CALGARY, AB, Nov. 11, 2021 /CNW/ - Touchstone Exploration Inc. ("Touchstone", "we", "our", "us" or the "Company") (TSX: TXP) (LSE: TXP) reports its operating and financial results for the three and nine months ended September 30, 2021. Selected information is outlined below and should be read in conjunction with Touchstone's September 30, 2021 unaudited interim condensed consolidated financial statements and related Management's discussion and analysis, both of which will be available under the Company's profile on SEDAR (www.sedar.com) and the Company's website (www.touchstoneexploration.com). Unless otherwise stated, all financial amounts herein are stated in United States dollars.
Third Quarter Operational and Financial Highlights
- Achieved quarterly average production volumes of 1,333 bbls/d, a 2 percent increase relative to the 1,310 bbls/d produced in the third quarter of 2020.
- Despite continuing COVID-19 challenges in Trinidad, executed an incident free $7,542,000 exploration program, highlighted by the drilling of the Royston-1 exploration well and completion of the Royston area seismic program.
- Realized petroleum sales of $7,650,000 from an average crude oil price of $62.37 per barrel.
- Generated an operating netback of $27.77 per barrel, our highest quarterly operating netback since the first quarter of 2019 and a 97 percent increase relative to the third quarter of 2020.
- Reported funds flow from operations of $1,073,000 versus $192,000 in the third quarter of 2020.
- Recognized a reduced net loss of $51,000 compared to a net loss of $703,000 in the same period of 2020.
- Exited the third quarter with a cash balance of $5,004,000 and $7,500,000 drawn on our term credit facility.
- Successfully aided in exporting a third-party drilling rig to Trinidad, with developmental drilling operations commencing on our WD-4 block on early October 2021.
- Exploration operations proceeded in the third quarter, with Coho natural gas facility and pipeline construction operations continuing towards targeted pipeline commissioning in the first quarter of 2022, as well as the completion of the design of the Cascadura natural gas facility.
Paul Baay, President and Chief Executive Officer, commented:
"Our third quarter results reflect the focused work the team has done on maintaining base production with minimal expense while executing a safe capital program at Ortoire. The higher reported operating netbacks have resulted in strong cash flow for the quarter which help fund our ongoing capital program while we move closer to first production from Coho, which is forecasted to effect a step change in our financial performance."
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