Ring Energy Inc. (NYSE: REI) entered into a joint development agreement with Torchlight Energy Resources Inc. (OTC: TRCH), Ring Energy announced on Oct. 17.
The companies will develop all of Ring’s existing Kansas leasehold of 17,000 acres. Operations are scheduled to begin before year end 2013.
Highlights of the agreement:
Ring will be the operator;
Torchlight will pay 100% of all drilling and completion costs until an amount equal to Ring’s total costs related to the Kansas leases has been met $6.2 million);
After Torchlight has matched $6.2 million, all ...