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TICKERS: TRCH

Texas Oil & Gas Firm to Sell Its Stake in Delaware Basin Project
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For its interest, Torchlight Energy Resources is to receive $350,000.

In a news release, Torchlight Energy Resources Inc. (TRCH:NASDAQ) announced that it and McCabe Petroleum Corp. (MPC), owned by Torchlight Chairman Greg McCabe, agreed to sell their cumulative interest in the Winkler project in the Delaware Basin for $450,000. The two entities closed a letter agreement with the project's operator.

Torchlight is to receive $350,000, and the remaining $100,000 is to be allocated to MPC. Per the agreement, MPC will have the amount due to it paid to Torchlight, in exchange for 313,480 shares of Torchlight common stock.

Also per the arrangement, Torchlight and MPC, within 90 days, may introduce a third party offer for the Winkler project stake. "If the offer is accepted and the consideration received from the third party in such transaction, as allocated to the assets purchased from Torchlight and MPC, exceeds the $450,000 purchase price described above, then Torchlight and MPC are to receive a fee equal to one half of the positive difference between the purchase prices," the company stated in the release.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Torchlight Energy. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
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5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Torchlight Energy, a company mentioned in this article.





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