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Touchstone Exploration Inc T.TXP

Alternate Symbol(s):  PBEGF

Touchstone Exploration Inc. is a Canada-based company, which is engaged in the business of petroleum and natural gas exploration, development, acquisition and production. The Company is active in onshore properties located in the Republic of Trinidad and Tobago. It operates Trinidad-based upstream petroleum and natural gas activities under state exploration and production licenses with the Trinidad and Tobago Ministry of Energy and Energy Industries (MEEI), Lease Operatorship Agreements (LOAs) with Heritage Petroleum Company Limited and private subsurface and surface leases with individual landowners. It is focused on onshore oil and natural gas properties located in southern Trinidad. With interests in approximately 145,000 net working interest acres of core exploration and development rights. Its core focus is on exploration and development on the Ortoire block and development production on its five onshore lease operatorship properties (CO-1, WD-4, WD-8, Fyzabad, and Balata East).


TSX:TXP - Post by User

Bullboard Posts
Post by skyline7on Mar 07, 2014 6:15pm
335 Views
Post# 22296858

Shareholders will also vote on a proposal for a one-for-two

Shareholders will also vote on a proposal for a one-for-two

Touchstone recently reported oil production of 1,700 bpd in the fourth quarter of 2013.

Under Friday’s deal, each Touchstone share is to be exchanged for 0.471 of a Petrobank share, a ratio based on recent 20-day volume-weighted average prices.

Shareholders will also vote on a proposal for a one-for-two share consolidation.

The merger will result in a company with $25 million in cash and 3.5 million Lightstream shares worth $20 million, resulting in working capital of $10 million and zero net debt, and production of over 2,000 bpd of oil.

It would have proved plus probable reserves of 11 million barrels of oil.

 

 

Bullboard Posts