Torchlight Energy to Retire Shares 1.6 million Shares to Return to Treasury
HOUSTON, Aug. 3, 2012 /PRNewswire/ -- Torchlight Energy Resources, Inc. (OTCBB: TRCH) announces the retirement of 1,600,000 shares by its CEO.
"In an effort to further enhance shareholder value ahead of results of our Johnson #1 re-drill, I have decided to retire 1,600,000 shares of my common stock. This will further position us for growth and increase shareholder value for all common shareholders," stated Tom Lapinski, CEO of Torchlight Energy Resources, Inc. "We look forward to announcing the Johnson #1 well results shortly."
You can view more information on the company's website at www.torchlightenergy.com.
ABOUT TORCHLIGHT ENERGY
Torchlight Energy Resources, Inc, headquartered in Houston, TX, is positioned as an oil and gas company with a primary focus on oil. Torchlight will focus on highly probable and profitable drilling and working interest programs that have a short payback period, high IRR and proven reserves and are located in domestic, onshore fields.
With a proven management team and tremendous access to pre-market deal flow, the Company is positioned for tremendous near-term growth for our shareholders. Torchlight will identify drilling opportunities with a high probability of success, purchase working interest ownership in proven field development programs, spread the risk associated with drilling programs by entering into a variety of programs in different fields with differing economics but all with reputable operators and hedging production when possible for predictable cash flows.
FORWARD LOOKING STATEMENTS
The information contained in this news release, other than historical information, consists of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Such forward-looking statements involve known and unknown risks and uncertainties, including risks associated with our ability to obtain additional capital in the future to fund our planned expansion, the demand for oil and natural gas, general economic factors, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. The company is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
SOURCE Torchlight Energy Resources, Inc.