PLANO, TX--(Marketwired - December 20, 2013) - Torchlight Energy Resources, Inc.
(NASDAQ: TRCH) ("Torchlight Energy" or "the Company") today announced that the Company has entered into an agreement to acquire 25% working interest in a new area of mutual interest (AMI) covering approximately 92,000 acres with Husky Ventures and two other private entities. This transaction increases Torchlight Energy's acreage in the Hunton to approximately 13,400 gross acres.
Will McAndrews, COO of Torchlight Energy, explained, "We are very excited about expanding our relationship with Husky Ventures and look forward to participating at a higher working interest in this play alongside of an experienced operator. The Husky Ventures team has demonstrated a unique ability to uncover and develop tremendous plays. These properties provide excellent opportunities for us to increase our production and cash flows in a capital efficient, low-risk manner."
The AMI spans four townships covering approximately 92,000 acres. Currently 4,200 acres have been leased while ongoing efforts are underway on finalizing the remaining acreage. Husky Ventures will target formations in the Hunton, Woodford Shale and Simpson Sands, with additional stacked pay behind pipe. The Company anticipates drilling the first well by the end of the first quarter of 2014.
Chuck Long, CEO of Husky Ventures, stated, "At this point in our lifecycle, we can begin to pick and choose our partners for our projects. We have chosen to partner with Torchlight on this project because they have consistently met their commitments in their participation in our previous AMIs. We look forward to developing tremendous wells together and delivering strong returns to all respective stakeholders."
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
The information contained in this news release, other than historical information, consists of 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 may 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 Torchlight Energy'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 general and other factors that may 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.
(December 20, 2013 - 9:58 AM EST)
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