Torchlight Energy Resources Inc. (OTCBB: TRCH) has signed an agreement with Redhawk Resources on its 15,000 gross acres in Finney County, Kansas.

The transaction is the result of an option agreement signed between Redhawk and Terrace US Holdings LLC, a wholly owned subsidiary of Terrace Energy Corp. The transaction is expected to close in late Q1 or early Q2 2013 and initial development of the field occurring shortly thereafter sometime in late Q2 or early Q3 2013.

When closed, the transaction will result in Torchlight receiving a 9% working interest ...