One-Page Deal Sheet
Torchlight Sells Hunton Lime Cimarron Trail Project to Founders
Founders Oil and Gas LLC Torchlight Energy Resources, Inc.
Announced Date
May 03,2016
Effective Date
May 01,2016
Close Date
April 29,2016
Transaction Type
Property
Enterprise Value (EV)($MM)
1
Asset/Basin:
{Mid-Continent,"Hunton Lime"}
TargetZones:
{"Hunton Lime"}
Transaction Details: Subscribe to see
Torchlight Energy Resources, Inc. announced that it has closed the sale of assets in the Cimarron Trail property for net proceeds of $750,000 with an effective date of April 1, 2016.
The sale, along with the receipt of the $500,000 received from Founders Oil and Gas as payment of their obligation upon spudding the University Founders B-19 #1 well in the Orogrande Project, adds $1.25 million of liquidity for Torchlight.
The Company will continue marketing its remaining Hunton Assets and exit that play to focus efforts on its Orogrande Project and recently acquired Permian Basin Hazel Project…
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| Date | Deal Headline | Price | $/acre |
|---|---|---|---|
| Jan-26-2018 | Gastar Sells Hunton Lime Property for $107.5MM | - |
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