SOURCE: Torchlight Energy Resources, Inc.
PLANO, TX--(Marketwired - October 29, 2013) - Torchlight Energy Resources, Inc. (OTCQB: TRCH) ("Torchlight Energy" or "the Company") announced today that it has appointed Edward Devereaux, Jerry Barney and E.L. Shockey to its Board of Directors. The addition of these three independent members will increase the size of Torchlight's board to seven and add substantial experience to its ranks.
Mr. Barney has over 30 years of experience in various management and consulting positions with technology, oil services and government entities. Mr. Barney was a director of Barney Family Companies, a successful investment firm with holdings in oil and gas properties, office buildings and financial assets. Mr. Barney has a Bachelor of Science from the University of Kansas; a MA in Education from Columbia University; and a MBA from Rensselaer University.
Mr. Devereaux is a seasoned investment executive with over three decades of experience in investment management, investment banking and securities sales and marketing. Mr. Devereaux has helped raise more than $10 billion of investment capital in his career, which includes Prudential Securities and Lightstone Securities. Mr. Devereaux has a B.A. from Hofstra University.
Mr. Shockey is a successful and experienced entrepreneur and executive who currently acts as a mentor for many of the companies in his investment portfolio. After completing his service in the U.S. Navy, Mr. Shockey entered the software industry and gained broad knowledge of military software and telephony applications while at GE, RCA, Raytheon, and Northern Telecom. He founded Computerware in 1978 and successfully developed and marketed a telephone company management system for shared tenant services. Computerware was bought by a venture capital fund in 1986. Mr. Shockey then founded Telecommunications Support Systems (TSS) to dispatch substitute teachers for schools. Its customers included 600 of the largest school districts in the U.S. and Canada. TSS was sold in 2000 and currently operates as eSchools Solutions, Inc.
"I am happy to welcome our new members onto the Torchlight Energy Board," stated John Brda, Torchlight's President. "We look forward to drawing from their capital markets and industry experience. With the Company's aggressive acquisition and development strategy underway, we have entered a period of asset and production growth and these three gentlemen bring valuable experience that will benefit our team."
Separately, the board approved plans for the Company to pursue a listing on the NYSE MKT exchange. Torchlight will submit its NYSE MKT application in the fourth quarter of 2013.
About Torchlight Energy
Torchlight Energy Resources, Inc. (OTCQB: TRCH), based in Plano, Texas, is a high growth oil and gas Exploration and Production (E&P) company with a primary focus on acquisition and development of highly profitable domestic oil fields. The company currently holds interests in Texas, Kansas and Oklahoma where their targets are established plays such as the Eagle Ford Shale, Mississippi Limestone and Hunton Limestone trends. For additional information on the company, please visit www.torchlightenergy.com.
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 Torchlight Energy's ability to obtain additional capital in the future to fund 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.