TORCHLIGHT DIVIDEND UPDATE SERIES

All statements that address operating performance or events or developments Torchlight Energy Resources expects or anticipates will occur in the future, such as stated objectives or goals, our refinement of strategy, our attempts to secure additional financing, our exploring possible business alternatives, or that are not otherwise historical facts, are forward-looking statements. All statements in this release that are not based on historical fact are 'forward-looking statements.' These statements may be identified by words such as 'estimates,' 'anticipates,' 'projects,' 'plans,' 'strategy,' 'goal,' or 'planned,' 'seeks,' 'may,' 'might,' 'will,' 'expects,' 'intends,' 'believes,' 'should,' and similar expressions, or the negative versions thereof, and which also may be identified by their context. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the 'safe harbor' created by those sections. For additional information on Torchlight, please visit Story continues Torchlight has assets focused in West and Central Texas, where their targets are established plays such as the Permian Basin. (TRCH), based in Plano, Texas, is a high-growth oil and gas Exploration and Production (E&P) company with a primary objective of acquisition and development of domestic oil fields. Metamaterial recently announced that its security holders have approved the special resolution relating to the Arrangement at Metamaterial's annual general and special meeting.

TORCHLIGHT DIVIDEND UPDATE SERIES

The record date to determine the Torchlight stockholders that will receive a dividend of the previously announced Series A Preferred Stock, which will entitle its holders to, among other things, receive dividends in connection with the sale of Torchlight's oil and gas assets, will be determined after the special meeting is held.

Torchlight's definitive proxy statement will announce the meeting date and record date for the special meeting. Torchlight and Metamaterial have extended the date by which Torchlight must give notice of and call its special meeting of stockholders to April 30 th, which Torchlight believes will provide enough time to clear the definitive proxy statement with the SEC, set a record date for the special meeting of stockholders, and mail the definitive proxy statement to Torchlight stockholders of record as of the record date. Torchlight expects to file a revised preliminary proxy statement with the SEC shortly. Torchlight has filed its 2020 Annual Report on Form 10-K, parts of which are required to be incorporated by reference into the definitive proxy statement for the special meeting of Torchlight's stockholders in connection with the Arrangement. (NASDAQ:TRCH), an oil and gas exploration company ('Torchlight'), announced today that it is continuing to work towards the completion of the regulatory requirements necessary to consummate the previously announced business combination (the 'Arrangement') with Metamaterial Inc. PLANO, TX / ACCESSWIRE / Ap/ Torchlight Energy Resources, Inc.

Torchlight dividend update