One-Page Deal Sheet
Torchlight, Founders Join Forces to Develop Midland Basin Prospect
Founders Oil and Gas LLC Torchlight Energy Resources, Inc.
Announced Date
September 29,2015
Close Date
September 23,2015
Transaction Type
JV
Enterprise Value (EV)($MM)
50
Asset/Basin:
{Permian}
Location
Region
Permian
Country
United States
State
Texas
County
Hudspeth
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Torchlight Energy Resources, Inc. has entered into a definitive agreement with Founders Oil and Gas, LLC of Midland, TX for the development of Torchlight's Orogrande Project.
The terms of the agreement include a $5 million reimbursement to Torchlight for initial project costs incurred and an additional $45 million in developmental capital to be deployed by Founders over the next two years in exchange for 50% Working Interest in the Project. Upon reaching the total agreed expenditure, Torchlight and Founders plan to fund future development costs equally on a "heads up" AFE basis. Upon closing…
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