Touchstone Exploration Reports Record Production for 2024

Calgary-based Touchstone Exploration Inc. announced their 2024 financial and operating results, highlighting record production volumes and improved financial performance. The annual average production reached 5,734 boe/d, marking a 44% increase from the previous year. This growth was driven by the full-year contribution of the Cascadura field operations. Petroleum and natural gas sales rose to $57.47 million, showing a 19% increase.

The company reported net earnings of $8.27 million, a significant turnaround from a $20.60 million net loss in 2023. The rise was primarily due to increased natural gas sales, although crude oil and NGL sales saw a slight decline. Touchstone continued its strategic portfolio expansion in Trinidad, acquiring new blocks to enhance production potential.

Looking forward, Touchstone remains focused on financial discipline while developing the Cascadura field. A proposed acquisition could further boost operations, with funding negotiations in progress to support this expansion.