CALGARY, ALBERTA--(Marketwired - Feb. 1, 2016) - Touchstone Exploration Inc. ("Touchstone" or the "Company") (TSX:TXP) is pleased to announce that it has closed the sale of its Kerrobert facility, infrastructure and associated mineral rights. The disposition had an effective date of December 31, 2015.
The disposition included 6,739 acres of developed and undeveloped land at Kerrobert as well as mineral rights associated with 10,881 acres of undeveloped land around Edam, Saskatchewan. In addition to the mineral rights, the sale included all of the facilities, infrastructure, interests and decommissioning obligations related to the Kerrobert combustion project.
Following the disposition, the Company has an interest in 32,273 acres of undeveloped land in Saskatchewan focusing mainly on the Viking formation. Touchstone will continue to evaluate the potential to monetize, through dispositions or joint ventures, the Company's remaining non-core Canadian assets and will focus future capital and technical efforts on developing its acreage in the Republic of Trinidad and Tobago.
Advisory Regarding Forward-Looking Statements
Certain information provided in this news release may constitute forward-looking statements within the meaning of applicable securities laws. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties, including failing to complete the property disposition on terms that are acceptable to the Company or at all. Actual results could different materially from those currently anticipated due to a number of factors and risks. Certain of these risks are set out in more detail in the Company's Annual Information Form dated March 30, 2015 which has been filed on SEDAR and can be accessed at www.sedar.com. The forward-looking statements contained in this news release are made as of the date hereof and except as may be required by applicable securities laws, the Company 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.
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. The Company's common shares are traded on the Toronto Stock Exchange under the symbol "TXP".
Source: Marketwired (Canada)
(February 1, 2016 - 5:00 PM EST)
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