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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