Torchlight Eliminates $1,500,000 in Debt

Torchlight Energy Resources, Inc. (NASDAQ:TRCH), an oil and gas exploration company ("Torchlight"), announced today that the holders of $1,500,000 of Torchlight's subordinated debt have agreed to convert such debt into the common stock of Torchlight at a price of $0.43 cents per share as set out under the convertible notes issued by Torchlight to the holders.