Torchlight Energy Resources Inc. (NASDAQ: TRCH) said March 11 it has received an increase of inquiries and interest for the purchase of its Hunton assets in Oklahoma.
The increased interest in the assets, located in Logan and Kingfisher counties, is due to recent improvement to commodity prices and resulting acquisition activity, the release said.
In November, Torchlight entered into an agreement with Husky Ventures Inc., its joint venture partner, to sell certain Hunton assets in one of its areas of mutual interest (AMI) for about $4.6 million.
The deal was part of Gastar Exploration Inc.'s (NYSE: GST) $43.3 million acquisition of interest, operatorship and acreage in Kingfisher and Garfield counties, Okla.
RELATED: Deal Gears Gastar Up For Pure Midcontinent Focus
Torchlight, based in Plano, Texas, said it's in final negotiations with prospective buyers. A purchase and sale agreement is expected to be finalized during the calendar second or third quarter of 2016.
In addition to providing cash for Torchlight, at closing the company will retain assets in four additional AMIs to market for future sale, the release said.
Recommended Reading
Exxon Mobil, Chevron See Profits Fall in 1Q Earnings
2024-04-26 - Chevron and Exxon Mobil are feeling the pinch of weak energy prices, particularly natural gas, and fuels margins that have cooled in the last year.
Marathon Oil Declares 1Q Dividend
2024-04-26 - Marathon Oil’s first quarter 2024 dividend is payable on June 10.
Talos Energy Expands Leadership Team After $1.29B QuarterNorth Deal
2024-04-25 - Talos Energy President and CEO Tim Duncan said the company has expanded its leadership team as the company integrates its QuarterNorth Energy acquisition.
Energy Transfer Ups Quarterly Cash Distribution
2024-04-25 - Energy Transfer will increase its dividend by about 3%.
ProPetro Ups Share Repurchases by $100MM
2024-04-25 - ProPetro Holding Corp. is increasing its share repurchase program to a total of $200 million of common shares.