Torchlight Energy Resources Inc. (TRCH:NASDAQ) announced in a news release that Masterson Hazel Partners decided to exercise its option to perform operations at Torchlight's Hazel oil and gas project in Texas.
Per the related agreement from August 2020, "Masterson will conduct operations sufficient to satisfy Torchlight's continuous development obligations on the northern half of the Hazel project, which will keep the leases current while flowback and cleanup continues on the Flying B Ranch #4H well." the release noted. Masterson will incur all of the costs.
"We are pleased that Masterson has notified us of its intent to continue pursuing efforts in the Hazel assets," Torchlight CEO John Brda said in the release.
"The next step from here would be for Masterson to determine if it will exercise its option to purchase the Hazel Project by March 31, 2021, in the event that certain senior secured notes are still in place, or by May 31, 2021, if such senior secured notes have been eliminated or satisfied," Brda added.
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