On May 15, Torchlight Energy Resources Inc. (NASDAQ: TRCH) detailed its first-quarter 2014 financial results. The quarter ended March 31, the company said.
Revenues increased by 198% from first-quarter 2013 to first-quarter 2014, the company said. Revenues were $0.64 million, the company added. Revenues from oil and natural gas sales were $642,970, the company said.
Regarding capital, $7 million was raised through common stock sales during first-quarter 2014, Torchlight Energy said.
Torchlight had $22 million in assets and $12.8 million in shareholders’ equity on March 31, the company said, compared to $16.7 million in assets and $9.2 million in equity from first-quarter 2013.
The company might raise an additional $20 to $25 million in debt financings to support drilling capital for its programs throughout the year, Torchlight said. Past 2014, drilling capital should be supported through cash flow through operations and possibly through reserve-line credit borrowing, the company said.
Plano, Texas-based Torchlight Energy Resources Inc. acquires and develops domestic oil fields.
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