In a news release, oil and gas exploration and production company Torchlight Energy Resources Inc. (TRCH:NASDAQ) announced that "it has received approval from University Lands for a one year suspension of the 2020 drilling and development obligations on the company's Orogrande Basin project."
The firm stated that during the relief period it will carry out its current marketing efforts to the fullest extent possible. The company also advised that it has voluntarily suspended current operations due to the State of Texas Governor's stay-at-home order, but plans to resume its activities when possible.
The company's CEO John Brda commented, "We appreciate University Lands' willingness to suspend our financial commitments on the Orogrande Unit."
"We have a tremendous amount of new data from recent drilling and completion activities. Intensive data analysis will remain our focus over the near term as we continue to strengthen the profile of this asset," CEO Brda added.
Torchlight Energy Resources is headquartered in Plano, Texas, and describes itself as "a high-growth oil and gas exploration and production (E&P) company with a primary focus on acquisition and development of highly profitable domestic oil fields."
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