Touchstone Provides Operational and Production Update
September 14 2017 - 1:01AM
Touchstone Exploration Inc. (“Touchstone” or the “Company”)
(TSX:TXP) (LSE:TXP) is pleased to provide the following operational
update.
Highlights
- Achieved July 2017 and August 2017 crude oil sales of 1,349 and
1,591 barrels per day (“bbls/d”), respectively.
- The first two wells of the 2017 drilling program drilled on the
Coora 1 block have been on production for the last 90 days at an
average combined rate of 202 bbls/d; current field estimated
production from the two wells is 246 bbls/d.
- The final two wells of the 2017 drilling program drilled on the
Grand Ravine WD-4 block have been on production for the last 49
days at an average combined rate of 97 bbls/d; current field
estimated production from the two wells is 139 bbls/d.
Production
Touchstone’s July and August 2017 crude oil
production averaged 1,470 bbls/d. The increase was buoyed by
incremental production from the four well drilling campaign as well
as continued production from recompletions conducted earlier in the
year. The Company’s current field estimated production is
approximately 1,500 bbls/d.
Drilling Campaign
Coora 1 Block
The CO-368 well was completed on June 13, 2017
with 15 feet of oil sand being perforated in the Cruse Formation.
The well has produced approximately 4,700 barrels of oil in 90 days
of production, an average of 52 bbls/d. On September 8, 2017, the
Company added 26 feet of additional perforations originally planned
as part of the initial completion, and the well is currently
producing at a field estimated rate of 76 bbls/d.
CO-369 was completed on June 23, 2017 with 45
feet of oil sand being perforated in the Cruse Formation. The well
is currently pumping and produced an average daily oil production
rate of 166 bbls/d over the first 81 days. To date, CO-369 has
produced approximately 13,400 barrels of oil, and current field
estimated production is 170 bbls/d.
Grand Ravine WD-4 Block
The PS-598 well was completed on July 23, 2017
and placed on production on July 26, 2017. The initial completion
evaluated a 15-foot interval below the primary zone of interest and
incurred higher than expected water cuts. Production from the zone
was suspended on August 22, 2017, and the primary zone of interest
was perforated on August 25, 2017. The well has produced
approximately 1,400 barrels of oil in 49 days, representing an
average of 29 bbls/d. The well is currently flowing at a
controlled, field estimated rate of 23 bbls/d on an 9/32” choke.
The Company will continue to monitor and optimize this well.
PS-599 was completed on July 26, 2017 and placed
on production on July 28, 2017. The well has produced approximately
3,350 barrels over the first 47 days of production, flowing an
average of 71 bbls/d. The well was recently equipped with a pump to
optimize production and is currently producing at a field estimated
rate of 116 bbls/d.
James Shipka, Chief Operating Officer,
said:
“Touchstone is very encouraged by the early
results of our drilling program. The four wells were targeting
slightly deeper horizons in established fields and the results have
exceeded our internal expectations.”
Paul Baay, President and Chief Executive
Officer, commented:
“This positive operational and production update
represents another exciting milestone for Touchstone. Achieving
August crude oil sales of 1,591 bbls/d is a testament to our
ability to deploy capital rapidly, to drive production and add
further growth to our business. We are currently assessing the
potential to drill an additional four wells prior to the end of the
year subject to acceptable commodity pricing and approval from our
Board.”
About Touchstone
Touchstone Exploration Inc. is a Calgary based
company engaged in the business of acquiring interests in petroleum
and natural gas rights, and the exploration, development,
production and sale of petroleum and natural gas. Touchstone is
currently active in onshore properties located in the Republic of
Trinidad and Tobago. The Company's common shares are traded on the
Toronto Stock Exchange and the AIM market of the London Stock
Exchange under the symbol “TXP”.
Forward-Looking Statements
Certain information provided in this press
release may constitute forward-looking statements within the
meaning of applicable securities laws. Forward-looking information
in this press release may include, but is not limited to,
statements relating to current field estimated production, the
potential undertaking and timing of future well drilling, and the
quality and quantity of prospective hydrocarbon accumulations as
indicated by wireline logs. Although the Company believes that the
expectations and assumptions on which the forward-looking
statements are based are reasonable, undue reliance should not be
placed on the forward-looking statements because the Company can
give no assurance that they will prove to be correct. Since
forward-looking statements address future events and conditions, by
their very nature they involve inherent risks and uncertainties.
Actual results could differ materially from those currently
anticipated due to a number of factors and risks. Certain of these
risks are set out in more detail in the Company’s Annual
Information Form dated March 21, 2017 which has been filed on SEDAR
and can be accessed at www.sedar.com. The forward-looking
statements contained in this press release are made as of the date
hereof, and except as may be required by applicable securities
laws, the Company assumes no obligation to update publicly or
revise any forward-looking statements made herein or otherwise,
whether as a result of new information, future events or
otherwise.
Contact
Mr. Paul Baay, President and Chief Executive
Officer; orMr. James Shipka, Chief Operating Officer Tel: (403)
750-4487www.touchstoneexploration.com
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