SOURCE: Touchstone Exploration Inc.

Touchstone Exploration Inc.

November 24, 2016 08:17 ET

Touchstone Announces Closing of Term Loan

CALGARY, AB--(Marketwired - November 24, 2016) - Touchstone Exploration Inc. ("Touchstone" or the "Company") (TSX: TXP) advises that the conditions precedent have been satisfied in respect of its previously announced $15 million, five-year term loan agreement (the "Term Loan") and the Term Loan became effective on November 23, 2016. The Term Loan replaces Touchstone's former credit facility with The Bank of Nova Scotia. The terms upon which the Company may access the Term Loan are as disclosed in our news release dated November 10, 2016 relating to our third quarter 2016 results. The Company has used a portion of the Term Loan to cash collateralize its US$6 million letter of credit that provides credit support in respect of its East Brighton offshore property future work commitments.

About Touchstone

Touchstone Exploration Inc. is a Calgary based company engaged in the business of acquiring interests in petroleum and natural gas rights, and the exploration, development, production and sale of petroleum and natural gas. Touchstone is currently active in onshore properties located in the Republic of Trinidad and Tobago. Touchstone is one of the largest independent onshore oil producers in Trinidad, with assets in several large, high-quality reservoirs that have significant total petroleum initially-in-place and an extensive inventory of low-risk development opportunities. The Company currently has interests in over 59,000 working interest acres of exploration and development rights on 22 properties, 11 of which are currently producing. The Company's common shares are traded on the Toronto Stock Exchange under the symbol "TXP".

Contact Information

  • Mr. Paul Baay
    President and Chief Executive Officer

    Mr. Scott Budau
    Chief Financial Officer

    Mr. James Shipka
    Chief Operating Officer
    Telephone: 403.750.4487