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touchstone exploration inc (TXP) Snapshot

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05/23/14 - C$1.09
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12/9/14 - C$0.25
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touchstone exploration inc (TXP) Details

Touchstone Exploration Inc. is engaged in the acquisition, exploration and development of prospective oil and gas properties. It holds interests in the oil and gas properties in the Republic of Trinidad and Tobago, and western Canada, as well as in the Caribbean region. The company was formerly known as Petrobank Energy and Resources Ltd. and changed its name to Touchstone Exploration Inc. in May 2014. Touchstone Exploration Inc. is based in Calgary, Canada.

26 Employees
Last Reported Date: 03/7/14

touchstone exploration inc (TXP) Top Compensated Officers

Chairman, Chief Executive Officer of Petrobak...
Total Annual Compensation: C$28.2K
Total Annual Compensation: C$160.0K
Vice President of Operations & Production
Total Annual Compensation: C$210.0K
Vice President of Land & Regulatory
Total Annual Compensation: C$190.0K
Compensation as of Fiscal Year 2013.

touchstone exploration inc (TXP) Key Developments

Touchstone Exploration Inc. Reports Operating Results for the Fourth Quarter and Full Year 2014

Touchstone Exploration Inc. provided operational updates for the fourth quarter and full year 2014. The company achieved peak production of 2,539 barrels per day (bbls/d) in the quarter with 2,234 bbls/d from Trinidad and 305 bbls/d from Canada. The company realized average sales in the fourth quarter of 2014 of 2,276 bbls/d with 1,896 bbls/d from Trinidad and 380 bbls/d from Canadian operations. 2014 annual corporate average oil sales were 1,549 bbls/d with Trinidad production averaging 1,804 bbls/d post-acquisition and drilled and cased four (4 net) wells in Trinidad during the fourth quarter. Touchstone drilled a total of twelve (11.16 net) wells in 2014 as four (4 net) wells were drilled in the fourth quarter of the year. Four (4 net) wells were drilled on the Grand Ravine WD-4 block, three (3 net) wells were drilled on the Forest Reserve WD-8 block, two (2 net) wells on the Coora block, one (1 net) well on Fyzabad, one (1 net) well on Sunty and one (0.16 net) exploratory well on the Cory Moruga block.

Touchstone Exploration Inc. Announces Signing of East Brighton Exploration License

Touchstone Exploration Inc. announced that it has signed an Exploration and Production License for the East Brighton Block (the "License") in the Republic of Trinidad and Tobago. The License is for an initial six year term, with the option to extend a further twenty-five years upon commercial discovery. The licensed area is a contiguous block directly adjacent to the Brighton Marine field which has produced approximately 60 million barrels of oil to date. The company holds a 24.5% non-operated working interest in the Block. The East Brighton Block brings Touchstone's land holdings in Trinidad and Tobago to a total of 60,300 net working interest acres.

Touchstone Exploration Inc. Provides Capex Guidance for the First Quarter of 2015; Provides Funds Flow and Production Guidance for 2015

Touchstone Exploration Inc. announced that its Board of Directors has approved a 2015 capital strategy which includes a first quarter capital budget of approximately $4 million. This strategy will see the company executes its annual capital program within realized cash flows. The Board will review and approve the company's capital budget on a quarterly basis with a focus on optimizing spending in response to changing commodity prices and industry conditions. Based on its successful 2014 Trinidad development program, the company has elected to continue to focus on its low risk drilling inventory in Trinidad and has assumed an average Brent oil price of $70 as the benchmark for its 2015 capital guidance. With a focus on consistent 2015 production growth, the company anticipates corporate funds flow in the range of $13 million to $14 million with corporate average annual oil volumes of 2,700 to 2,900 barrels per day. The company's original 2014/15 guidance forecasted a continuous two rig drilling program in Trinidad. Drilling was reduced to a one rig program in late 2014 which allowed the company to preserve capital while still achieving 2014 production goals.


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