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Oil & Gas Firm Attracts Acquisition Interest in Its Orogrande Assets
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The energy company noted that the response so far is encouraging.

Torchlight Orogrande drilling

Torchlight Energy Resources Inc. (TRCH:NASDAQ) announced in a news release its efforts to date to attract acquisition interest in its Orogrande Basin assets.

Since starting the process in April, management made seven individual presentations to major publicly traded industry corporations that have an enterprise value between $400 million and $100 billion and private equity-backed firms, the names of which remain confidential.

"A key focus has been the opportunities of the play as both an oil and gas project in the Wolfcamp/Penn zones and additionally the Barnett/Woodford zones," Torchlight's CEO John Brda said in the release.

Interest has come from some majors with and others without a significant presence in the Permian Basin. Some of the potential suitors like the project's conventional opportunities.

"We believe that next-round discussions will help identify the best partners for a transaction, accelerate the process and move us to another round of final geoscientific review and capital discussion," Brda added.


1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
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