Source: Streetwise Reports 08/04/2018
A ROTH Capital Partners report detailed the transaction.
In a July 27 research note, analyst John White with ROTH Capital Partners reported that on July 25 Torchlight Energy Resources Inc. (TRCH:NASDAQ) entered an agreement that will boost its interest in the Orogrande project to 72.5% from 67.75%.
The parties involved in the agreement were Torchlight and its wholly owned subsidiary Hudspeth Oil Corp., Founders Oil & Gas, and two companies solely owned by Torchlight’s chairman, Gregory McCabe—Wolfbone Investments and McCabe Petroleum.
Under the terms, Torchlight and Wolfbone will each pay $625,000, and for Torchlight and Wolfbone or McCabe Petroleum to each pay another $625,000 on July 20, 2019. In exchange, Founders Oil & Gas will sign over equally to Torchlight and Wolfbone all of its interest in the Orogrande project’s oil and gas leases.
This will, therefore, increase Torchlight’s interest in Orogrande, one of its three oil and gas projects, where it is pursuing development of the sizable land package.
ROTH has a Buy rating and a $1.75 per share price target on Torchlight, whose share price is currently $1.17.
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.
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Disclosures from ROTH Capital Partners, Torchlight Energy Resources Inc., Flash Note, July 27, 2018
Regulation Analyst Certification (“Reg AC”): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.
Within the last twelve months, ROTH has received compensation for investment banking services from Torchlight Energy
ROTH makes a market in shares of Torchlight Energy Resources, Inc., and as such, buys and sells from customers on a principal basis.
A Research Analyst and/or a member of the Analyst’s household own(s) debt or equity securities of Torchlight Energy Resources, Inc. stock.
Shares of Torchlight Energy Resources, Inc. may be subject to the Securities and Exchange Commission’s Penny Stock Rules, which may set forth sales practice requirements for certain low-priced securities.
Within the last twelve months, ROTH has managed or co-managed a public offering for Torchlight Energy Resources, Inc.
ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months.
( Companies Mentioned: TRCH:NASDAQ,
From:: The Energy Report