Touchstone Reports Second Quarter 2024 Results

Touchstone Exploration Inc. (TSX:TXP) has reported its financial and operating results for Q2 2024. The company noted considerable financial and production improvements over the past year. Average sales volumes reached 5,816 boe/d in July 2024, an 18% increase from June 2024.

Year-to-date highlights include a 214% increase in average production volumes to 6,223 boe/d and a funds flow from operations of $10.11 million. Net earnings for the first half stood at $6.97 million, reversing a net loss from the equivalent period last year.

Q2 2024 saw an average production of 5,432 boe/d and petroleum and natural gas sales of $14.09 million. However, natural declines led to a 22% decrease in the operating netback and a lower funds flow from operations of $3.97 million. A $13 million loan agreement was secured, and an asset swap resulted in a $1.54 million gain.

The company also reported progress in its drilling program and infrastructure projects, with initial production from several wells expected by September 2024.