In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), Torchlight Energy Resources Inc. (NASDAQ:TRCH) reported that Mccabe Greg has picked up 11,148,390 of common stock as of 2017-04-12.
The acquisition brings the aggregate amount owned by Mccabe Greg to a total of 11,148,390 representing a 19.2% stake in the company.
For those not familiar with the company, 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.
A glance at Torchlight Energy Resources Inc. (NASDAQ:TRCH)’s key stats reveals a current market capitalization of 82.84 Million based on 57.86 Million shares outstanding and a price at last close of $1.45 per share.
Looking at insider activity, there are a few transactions worth noting.
Specifically, on 2016-02-16, Mccabe picked up 17,397 at a purchase price of $0.66. This brings their total holding to 4,350,000 as of the date of the filing.
On the sell side, the most recent transaction saw Barney unload 2,456 shares at a sale price of $3.95. This brings their total holding to 0.
It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an eye on Torchlight Energy Resources Inc. (NASDAQ:TRCH) as things move forward to see if its progress aligns with these transactions.
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