Touchstone Exploration Inc.

Touchstone Exploration Inc.

November 03, 2014 10:50 ET

Touchstone Announces Signing of Onshore Exploration License

CALGARY, ALBERTA--(Marketwired - Nov. 3, 2014) - Touchstone Exploration Inc. ("Touchstone" or the "Company") (TSX:TXP) is pleased to announce that the Company has signed an Exploration and Production License (the "License") with the Ministry of Energy and Energy Affairs of Trinidad and Tobago for the Ortoire Block in Southern Trinidad. Under the terms of the License, Touchstone is the operator with an 80 percent working interest. The Petroleum Company of Trinidad and Tobago holds the remaining 20 percent partner interest and will be carried for the License minimum work obligations. The License is effective for an initial term of six years and can be extended a further 25 years in the event of a commercial discovery.

The Ortoire Block is located approximately ten kilometers east of Touchstone's Trinidad office in Fyzabad and covers approximately 44,731 gross acres (35,785 net to Touchstone). The License includes a commitment for a six year minimum work program which includes technical reviews, an 85 kilometer 2D seismic program and a four well drilling program. Capital requirements associated with the minimum work obligations total approximately $11 million USD over the initial six year term of the License and are expected to be funded from operating cash flows.

James Shipka, Chief Operating Officer, said "the Ortoire Exploration Block adds a significant and exciting exploration opportunity to our Trinidad oil portfolio. Preliminary work on the block performed to date has identified several interesting prospects adjacent to and on trend with established production and at depths shallower than 6,000 feet which is consistent with our current drilling programs."

Michael Loewen, Country Manager, said "we look forward to moving ahead with our exploration program on the Ortoire Block, which has the potential to contribute meaningful oil volumes to Trinidad and Tobago and provide employment opportunities in the local communities."

The addition of the Ortoire Exploration Block brings Touchstone's total land holdings in Trinidad and Tobago from approximately 24,500 working interest acres to 60,300 net acres, 55,000 of which are located onshore.

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 and western Canada. The Company's common shares are traded on the Toronto Stock Exchange under the symbol "TXP".

Forward-Looking Statements: Certain information provided in this press release constitutes forward-looking statements. Specifically, this press release contains forward-looking statements relating to expected funding of future capital expenditures and plans related to and the timing of certain projects. Forward-looking statements are necessarily based on a number of assumptions and judgments, including but not limited to, assumptions relating to the outlook for commodity and capital markets, the success of future resource evaluation and development activities, the performance of producing wells and reservoirs, well development and operating performance, general economic conditions, weather, and the regulatory and legal environment. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. You can find a discussion of those risks and uncertainties in the Company's Canadian securities filings. Such factors include, but are not limited to: general economic, market and business conditions; weather conditions and access to properties; fluctuations in oil prices; the results of exploration and development drilling, recompletions and related activities; timing and rig availability; outcome of exploration contract negotiations; fluctuation in foreign currency exchange rates; the uncertainty of reserve estimates; changes in environmental and other regulations; uncertainties associated with the regulatory review and approval process in respect to projects; risks associated with the application of early stage technology; risks associated with oil and gas operations and other factors, many of which are beyond the control of Touchstone. There is no representation by Touchstone that actual results achieved during the forecast period will be the same in whole or in part as those forecasted. Except as may be required by applicable securities laws, Touchstone assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.

Contact Information

  • Touchstone Exploration Inc.
    Mr. James Shipka
    Chief Operating Officer
    (403) 750-4400

    Touchstone Exploration Inc.
    Mr. Paul R. Baay
    Chief Executive Officer
    (403) 750-4400

    Touchstone Exploration Inc.
    Mr. Cameron MacDonald
    Investor Relations Advisor
    (403) 750-4400