One-Page Deal Sheet
Torchlight Eyes Operatorship of Permian Project; Wolfcamp, Leonard
Torchlight Energy Resources, Inc. McCabe Petroleum
Announced Date
April 05,2016
Effective Date
April 04,2016
Close Date
April 04,2016
Transaction Type
Working Interest
Transaction Details: Subscribe to see
Torchlight Energy Resources, Inc. has signed a definitive agreement to purchase a 66.66% Working Interest and take over operations in ~12,000 acres (19 sections) in the Midland Basin from McCabe Petroleum Corporation.
The acreage was previously acquired by McCabe through a Farm-Out. Renowned geologist Rich Masterson has worked closely with McCabe to develop this prospect and the Company expects Mr. Masterson will reside as the project geologist throughout its development.
Terms of the agreement are as follows: ~12,000 gross acres (7,999 net acres), 100% of which will be operated 75% Net…Permian Deal Activity In Last 12 Months
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