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Touchstone Announces 2022 Year-End Reserves
CALGARY, AB / ACCESSWIRE / March 6, 2023 / Touchstone Exploration Inc. ("Touchstone", "we", "our...
About this update from Touchstone Exploration Inc
[{"type":"text","content":"Touchstone Announces 2022 Year-End ReservesCALGARY, AB / ACCESSWIRE / March 6, 2023 / Touchstone Exploration Inc. (\"Touchstone\", \"we\", \"our\", \"us\" or the \"Company\") (TSX:TXP)(LSE:TXP) announces our 2022 year-end reserves.Our independent reserves evaluation was prepared by GLJ Ltd. (\"GLJ\") with an effective date of December 31, 2022 (the \"Reserves Report\"). Highlights of our total proved developed producing (\"PDP\"), total proved (\"1P\"), total proved plus probable (\"2P\") and total proved plus probable plus possible (\"3P\") reserves from the Reserves Report are provided below. All finding and development (\"F&D\") costs below include changes in future development capital (\"FDC\"). Unless otherwise stated, all financial amounts referenced herein are stated in United States dollars. Financial information contained herein is based on the Company's unaudited results for the year ended December 31, 2022 and is subject to change. Readers are further cautioned to read the applicable advisories contained herein.Touchstone's 2022 year-end reserves reflect the sustainability of our low decline asset base, as our 2022 capital program focused on exploration activities on our Ortoire property, where we completed construction of the Coho natural gas facility and continued construction operations of the Cascadura natural gas and liquids facility. Touchstone did not drill any development or exploration wells in the 2022 year.In 2022 we achieved initial production from our Coho-1 well, which produced net volumes of 5.7 MMcf/d (approximately 955 boe/d) in the fourth quarter of 2022 contributing to average quarterly production volumes of 2,229 boe/d and average 2022 annual production volumes of 1,581 boe/d.2022 Year-end Reserves Report HighlightsRelative to year-end 2021 and after 2022 production, we increased PDP gross reserves by 33% to 4,843 Mboe, decreased 1P gross reserves by 0.7% to 38,463 Mboe, decreased 2P gross reserves by 0.6% to 75,074 Mboe and decreased 3P gross reserves by 0.6% to 120,594 Mboe in 2022.PDP reserves replaced 2022 annual production by 308%, reflecting forecasted Coho-1 natural gas volumes that were brought online in 2022.Our net present value of future net revenues discounted at 10% (\"NPV10\") on a before tax PDP basis increased by 21% to $62.6 million, increased by 12% to $530.3 million on a 1P b...