Torchlight Energy Resources
closed a deal announced in November to
increase its working interest from 40.66%
to 74% in its 12,000-acre Hazel project area
in the Midland Basin, including a recently
drilled initial Wolfcamp well. Torchlight
paid $415,000 cash and 3.3 million shares
to McCabe while simultaneously canceling
warrants to close the deal. Torchlight’s
Hazel stake had dropped to 33.33% in
October when investors converted their
Series C preferred shares to working
interests in the......
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