Torchlight Energy Resources Inc. and Husky Ventures entered into a definitive agreement to sell certain assets in one of its six areas of mutual interest (AMI) with Husky, who is the operator in the Hunton project, Torchlight said Nov. 5.
The sale price is about $4.6 million, and Torchlight would have about $1.4 million after paying operator payable and fees and expenses.
The closing is set for Nov. 30 and is part of the previously announced transaction between Gastar Exploration Inc. (GSTR) and Husky. Post-closing, Torchlight would remain in five AMIs with Husky, with about 7,000 net acres. However, Torchlight is still actively marketing its remaining Hunton Assets.
Torchlight Energy Resources, Inc. is based in Plano, Texas.
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