Touchstone Announces Substantial Growth in 2023 Financial and Operating Results

Touchstone Exploration Inc. has reported a significant rise in its operating and financial performance for the year ending December 31, 2023, with a particular focus on the impact of the Cascadura field production. The company saw a 151 percent increase in its average quarterly production, primarily due to a full quarter of Cascadura production volumes. The realized sales from petroleum and natural gas surged, primarily attributed to the additional sales from Cascadura.

A marked increase in operating netback and funds flow from operations was also noted in the fourth quarter of 2023, with Touchstone reducing its net debt by 25 percent. The execution of an incident-free capital program was highlighted, emphasizing the commissioning of the Cascadura natural gas facility and the successful drilling of the Royston-1X exploration well.

For the year, Touchstone reported a substantial increase in average daily production and funds flow from operations, as well as a significant rise in realized petroleum and natural gas sales compared to the previous year. Despite an impairment expense related to some assets, the company recognized net earnings, excluding net impairment expenses, for both the fourth quarter and the entire year of 2023.

In post-year developments, Touchstone successfully drilled the Cascadura-2 delineation well and began drilling operations at two additional locations. The company anticipates maintaining its 2024 guidance, with a significant portion of the production expected in the fourth quarter of 2024 due to ongoing capital activities.