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Torchlight Energy Resources sell $1mn in shares for Hazel Prospect plans

Market news
Market news

Torchlight Energy Resources said it has sold $1million in shares of convertible preferred stock to a group of investors led by a trio of companies.

The funds raised will be committed to the drilling and completion of the company’s Hazel Prospect in the Permian’s Midland Basin.

Maverick Operating will perform the drilling and completion of the first well and continue to operate the project upon their election.

Torchlight said the location and roads for the first well, named the Flying B Ranch #1 well, have been built and drilling of the well has begun.

John Brda, chief executive of Torchlight, said:”We are very excited to begin drilling on the Hazel Prospect.

“By involving this group of investors in the Project we benefit from the knowledge base and expertise of three very experienced industry partners who have a very successful track record of operations in the Permian Basin.”

Proceeds from the financing will pay for Torchlight’s percentage of the Flying B Ranch #1 well costs.

Torchlight currently holds a 66.66% working interest in the entire 12,000 acre play.

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