Business
Touchstone Announces First Quarter 2022 Financial and Operating Results
CALGARY, AB / ACCESSWIRE / May 12, 2022 / Touchstone Exploration Inc. ("Touchstone", "we", "...
About this update from Touchstone Exploration Inc
[{"type":"text","content":"Touchstone Announces First Quarter 2022 Financial and Operating ResultsCALGARY, AB / ACCESSWIRE / May 12, 2022 / Touchstone Exploration Inc. (\"Touchstone\", \"we\", \"our\", \"us\" or the \"Company\") (TSX, LSE:TXP) reports its operating and financial results for the three months ended March 31, 2022. Selected information is outlined below and should be read in conjunction with our March 31, 2022 unaudited interim condensed consolidated financial statements and related Management's discussion and analysis, both of which will be available under our profile on SEDAR (www.sedar.com) and on our website (www.touchstoneexploration.com). Unless otherwise stated, all financial amounts herein are rounded to thousands of United States dollars.First Quarter 2022 Financial and Operational HighlightsAchieved quarterly average production volumes of 1,396 barrels per day (\"bbls/d\"), representing a 4 percent increase relative to the preceding quarter and an 8 percent increase from the 1,297 bbls/d produced in the first quarter of 2021.Realized petroleum sales of $10,496,000 from an average crude oil price of $83.55 per barrel compared to petroleum sales of $8,212,000 from average realized pricing of $66.81 per barrel in the fourth quarter of 2021.Generated an operating netback of $37.83 per barrel, a 26 percent increase from the fourth quarter of 2021 and a 72 percent increase from the $21.98 per barrel reported in the first quarter of 2021.Our funds flow from operations improved to $1,426,000 in the quarter compared to $1,291,000 recognized in the fourth quarter of 2021 and $538,000 reported in the first quarter of 2021.Recognized a net loss of $236,000 and comprehensive income of $164,000, compared to a net loss of $460,000 and comprehensive loss of $415,000 reported in the same period of 2021.Capital investments of $2,554,000 focused on continuing production testing operations on the Royston-1 well, expenditures related to the Coho-1 facility and pipeline and lease preparation costs for two Coora development well locations.Exited the quarter with cash of $10,148,000, a working capital surplus of $4,259,000 and $30,000,000 drawn on our term credit facility, resulting in a net debt position of $21,241,000.In March 2022, our field development plan for the Cascadura area was approved, which extends the exploration and production period for th...