Torchlight Receives Drilling And Development Obligations Relief On Its Orogrande Basin Project
PLANO, TX / ACCESSWIRE / April 9, 2020 / Torchlight Energy Resources, Inc. (NASDAQ:TRCH) ("Torchlight" or the "Company"), today announced that it has received approval from University Lands for a one year suspension of the 2020 drilling and development obligations on the Company's Orogrande Basin Project.
During the relief period, Torchlight will continue its ongoing marketing efforts to the fullest extent possible. Additionally, current operations, voluntarily under suspense during the Texas Governors Stay At Home Order, will resume when possible.
"We appreciate University Lands' willingness to suspend our financial commitments on the Orogrande Unit," state John Brda, Torchlight's CEO. "We have a tremendous amount of new data from recent drilling and completion activities. Intensive data analysis will remain our focus over the near term as we continue to strengthen the profile of this asset."
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.
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SOURCE: Torchlight Energy Resources, Inc.
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