Touchstone Exploration annual 2023 financial and operating results

Touchstone Exploration release

CALGARY, ALBERTA (March 21, 2024) - Touchstone Exploration Inc. ("Touchstone", "we", "our" or the "Company") (TSX, LSE: TXP) reports its operating and condensed financial results for the three months and year ended December 31, 2023. Selected financial information is outlined below and should be read in conjunction with our December 31, 2023 audited consolidated financial statements and related Management's discussion and analysis, both of which will be available under our profile on SEDAR+ (www.sedarplus.ca) and on our website (www.touchstoneexploration.com). Unless otherwise stated, all financial amounts presented herein are rounded to thousands of United States dollars, and all production volumes disclosed herein are sales volumes based on Company working interest before royalty burdens.

Paul Baay, President and Chief Executive Officer, commented:

"The transformational increase in production through the final months of 2023 reflects the commencement of production at our Cascadura field. The associated growth in cash from operations combined with our anticipated increase in borrowing capacity, will enable us to pursue our previously announced 2024 capital budget focused on driving further growth. Since year-end we have made substantial progress on our 2024 capital program, with one well successfully drilled and cased, and two further wells currently drilling. We continue to expect to bring the additional Cascadura wells on stream late in the third quarter of 2024 once the tie-in pipeline to our production facilities is completed. We are confident that 2024 will be another period of significant operational development and we look forward to updating our stakeholders on our progress."

The full statement is available here.