CALGARY, ALBERTA–(Marketwired – Aug. 4, 2015) – Touchstone Exploration Inc. (“Touchstone” or the “Company”) (TSX:TXP) announces that it has disposed of its working interest in 1,166 net hectares of undeveloped acreage in the Dodsland area of Saskatchewan for cash consideration of $4.2 million to a Canadian oil and gas producer.
The properties are not currently producing and were assigned net proved reserves of 424,000 barrels of oil equivalent based on future development costs of $14.9 million and net proved plus probable reserves of 930,000 barrels of oil equivalent based on future development costs of $26.0 million on December 31, 2014. The sale represents approximately 6% of the Company’s total acreage in Canada, all of which is located in Saskatchewan. Following the disposition, Touchstone has interest in 20,354 hectares of developed and undeveloped land in Saskatchewan, including 1,940 hectares offsetting the disposed Dodsland acreage.
Paul Baay, Chief Executive Officer, said, “This disposition allows us to monetize a small portion of our undeveloped acreage and apply the funds to our higher return projects in Trinidad. We continue to bolster our balance sheet to take advantage of opportunities that may arise from the current commodity price environment.”
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”.
Touchstone Exploration Inc.
Mr. Paul Baay
President and Chief Executive Officer
(403) 750-4400
Touchstone Exploration Inc.
Mr. James Shipka
Chief Operating Officer
(403) 750-4400