century. There is no question that the American oil Industry was – actually it was peaceful. Of course, in all the other countries there was fighting and so on. But the American oil industry is peaceful and at the same time for the next 20 years there is plenty of hope – if you have peace in the world, the American oil industry can become more important as well as more diversified.

Brda:

Absolutely true.

Racz:

The Norwegians – think of American oil – as a very modest business. They don’t expand as they could – it is a modest business.

Brda:

Did you say modest?

Racz:

Yes.

Brda:

I would think that energy in the United States is certainly more than modest. Exxon has built the largest company in the United States.

Racz:

Put it this way, I think that particularly people of your size…

Brda:

Sure.

Racz:

You are modest – you are a modest company.

Brda:

Absolutely we are. And there are a lot of companies like ours.

Racz:

That’s exactly what I wanted to bring out. In order to expand in any business, particularly energy business which is expanding after all faster than many industries, you have to raise capital. In order to raise capital, you have to have a capital structure that people like so they give you money, and you use the money wherever you can. You indicated that year after year you could find drilling opportunities, so basically if somebody gave you $50 million in two or three years you can definitely use it.

Brda:

Yes.

Racz:

In order for any business to expand and raise money the capital structure is important because people buy stocks in a capital structure and if they buy it and the company gets it and they go to the next phase which is to see more production. I have studied a few companies – a company like Teledyne, all the conglomerates like Trian in America which owns Wendys and Lazard and so on, the capital structure is what made them, which created opportunities because they raised enormous amounts of money. Now this what I would like to mention. You have at the moment an offering which is 12% note, not exactly cheap but 12% note and convertible at $5 and stock is selling for $4.20. Now I have an idea – I’ll try it on you – if you take the 12% note and list it on an exchange or over the counter market, and split 100 to 1 you can create a tradable market of the bond and if you attach the right amount of warrants, the unit will go above 100 and you would probably get more than $50 million. And if according to this scenario the stock goes up higher like $6, then this new unit will go well above $100 and will be separately tradable and again become very popular and you would have the opportunity to double the $50 million later perhaps so you have 30 million plus warrants and you end up like $40 million. But in any case, it is an imaginative structure, tradable and it’s you know – to find a good company and a tradable piece of paper, is like a separate business. If you can – it seems to me that you are a very good operational opportunities but if you create a tradable and attractive secondary stock like a bond with warrants and list it, the whole picture will change. It is a separate business. You take care of the oil; somebody takes care of the trading and the structure.

Brda:

We talked to MLV about that actually – not doing a 12% sub debt but actually doing a preferred instrument that is listed at 12% listed preferred listed, preferred to trade – there are a lot of NASDAQ companies out there that have preferred shares that are traded on a daily basis over the NASDAQ.

Racz:

Look – I’m not talking specifically a NASDAQ structure of mine. What I am saying is that the company executives that I have noticed work day and night on the operational side can also pay equal attention on the capital structure and trading side so the money comes in and the company’s attractiveness would change. The $4 stock becomes $6/7/8 or $10 stock and – well that’s business …

Brda:

Just so you know, on that 12% deal we have up to $15 million that we are raising, we have about half of it already placed, so it’s coming in this week – so that money is being placed as we speak. We have several broker/dealers that are marketing this for us and we have a significant amount of subscription documents that are on their way to us along with the money. So we don’t need to list it in order to get the money. That money will be done in the next week and a half to two weeks – that raise will be done.

Racz:

Apple Computer is a good company okay – but Apple Computer always paid great attention to their financing and capital structure, so is my favorite – Tesla. And, what I am saying that you are a good operating company. People bought half, etc. Maybe it is not a crime to spend some time at least in a theoretical basis to examine various other capital structures which would immediately fulfill the $15, $17, $18 million and again carrying on your trusted activity think about the next step – I am sure there are a number of good acquisition opportunities because you are a known well-structured strong operational company and you have good contacts on Wall Street – most people don’t. In particular in the nickel industry nobody has any contacts. On the other hand in the casino industry – everybody has contacts. ) And they take advantage of it.

 

 

Disclaimer

Information contained herein is based on data obtained from recognized statistical services, issuers reports or communications or other sources believed to be reliable. However, such information has not been verified by us and we do not make any representation to its accuracy or completeness. Any statement non-factual in nature constitutes only current opinions which are subject to change. BERAL INC. or their officers, directors, analysts or employees may have positions in the securities or commodities referred to herein, and may as principal or agent buy and sell such securities or commodities. An employee, analyst, officer or a director of BERAL INC. may serve as a director for companies mentioned in this report. Neither the information nor any comment expressed shall constitute an offer to sell or a solicitation of an offer to buy any securities or commodities mentioned herein. There may be instances when fundamental, technical and competitive opinions may not be in concert. This firm may from time to time perform investment banking or other services for or which investment banking or other businesses from any company mentioned in this report.

 

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Posted August 4, 2005

 

 

Andrew Racz. 300 East 54 Street, Suite 26C, New York, NY 10022
Phone: (212) 319-6949 Fax: (212) 753-1944. E-mail: mlikar@aol.com

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