Torchlight Energy Resources Inc. (NASDAQ: TRCH) said March 11 it has received an increase of inquiries and interest for the purchase of its Hunton assets in Oklahoma.
The increased interest in the assets, located in Logan and Kingfisher counties, is due to recent improvement to commodity prices and resulting acquisition activity, the release said.
In November, Torchlight entered into an agreement with Husky Ventures Inc., its joint venture partner, to sell certain Hunton assets in one of its areas of mutual interest (AMI) for about $4.6 million.
The deal was part of Gastar Exploration Inc.'s (NYSE: GST) $43.3 million acquisition of interest, operatorship and acreage in Kingfisher and Garfield counties, Okla.
RELATED: Deal Gears Gastar Up For Pure Midcontinent Focus
Torchlight, based in Plano, Texas, said it's in final negotiations with prospective buyers. A purchase and sale agreement is expected to be finalized during the calendar second or third quarter of 2016.
In addition to providing cash for Torchlight, at closing the company will retain assets in four additional AMIs to market for future sale, the release said.
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