Torchlight Announces Plans to Divest of Hunton Assets
PLANO, TX--(Marketwired - April 08, 2015) - Torchlight Energy Resources Inc. (NASDAQ: TRCH) ("Torchlight" or the "Company"), today announced that it is actively seeking to divest certain of its Hunton Assets located in Logan and Kingfisher Counties, Oklahoma.Â
Torchlight is actively marketing the Company's non-operated Hunton assets to potential buyers. These assets include lease rights and current production, which are being marketed separately. Torchlight has been in discussions with interested parties and expects to have a buyer identified shortly. The proceeds from a sale of all or a portion of the assets will be used to satisfy obligations to the Company's Series A Promissory Note holders.
"We expect to realize value created in our Hunton properties through this sale," stated John Brda, CEO. "Our continued goal is to create value for our shareholders and a divestiture of these assets would be a step in that direction. We believe this sale could generate funds to reduce debt and provide capital toward our Orogrande and Marcelina Creek Projects in Texas and with Ring Energy in Kansas."
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, Kansas and Oklahoma where their targets are established plays such as the Eagle Ford Shale, Mississippi Limestone and Hunton Limestone trends. 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.
Contact
Investor Relations Contact
Derek Gradwell
MZ Group
SVP Natural Resources
Phone: 512-270-6990
Email:Â dgradwell@mzgroup.us
Web:Â www.mzgroup.us
