Expect to Drill 5 to 6 Additional Hunton Limestone Wells in Q4 2013
PLANO, TX -- (Marketwired) -- 10/01/13 -- Torchlight Energy Resources, Inc. (OTCQB: TRCH) ("Torchlight Energy" or "the Company") today announced that the Company has signed and closed a definitive agreement to purchase an additional 15.3% working interest in 5,110 acres in a Hunton Limestone development drilling project, Operated by Husky Ventures, Inc. Torchlight anticipates participating in an additional 5 to 6 horizontal Hunton Wells in the fourth quarter of 2013 as a result of this acquisition. The wells are expected to be drilled to a total measured depth of over 12,000 feet including greater than 4,000 feet of lateral section.
"This transaction signifies our confidence in Husky Ventures, Inc. and their success in the Hunton Limestone," commented Willard G. McAndrew, III, Torchlight's COO. "Following the very encouraging results on Torchlight's first wells with Husky Ventures since entering the project, we decided to take advantage of this opportunity to increase our working interest. We expect this transaction to be highly accretive to our shareholders. This will significantly expand our drilling inventory in the Hunton from 20 to 40 gross wells."
Torchlight entered the highly prospective Hunton Oil Window region located in Central Oklahoma in May 2013 and has quickly expanded its acreage ownership and relationships in the area. Husky Ventures, the operator of the wells, has extensive expertise in the Hunton Limestone play, having successfully drilled 23 horizontal wells in Central Oklahoma during the past 5 years. The Company will issue 558,357 restricted shares of Torchlight common stock in exchange for the 15.3% working interest. Following the close of this transaction, Torchlight will have over 15% working interest in 8,910 gross acres in the region, which includes more than 40 potential drilling locations.
About Torchlight Energy
Torchlight Energy Resources, Inc. (OTCQB: 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.
Source: Torchlight Energy Resources, Inc.