Torchlight Energy Resources, Inc. has entered into a definitive agreement with Husky Ventures (Husky) its operator in the Hunton Project to sell certain assets in one of its six AMI's with Husky.
The terms of the agreement call for a sale price of approximately $4.6 million, which would net the company approximately $1.4 million after paying off the operator payable and the fees and expenses relating to the transaction. The closing is set for November 30th and is part of the previously announced transaction between Gastar and Husky.
Post closing, Torchlight would remain in five AMI's with Husky, with approximately 7000 net acres and ~70 BOEPD. However, Torchlight is still actively marketing its remaining Hunton Assets.