Torchlight Announces Organizational Changes
Adds Two Independent Board Members and Appoints Greg McCabe as Chairman
PLANO, TX -- (Marketwired) -- 10/13/16 -- Torchlight Energy Resources, Inc. (NASDAQ: TRCH) ("Torchlight" or the "Company") today announced that it has added two independent members to its Board of Directors, Mr. E. Scott Kimbrough and Mr. R. David Newton. Additionally, the Board has appointed Mr. Greg McCabe to the role of Chairman of the Board. This augmentation to the Board follows the recent departure of Torchlight's COO, Willard McAndrew who resigned from his position and vacated his seat on the Torchlight Board as mentioned in the Company's recent 8K filings. With these appointments Torchlight will have eight directors; however, Mr. Devereaux, Mr. Shockey and Mr. Barney are not expected to stand for re-election at Torchlight's annual meeting on December 8th, 2016.
Mr. E. Scott Kimbrough is the owner/operator of Maverick Oil & Gas Corporation, and other independent entities, which he has managed for more than 20 years. His diverse oil and gas background spans 39 years and includes roles ranging from field operations to senior corporate management. Mr. Kimbrough began his career with Arco Oil & Gas Company, followed by work with independents including Quintana Petroleum Corporation, Lasmo Energy, and Nearburg Producing Company. His focus has been in domestic US fields including the Permian Basin in West Texas and Southeast New Mexico, on and offshore Gulf Coast, Midcontinent, Rockies Mountain area and onshore California. Kimbrough received a Bachelor of Science in Business Administration from Louisiana Tech University, and Mechanical Engineering from Texas A&M University. He performed postgraduate studies at LSU and the University of Houston and is a Registered Petroleum Engineer in the State of Texas.
Mr. R. David Newton has more than 25 years of experience in management consulting from various positions he has held with US based investment firms. His focuses have been funding venture capital, channel distribution, startups, second and third stage financings, and corporate turn arounds. Mr. Newton brings a depth of relationships developed through decades of participation in corporate finance and operational skills developed while focused on helping growth stage entities in the oil and natural gas, aerospace and timber as well as various other industries.
"We would like to extend our welcome to Mr. Kimbrough and Mr. Newton as they join the Torchlight Board," stated John Brda, CEO of the Company. "The impact from their depth of experience and industry relationships will be significant and accretive to Torchlight. The business acumen and extensive oil and gas knowledgebase they bring will be immediately beneficial."
"I would also like to thank Will McAndrew for his loyal and dedicated service to Torchlight and its shareholders. His contributions have been innumerable in the first stages of our growth and we wish him well as he embarks on the next chapter in his career. His always positive demeanor through the commodity price downturn and tireless work ethic will be sorely missed and will serve him well in his future endeavors."
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 has assets focused in West and Central Texas where their targets are established plays such as the Permian Basin. 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.