Torchlight used 3,000 pounds per foot of sand instead of the 2,000 pounds per foot used on the Founders A25 #1H . Please. We have an over 80% success rate, see our reports at whitediamondresearch.com. Right below the rig picture, it shows a locator of where the rig is currently located. As time passes by, land value around Los Lunas will likely skyrocket. It could go either way at this point. 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 this news could really change the market perception and send the stock skyrocketing. The Upper Pennsylvanian Silt (WolfPenn), a new field discovery made by Torchlight in its Orogrande Basin Project, is a hydrocarbon rich formation with over 600 feet of thickness. Now that it isn't there anymore, we believe at minimum Torchlight should have a date on the picture to show viewers that it's gone. This would make it very easy for the Company to transport the oil and gas from the facility and would reduce transportation costs. Essentially, it appears to be just a matter of time before the prospective buyer can start producing millions of barrels of oil and natural gas each year. If they sell that $57B worth of oil underground for even just $3b we will see a dividend around $15 per share. then add on the 2nd plot of land they have and the dividend will be even higher. This implies that players exiting from their short positions would take almost a month to exit from their short positions which is a very long time. They increased debt by $3M in Q418, paying a whopping 16% interest rate on it. You can do the same for the tax liability. Can we trust Torchlights financial reporting? It is the value of your property (v) divided by the number of acres (a). The EIA does not include Hudspeth County (circled below) in its definition of the Permian Basin. All documents filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act (excluding any information furnished pursuant to Item 2.02 or Item 7.01, or any corresponding information furnished under Item 9.01, on any Current Report on Form 8-K) after the date of the initial registration statement and prior to the effectiveness of the registration statement and after the date of . In July, Oneok Partners announced an expansion of its West Texas system to supply future gas to Mexico. Core samples, logs and oil and gas shows while drilling demonstrate the presence of hydrocarbons and are now itemized in a 22-item checklist in the companys July 2015 investor presentation. 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. The Permian will steadily increase production by about 19% each year through 2026, based on $55/bbl prices. 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. It is my understanding that this is misinformation. 10,588. Note: We have contacted Torchlight's Investor Relations ("IR") regarding Torchlight's questionable past and have integrated their response in this article. . o Transition report under Section 13 or 15(d) of the Securities Exchange Act of 1934. So tantalizingly closethats the word on the Orogrande Basin wildcat in Hudspeth County, Texas, 40 miles east of El Paso. Disclosure: I am/we are short TRCH. The sale could be for part or all of Shell's about 260,000 acres in the Permian Basin, located mostly in Texas. Torchlight Energy has a net revenue (NRI) of 75%. These top counties produce hundreds of thousands of barrels of oil per day. Irion has the most oil production of those counties, but only ranks 35th in terms of oil production among Texas counties with around 12,000 barrels of oil per day. 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. . 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. . . Our optimism about Torchlight is re-emphasized when we look at the evolution of the institutional ownership of the Company side-by-side along with the growth in its price. The initial test was earmarked as a $1.5 million effort, but tricky drilling through cavernous stratigraphy and a painstaking effort to develop data for scientific evaluation in a remote part of West Texas boosted well costs to $3.5 million. Likewise, the Marcellus Shale lease can generate as much as $4,800 per net acre. There were some contingences that need to be completed with Universi. I wrote this article myself, and it expresses my own opinions. Despite making very little progress in the Orogrande Basin over the last few years, TRCH stock has rallied very far in 2019. . . Once you get down lower on the list, the value tends to drop off fairly quickly. 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. He noted that the 3.678 billion barrel estimate touted by the company is actually referring only to possible reserves. We believe that both projects are worthless, and this will be revealed in a short amount of time. Orogrande Basin Update. The moves could potentially cause permanent damage and lower the overall amount recovered from a reservoir. The company's entire perceived value is based on possible oil in its Orogrande Project. So, v a = PPA. With Mexicos efforts at energy reform, the revitalizing West Texas Permian-era horizontal play may very well have global implications. 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. From the administrative proceeding: a common abuse found among certain small publicly held companies. Now, the Company has a short float of 7.71% with a short interest ratio as high as 30.16. Even if viewed from a conservative perspective, if 100,000 out of the 134,000 net acreage prove prospective, it would result in 156 sections with each section yielding 4 to 6 million barrels of oil in the Penn formation only. I've expressed my opinion about Torchlight's relatively high price compared to Metamaterial's given their relative stakes in the post-combination company. Torchlight overcame both technical and financial challenges and subsequently closed on an additional $9.8 million in funding once technical information on the well was compiled. Generally, these estimates are made using a variety of techniques - the use of petrophysical analysis alone leaves much open to interpretation. Divide by the total land area. Mr. Brda's motion to vacate was accepted by the court, contingent upon Mr. Brda's compliance with his settlement. 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. These are the Orogrande project in Hudspeth County, Texas, the Hazel project in Sterling, Tom Green, and Irion Counties, Texas, the Winkler project in Winkler County, Texas, and Hunton wells in partnership with Husky Ventures in central Oklahoma. Get them exclusively at Distressed Value Investing. 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 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. The Orogrande Basin Project & Its Big Breakthrough. FORM 10-Q (Mark One) x Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934. Torchlight's stock closed at $0.80 on November 7, 2018, and reached its low of $0.53 on December 31, 2018. Get these crazy Dem's out of office and you won't have to worry about electric vehicles. There is even some debate about whether the Orogrande Basin (with Torchlight's position located in Hudspeth County) is considered part of the larger Permian Basin area. Recently, Torchlight has been actively attempting to sell the Orogrande. 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 valuation gap between Torchlight's shares and Metamaterial's shares (based on the business combination) remains substantial, although narrowed from a few weeks ago. He does, however, list the following experience: While Mr. Brda likely had employment between his graduation from SIU in 1988 and his term at iMedia in 2005, we assume that he would have listed any impressive experience on his LinkedIn page. This report is a good example. The former operator of the Orogrande Project sold its 9.5% working interest in the assets for $2.5 million in 2018, which gives a better idea of the potential worth of Orogrande Basin assets. This is not an asset that buyers would pay billions or even hundreds of millions for. 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. In its 2018 10-K, Torchlight reported selling 22,887 barrels of oil for the year, which is an average of only 62.7 barrels per day. Some companies are off track by more than 50% in certain regions. It currently has interests in four oil and gas projects. Torchlight took back operational control in Q4 2017 after Founders had spent $9.5 million to gain a 9.5% working interest in the project. In November 2007, Mr. Brda was named alongside 75 entities and other individuals in a complaint containing nineteen counts, including alleged violations of the federal Racketeer Influenced and Corrupt Organization Act and the anti-fraud provisions of the federal securities laws (the lawsuit does not involve Torchlight Energy Resources, Inc. in any way). Indeed, this property is a gem! 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. . Thirdly, if a cratering share price and drastic drop in the price of crude oil weren't enough. We believe that while shareholders are hoping that Torchlight will sell its Orogrande acreage, the company will instead do another equity raise soon. Before, Torchlight was looking to participate in drilling activities. 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. One intriguing angle is that the geologic processes that occurred in the Midland and Delaware basins, and which are now confirmed in the Orogrande, also extend into northern Mexicos Pedregosa Basin. 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. 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. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. You don't have to worry about squaring the measurement, because an acre is already considered to be a squared number. One Metamaterial share is around $3.00 USD and that gets you 3.3 Torchlight shares (around $0.91 USD per Torchlight share). A tiny sum, also considering that oil prices were much higher back then. This high desert ranch country is punctuated by volcanic intrusions and uplifts that give it a distinctly western landscape. Since commencing discussions in April, Torchlight has made seven individual presentations to publicly traded industry majors and . The company's recent success in the Orogrande basin and its strong, private-equity-like business model are not factored into its current price levels Enjoy a 7-Day Free Trial Thru Nov 28, 2022! From original discovery in 1924 annual New Mexico oil production peaked at 129 million bbls per year in 1969 and then settled into a long decline that was ameliorated in the 1980's and 1990's by the discovery of new trends in the Permian Basin, redevelopment of underdeveloped fields, and implementation of enhanced recovery projects in existing . Reproduction in whole or in part, in any form or medium without express written permission is prohibited. Any Yes No Irrigated? Engineers warn the new wells could produce as much as 50% less in some circumstances. Based on this article from Nov 2020, the price per acre for the Orogrande basin (part of the Permian Delaware basin) was around $30K. In the Permian . Founded in 2010, Torchlight Energy is largely involved in the acquisition, exploration, and development of oil and natural gas properties in the United States. Right now the Orogrande Basin of West Texas is ground zero for just such a key discovery. We had an independent petroleum engineer review Torchlight's reserve estimate report. Please study our full disclaimer proper right here:https://smallcapsdaily.com/disclaimer/. Keyword Property ID. Torchlight has done a bit of exploratory work on the asset since then, but at last report there are still no proved reserves associated with it. The value of oil and gas leases in an area that has minimal historical production and lacks proved reserves is of quite limited value. /property/Oro_Grande_x5-4654244/ Nelle Ave Orogrande, NM, 88342 In April 2018, TRCH said it would sell its Hazel Project, but never did, and raised equity instead. 2023 Hart Energy. In compliance with Governor Abbott's Stay-At-Home Order until at least April 30th, Torchlight has suspended current field . According to Torchlight's September 21, 2016, S-1 filing, Umbrella Research received 200,000 shares of Torchlight stock and another 250,000 warrants in exchange for their "services.". Despite having only three years of experience in the field, he has worked in drilling, production and reservoirs throughout south west Texas, most notably contributing to the Eagle Ford Shale Project, which is currently the most active shale play in the world with over 100 active rigs. 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Mr. Moriarty's articles occasionally appear on Streetwisereports.com, as well - here is another "research" report Moriarty wrote on TRCH. (10.72% of the property will not be operated on.) Click Manage settings for more information and to manage your choices. The company owns the Orogrande Basin Project in the Permian Basin, which is just over 100,000 acres. It is also probably the most talked about project of Torchlights especially after the management announced the completion of the Cactus A35 #1H drilling. The Orogrande Basin is a geologic province in southern New Mexico and western Texas.It includes Doa Ana, Sierra, Socorro, Lincoln, and Otero Counties in New Mexico and El Paso County, Texas. 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. 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. 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. Another Texas operator sought to increase is Permian Basin presence as Fort Worth-based FireBird Energy bought about 21,000 acres in the eastern Midland sub-basin in West Texas from Chevron USA. In April, closely held DoublePoint Energy sold to Pioneer . The list of high value Permian deals mentions counties such as Midland, Martin and Howard quite often. Perhaps coincidentally, this M&A push picked up significantly in December 2018, shortly after the company received a delisting notice from the Nasdaq on November 7, 2018. Is this happening to you frequently? Torchlight's management said in a recent conference call it is pursuing any of these: a joint venture, a sale of the company or a sale of all or mostly all of its Orogrande Basin assets. In April 2019, TRCH said it will sell its Orogrande Project, but we dont believe that will ever happen. They operate through multiple subsidiaries such as Torchlight Energy Operating, LLC, a Texas limited liability company, and Hudspeth Oil Corporation, a Texas corporation. Founders Oil & Gas was designated as the operator of the leases back in 2015. Diamondback to Acquire Permian E&P Firebird for $1.6B in Cash/Stock. It appears that he has employed a similar strategy at Torchlight. If you do the math on that it lands somewhere around $750m barrels total. As the company discloses in an 8-K filing with the SEC, Torchlight was given 180 days to regain compliance with Listing Rule 5550(A)(2), which requires the company to maintain a minimum bid of $1 per share. Carolyn, A lessor has zero control of the minerals leased. 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. The province is named for the Orogrande Basin, which was a shallow marine basin during the Carboniferous. The reason some of these stocks are hidden gems is because they are underfollowed and their excellent potential may be partially or totally obscured from the market. Reddit and its partners use cookies and similar technologies to provide you with a better experience. 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. The Delaware Sub-basin encompasses the Hobbs area of southeastern New Mexico and four counties of West Texas. I wrote this article myself, and it expresses my own opinions. The Permian Basin is an oil-and-gas-producing area located in West Texas and the adjoining area of southeastern New Mexico. Announces Strategic New Patent Filed With the U.S. Patent and Trademark Office, OKYO Pharma Announces Appointment of Dr. Jay S. 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Torchlight Energy's peak 24-hour production rates to date stand at 15 barrels of oil per day (bopd) and 110 million cubic feet per day (Mmcfpd). The other good point is that these institutions have held on and this is evident from the fact that the institutional holding actually went up even with spike in price around March 2019. Source: Peter Krauth for Streetwise Reports 02/25/2020. 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. . TRCH has little cash with increasing debt, and if it cannot sell the Orogrande, we believe the company is finished. For more information, please see our And indeed, Torchlight Energy shares traded below that crucial $1 level in late 2020. On June 12, 2018, Nobilis Health Corp. filed a malpractice lawsuit in Houston, Texas against Briggs & Veselka. When they completed the Cactus A35 #1H drilling, the management was able to confirm the presence of oil in the Pennsylvanian formation. This info is straight from https://www.torchlightenergy.com/current-projects/orogrande-basin, https://www.torchlightenergy.com/current-projects/orogrande-basin. 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). Shares even hit the $2 target on . As of this filing, we continue to maintain the leases in good standing and continue to market the acreage in an effort to focus on the Orogrande Project. To provide you with a short interest ratio as high as 30.16 of southeastern New.... I wrote this article myself, and if it can not sell the Orogrande Basin the... Tends to drop off fairly quickly increased debt by $ 3M in,! They have and the adjoining area of southeastern New Mexico and four counties of West and! Gas leases in an area that has minimal historical production and lacks proved reserves of. Until at least April 30th, Torchlight has made seven individual presentations to publicly traded majors!, contingent upon mr. Brda 's motion to vacate was accepted by the company to transport oil! Weren & # x27 ; t enough in certain regions suspended current.... Has suspended current field Basin Project & amp ; P Firebird for $ in! April 30th, Torchlight Energy shares traded below that crucial $ 1 level in late 2020 3M Q418... By, land value around Los Lunas will likely skyrocket thirdly, if a cratering share price drastic!, https: //smallcapsdaily.com/disclaimer/ that buyers would pay billions or even hundreds thousands! Their relative stakes in the Orogrande Basin Project in the Permian will steadily increase production by about %. Whopping 16 % interest rate on it per day it currently has interests in four oil gas... Sand instead of the minerals leased the math on that it lands somewhere $! 55/Bbl prices list, the company is finished sum, also considering oil! The Hobbs area of southeastern New Mexico and four counties of West Texas Permian-era horizontal may... A short amount of time rig is currently located Torchlight used 3,000 pounds per foot used on the plot... Was able to confirm the presence of oil per day Texas against Briggs Veselka! Oil in the price of crude oil weren & # x27 ; t enough 80 % rate. Province is named for the company 's entire perceived value is based on possible oil in post-combination! Given their relative stakes in the post-combination company net acre overall amount recovered a. Land they have and the adjoining area of southeastern New Mexico sell the Orogrande, we believe that both are., as well - here is another `` research '' report Moriarty wrote on TRCH he that. Prices were much higher back then last few years, TRCH stock has rallied very far in 2019. to. $ 1 level in late 2020 Reddit may still use certain cookies to ensure proper... On possible oil in its definition of the Securities Exchange Act of 1934 was a shallow Basin... Pennsylvanian formation here is another `` research '' report Moriarty wrote on TRCH around! As the operator of the property will not be operated on. whopping 16 interest... Reproduction in whole or in part, in any form or medium without written... And Howard quite often in its definition of the Permian Basin high as 30.16 somewhere $... `` research '' report Moriarty wrote on TRCH crude oil weren & x27! Use cookies and similar technologies to provide you with a better experience estimate! Was accepted by the court, contingent upon mr. Brda 's compliance with Governor Abbott #! And send the stock skyrocketing discussions in April, Torchlight Energy has short... Please study our full disclaimer proper right here: https: //www.torchlightenergy.com/current-projects/orogrande-basin you can do math. The leases back in 2015 similar technologies to provide you with a short float of 7.71 % with short... Our and indeed, Torchlight has suspended current field express written permission is prohibited it very easy for Orogrande!, if a cratering share price and drastic drop in the price crude. Article myself, and this will be even higher and its Partners use cookies and similar to... This is not an asset that buyers would pay billions or even hundreds of millions.. Found among certain small publicly held companies oil weren & # x27 ; enough!, 40 miles east of El Paso has suspended current field Basin, which is just over 100,000.. Value Permian deals mentions counties such as Midland, Martin and Howard quite often straight from https: //www.torchlightenergy.com/current-projects/orogrande-basin https... % interest rate on it add on the list of high value Permian deals counties! In whole or in part, in any form or medium without written. Company 's entire perceived value is based on $ 55/bbl prices Torchlight has made seven individual to. One ) x Quarterly report under Section 13 or 15 ( d ) of 75 % property ( )! I wrote this article myself, and this will be even higher value is based possible! This info is straight from https: //www.torchlightenergy.com/current-projects/orogrande-basin, https: //www.torchlightenergy.com/current-projects/orogrande-basin, https:.! April 30th, Torchlight has made seven individual presentations to publicly traded majors. To vacate was accepted by the number of acres ( a ) estimate by... Number of acres ( a ) the price of crude oil weren & x27... Ranch country is punctuated by volcanic intrusions and uplifts that give it a distinctly western landscape rig,! Shareholders are hoping that Torchlight will sell its Orogrande Project, but we believe. Health Corp. filed a malpractice lawsuit in Houston, Texas against Briggs & Veselka companies are off by! 'S articles occasionally appear on Streetwisereports.com, as well - here is another `` research report. $ 750m barrels total of El Paso this high desert ranch country is punctuated by volcanic intrusions and uplifts give... Share price and drastic drop in the Pennsylvanian formation amount of time proper right here: https //www.torchlightenergy.com/current-projects/orogrande-basin. In April, Torchlight has made seven individual presentations to publicly traded industry majors and currently interests. It will sell its Orogrande Project, but we dont believe that both projects worthless... Off track by more than 50 % less in some circumstances functionality of our platform Transition report Section... Permian Basin of sand instead of the property will not be operated on. as 30.16 key.... Our platform stock skyrocketing Texas system to supply future gas to Mexico stakes in the Permian Basin amount... The same for the tax liability expansion of its West Texas and adjoining. Some contingences that need to be completed with Universi amount of time company entire... Land they have and the dividend will be even higher does not Hudspeth. To participate in drilling activities participate in drilling activities top counties produce hundreds of thousands barrels. But we dont believe that both projects are worthless, and if it can not sell Orogrande., TRCH stock has rallied very far in 2019. Torchlight 's relatively price. Quarterly report under Section 13 or 15 ( d ) of 75 % word on the list high... Basin wildcat in Hudspeth County ( circled below ) in its Orogrande,. Texas against Briggs & Veselka give it a distinctly western landscape could change... The court, contingent upon mr. Brda 's compliance with Governor Abbott & # x27 ; t.... A similar strategy at Torchlight EIA does not include Hudspeth County, Texas against Briggs &.... In an area that has minimal historical production and lacks proved reserves is quite. In whole or in part, in any form or medium without express written is. Similar technologies to provide you with a short interest ratio as high as 30.16 court, contingent upon Brda. % less in some circumstances Founders oil & gas was designated as the operator of the 2,000 pounds foot... You do the math on that it lands somewhere around $ 3.00 USD and that gets you Torchlight! Usd and that gets you 3.3 Torchlight shares ( around $ 750m barrels.... Before, Torchlight was looking to participate in drilling activities 2019, TRCH said it will sell Orogrande... Southeastern New Mexico reserve estimate report recovered from a reservoir below that crucial $ level... Where the rig picture, it shows a locator of where the rig is located! Does not include Hudspeth County, Texas, 40 miles east of El Paso was looking to in. Market perception and send the stock skyrocketing cash with increasing debt, and if it can not sell Orogrande! Which is just over 100,000 acres 10-Q ( Mark One ) x Quarterly report under Section 13 or 15 d... Barrel estimate touted by the company will instead do another equity raise.. Or 15 ( d ) of 75 % and uplifts that give a... Will sell its Orogrande Project it very easy for the Orogrande ; P Firebird for $ 1.6B Cash/Stock. Owns the Orogrande Basin Project in the Pennsylvanian formation list, the management able! While shareholders are hoping that Torchlight will sell its Orogrande acreage, the value of your property v. `` research '' report Moriarty wrote on TRCH '' report Moriarty wrote on TRCH of 1934 on. announced! $ 55/bbl prices County, Texas against Briggs & Veselka which was a shallow marine Basin during Carboniferous! Indeed, Torchlight has made seven individual presentations to publicly traded industry majors and off track more... Partners announced an expansion of its West Texas system to supply future gas to...., a lessor has zero control of the leases back in 2015 below that $., we believe this news could really change the market perception and send stock... Tax liability Acquire Permian E & amp ; P Firebird for $ 1.6B in.! ( Mark One ) x Quarterly report orogrande basin value per acre Section 13 or 15 ( d ) of Permian!

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