Touchstone Exploration Announces AGM and Company Update
CALGARY, Alberta, June 12, 2018 (GLOBE NEWSWIRE) -- Touchstone Exploration Inc. ("Touchstone" or the "Company") (TSX:TXP) (LSE:TXP) announces that its Annual General Meeting (“AGM”) of shareholders, which will be held on Wednesday, June 13, 2018 at 10:00 a.m. (Atlantic Standard Time) at the Hyatt Regency Trinidad, will be streamed live for the benefit of all shareholders.
Immediately following the business of the AGM, Touchstone Management will deliver a corporate presentation to shareholders. The Company invites shareholders to submit questions in advance of the AGM to the email info@touchstoneexploration.com.
The Company delivered May 2018 average production of 1,728 barrels per day (“bbls/d”) and the current field estimated production is approximately 1,821 bbls/d (seven-day average ending June 6, 2018). Additional volumes have been realized from three of the five wells drilled in 2018 with the final two wells expected to come on stream in the next 30 days.
Paul Baay, President and Chief Executive Officer of Touchstone, commented:
“The drilling campaign continues to provide significant organic growth for the Company. With current field estimated production of 1,821 bbls/d Touchstone has grown production by 42% compared to the first quarter of 2017. With two wells coming on production in the next month and five more wells planned for 2018 the Company is well positioned to exceed our 2,000 bbls/day goal for this year.”
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. The Company's common shares are traded on the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the symbol "TXP".
Forward-Looking Statements
Certain information provided in this news release may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking information in this news release may include, but is not limited to, statements relating to current field estimated production, the potential undertaking, timing, locations and costs of future well drilling and completion activities, and sufficiency of resources to fund future drilling operations. 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. Actual results could differ 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 December 31, 2017 Annual Information Form dated March 26, 2018 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 update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
Contact
Mr. Paul Baay, President and Chief Executive Officer; Mr. Scott Budau, Chief Financial Officer; or Mr. James Shipka, Chief Operating Officer Telephone: 403.750.4487 www.touchstoneexploration.com
Source: GlobeNewswire
(June 12, 2018 - 2:00 AM EDT)
