Torchlight Energy Expands In Midcontinent With Husky Ventures

To acquire 25% WI in 92,000 acres in Hunton Limestone of Central OK.

Torchlight Energy Resources Inc. (Nasdaq: TRCH) announced Dec. 20 that it will acquire 25% working interest in a new area of mutual interest covering 92,000 acres in Central Oklahoma from Husky Ventures and two other private entities.

This transaction increases the Plano, Texas-based Torchlight Energy's acreage in the Hunton to 13,400 gross acres. The area of mutual interest spans four townships. Currently 4,200 acres of the 92,000 acres have been leased while ongoing efforts are underway on finalizing the remaining acreage. Husky Ventures will target formations in the Hunton, Woodford shale and Simpson Sands, with additional stacked pay behind pipe. The company anticipates drilling the first well by the end of the first quarter of 2014.

"We are very excited about expanding our relationship with Husky Ventures and look forward to participating at a higher working interest in this play alongside of an experienced operator. The Husky Ventures team has demonstrated a unique ability to uncover and develop tremendous plays. These properties provide excellent opportunities for us to increase our production and cash flows in a capital efficient, low-risk manner," Will McAndrews, Torchlight Energy chief operating officer, said in the release.