Torchlight Energy Resources, Inc. (NASDAQ:TRCH) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 4, 2019, Robert David Newton informed us that he is retiring from the Board of Directors for personal reasons, effective immediately. Mr. Newton has confirmed that his decision was not due to a disagreement with us on any matter relating to our operations, policies or practices.
On February 7, 2019, the Board of Directors appointed Robert Lance Cook to fill the vacant seat on the Board created by Mr. Newton’s retirement. Additionally, the Board named Mr. Cook to the Nominating Committee, Compensation Committee and Audit Committee of the Board.
Transactions with related persons, promoters and certain control persons
In December 2018, we paid WellsX Corp. a total of $173,000 for performing hydraulic fracturing services on a well at our Orogrande Project in Hudspeth County, Texas. Mr. Cook holds a 19% beneficial ownership in WellsX Corp. and is its Vice President of Production Operations.
About Torchlight Energy Resources, Inc. (NASDAQ:TRCH)
Torchlight Energy Resources, Inc. (Torchlight) is engaged in the acquisition, exploration, exploitation and/or development of oil and natural gas properties in the United States. The Company focuses on drilling and working interest programs within the United States. The Company has interests in approximately four oil and gas projects: the Marcelina Creek Field Development in Wilson County, Texas; the Ring Energy Joint Venture in Southwest Kansas; Hunton wells in partnership with Husky Ventures in Central Oklahoma, and the Orogrande Project in Hudspeth County, Texas. The Company also operates through two other subsidiaries, including Torchlight Energy Operating, LLC, a Texas limited liability company, and Hudspeth Oil Corporation, a Texas corporation. The Marcelina Creek Field Development is located over the Austin Chalk, Buda and Eagle Ford Formations.