Business
Touchstone Announces Second Quarter 2023 Financial and Operating Results
CALGARY, AB / ACCESSWIRE / August 11, 2023 / Touchstone Exploration Inc. ("Touchstone", "we", "o...
About this update from Touchstone Exploration Inc
[{"type":"text","content":"Touchstone Announces Second Quarter 2023 Financial and Operating Results CALGARY, AB / ACCESSWIRE / August 11, 2023 / Touchstone Exploration Inc. (\"Touchstone\", \"we\", \"our\", \"us\" or the \"Company\") (TSX:TXP)(LSE:TXP) reports its operating and financial results for the three and six months ended June 30, 2023.Selected information is outlined below and should be read in conjunction with our June 30, 2023 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.Paul Baay, President and Chief Executive Officer, commented:\"I am pleased to provide an update on our financial and operational results for the second quarter of the 2023 financial year. The results come as we continue to focus our efforts on the commissioning of the Cascadura facility and completing production testing at Royston-1X. We look forward to providing shareholders with further updates in the near term.\"Second Quarter 2023 Financial and Operational HighlightsAchieved quarterly production average volumes of 1,827 boe/d, representing a 29 percent increase relative to the 1,420 boe/d produced in the prior year equivalent quarter.Natural gas production from our Coho-1 well averaged net volumes of 4.2 MMcf/d (703 boe/d) in the quarter and contributed $811,000 of net natural gas sales at an average realized price of $2.11/Mcf.Realized petroleum and natural gas sales of $7,181,000 compared to $12,596,000 in the 2022 comparative quarter, as $811,000 in net natural gas sales were offset by decreased crude oil sales of $6,226,000, reflecting a 36 percent decline in realized crude oil pricing and a 21 percent decrease in crude oil production.Generated an operating netback of $2,826,000, representing a 51 percent decrease from the 2022 equivalent quarter primarily attributed to the 43 percent decline in petroleum and natural gas sales.Reported funds flow from operations of $6,000 in the quarter compared to $803,000 in the preceding quarter and $1,150,000 in the prior year equivalent quarter.Recognized a net loss of $71,000 ($0.00 per basic share) and comprehensive income of $136,000 in...