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TICKERS: TRCH

Texas Oil & Gas Firm Makes Last Payment for Orogrande Leases
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Source:

This satisfies all of the company's obligations under the purchase agreement.

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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Disclosure:
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.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Torchlight Energy. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with Torchlight Energy Resources. Please click here for more information.
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5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this interview, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Torchlight Energy, a company mentioned in this article.




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