Torchlight Energy Resources, Inc. has signed and closed a definitive agreement to purchase an additional 15.3% working interest in 5,110 acres in a Hunton Limestone development drilling project, Operated by Husky Ventures, Inc. Torchlight anticipates participating in an additional 5 to 6 horizontal Hunton Wells in the fourth quarter of 2013 as a result of this acquisition. The wells are expected to be drilled to a total measured depth of over 12,000 feet including greater than 4,000 feet of lateral section.
"This transaction signifies our confidence in Husky Ventures, Inc. and their success in the Hunton Limestone," commented Willard G. McAndrew, III, Torchlight's COO. "Following the very encouraging results on Torchlight's first wells with Husky Ventures since entering the project, we decided to take advantage of this opportunity to increase our working interest. We expect this transaction to be highly accretive to our shareholders. This will significantly expand our drilling inventory in the Hunton from 20 to 40 gross wells."