Torchlight Energy Resources, Inc. is actively seeking to divest certain of its Hunton Assets located in Logan and Kingfisher Counties, Oklahoma.
Torchlight is actively marketing the Company's non-operated Hunton assets to potential buyers. These assets include lease rights and current production, which are being marketed separately. Torchlight has been in discussions with interested parties and expects to have a buyer identified shortly. The proceeds from a sale of all or a portion of the assets will be used to satisfy obligations to the Company's Series A Promissory Note holders.
'We expect to realize value created in our Hunton properties through this sale,' stated John Brda, CEO. 'Our continued goal is to create value for our shareholders and a divestiture of these assets would be a step in that direction. We believe this sale could generate funds to reduce debt and provide capital toward our Orogrande and Marcelina Creek Projects in Texas and with Ring Energy in Kansas.'