Torchlight Energy (NASDAQ:TRCH) stock is soaring higher on Wednesday as its shares experience incredibly heavy trading.
![Image of an oil wells with an orange-red sky at dusk Image of an oil wells with an orange-red sky at dusk](https://investorplace.com/wp-content/plugins/lazy-load/images/1x1.trans.gif)
TRCH has seen more than 186 million shares of its stock change hands as of this writing. That’s a massive spike compared to the company’s daily average trading volume of roughly 9 million shares.
So what exactly has TRCH stock up today. The news is likely connected to the closing of a public offering. This saw it sell 23 million shares of its stock at $1.20 per share. That includes the underwriter of the deal fully exercising its over-allotment option.
Keeping that in mind, here’s what potential investors in TRCH stock need to know about the company before they invest.
- Torchlight Energy is an oil and gas exploration and production company based out of Plano, Texas.
- The company’s main focus is on the “acquisition and development of highly profitable domestic oil fields.”
- It holds interests in Texas, including the Permian Basin and the Eagle Ford Shale.
- TRCH currently has projects underway in the Midland Basin, Orogrande Basin, and the Delaware Basin.
- Torchlight Energy was founded in October 2007.
- It joined the public market in November 2010 after completing its initial public offering (IPO).
- The company is led by its president, CEO, secretary, and director John Brda.
- He took up this role in December 2012 after the departure of co-founder Tom Lapinski.
TRCH stock was up 82.5% as of Wednesday afternoon and is up 313.4% since the start of the year.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.