One-Page Deal Sheet
Torchlight Picks Up Permian Interests; IDs New Shale Play
Torchlight Energy Resources, Inc. McCabe Petroleum
Announced Date
August 07,2014
Close Date
September 23,2014
Transaction Type
Working Interest
Location
Calculated Metrics( EV/Category)
Region
Permian
Country
United States
State
Texas
County
Hudspeth
Play
Calculated Metrics( EV/Category)
Transaction Details: Subscribe to see
Closing Announcement - September 24, 2014
Torchlight Energy Resources, Inc. has closed the previously announced transaction to acquire 100% Working Interest, 75% Net Revenue Interest in the 172,000 acre Orogrande Basin Prospect. The Company paid a total consideration of 865,000 shares of Torchlight common stock and $100,000 in cash to the seller. The acreage is in the primary term under five-year leases that carry additional five-year extension provisions.
Will McAndrew, Torchlight's Chief Operating Officer, commented: "We are very excited about this exploratory undertaking for the Company…
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