Torchlight Energy Resources Inc. (TRCH:NASDAQ) announced in a news release it made its final payment for acquiring more of the working interest in Founders Oil & Gas' Orogrande project leases.
The company reported that the agreement "resulted in an increase of Working Interest ownership to Torchlight and other related parties."
Torchlight paid $1.25 million (half upfront and the remainder on July 20, 2019) for Founders to assign all of its working interest to it and related parties. Equal ownership went to Hudspeth Oil, a Torchlight subsidiary, and to Wolfbone Investments, a company owned by Torchlight Chairman Greg McCabe.
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