TRCH - Masterson notifies intent to continue pursuing efforts in the Hazel assets

Torchlight Energy Resources (TRCH) rallies as Masterson Hazel Partners has notified its intent to exercise its option to perform operations, at Masterson's sole cost and expense, on Torchlight's Hazel Project, as set out under the Option Agreement, between Torchlight, Masterson and the McCabe Petroleum.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 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." stated John Brda, CEO of Torchlight Energy.TRCH +5.52% premarket to $1.53.

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Masterson notifies intent to continue pursuing efforts in the Hazel assets