Torchlight Announces Partial Sale of Additional Hunton Assets
PLANO, TX -- (Marketwired) -- 05/02/16 -- Torchlight Energy Resources, Inc. (NASDAQ: TRCH) ("Torchlight" or the "Company"), today announced that it has closed the sale of assets in the Cimarron Trail property for net proceeds of $750,000 with an effective date of April 1, 2016. The sale, along with the receipt of the $500,000 received from Founders Oil and Gas as payment of their obligation upon spudding the University Founders B-19 #1 well in the Orogrande Project, adds $1.25 million of liquidity for Torchlight.
The Company will continue marketing its remaining Hunton Assets and exit that play to focus efforts on its Orogrande Project and recently acquired Permian Basin Hazel Project in West Texas.
About Torchlight Energy
Torchlight Energy Resources, Inc. (NASDAQ: TRCH), based in Plano, Texas, is a high growth oil and gas Exploration and Production (E&P) company with a primary focus on acquisition and development of highly profitable domestic oil fields. The company currently holds interests in Texas and Kansas where their targets are established plays such as the Eagle Ford, Morrow, Wolfcamp A&B, and WolfPenn formations. For additional information on the Company, please visit www.torchlightenergy.com.
Forward Looking Statement
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Such forward-looking statements involve known and unknown risks and uncertainties, including risks associated with the Company's ability to obtain additional capital in the future to fund planned expansion, the demand for oil and natural gas, general economic factors, competition in the industry and other factors that could cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. The Company is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
Source: Torchlight Energy Resources, Inc.