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.
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