Husky Ventures: Torchlight Announces Partial Cash Closing From Sale of Hunton Assets

PLANO, TX--(Marketwired - January 04, 2016) - Torchlight Energy Resources, Inc. (NASDAQ: TRCH) ("Torchlight" or the "Company"), today announced a partial cash closing from the previously announced agreement with Husky Ventures ("Husky"), the operator of the Company's Hunton assets. Torchlight previously agreed to sell certain leases in one of six Areas of Mutual Interest. The terms of the agreement outline a sale price of approximately $4.6 million, which would net the company approximately $1.4 million after operator payables and transaction fees. Over $2.8 million in operator payables were paid in full upon execution of the agreement. Upon the announced closing Torchlight received proceeds of $900,000. A final closing with additional cash proceeds to be determined is expected to take place post reconciliation of certain lease issues between Husky and other interest owners. The Company expects a resolution in 60 days followed by final accounting and payment.read more