Torchlight Energy Resources, Inc. has signed a Letter of Intent to sell approximately 40% of its Hunton Assets to a private buyer. The agreed upon sales price is $5.5 million and is subject to normal closing conditions. Closing is expected to occur by end of July.
'This is the first step in closing our position in the Hunton Play,' commented Torchlight's COO, Willard McAndrew III. 'We will continue to market the remaining assets as planned and if we cannot sell the assets for the price that we believe to be fair market value, we can continue to develop the project with the operator. Selling this first piece of the assets gives us tremendous flexibility and is in line with the previously announced goals of the company.'