Business
Touchstone Announces Year-End 2021 Results
CALGARY, AB / ACCESSWIRE / March 28, 2022 / Touchstone Exploration Inc. ("Touchstone", "we",...
About this update from Touchstone Exploration Inc
[{"type":"text","content":"Touchstone Announces Year-End 2021 ResultsCALGARY, AB / ACCESSWIRE / March 28, 2022 / Touchstone Exploration Inc. (\"Touchstone\", \"we\", \"our\", \"us\" or the \"Company\") (TSX:TXP)(LSE:TXP) reports its operating and financial results for the three months and year ended December 31, 2021. Selected information is outlined below and should be read in conjunction with our December 31, 2021 audited consolidated financial statements, the related Management's discussion and analysis and Annual Information Form, all 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.Fourth Quarter 2021 HighlightsAchieved quarterly average production volumes of 1,336 barrels per day (\"bbls/d\"), representing a 5 percent increase from 1,274 bbls/d produced in the fourth quarter of 2020.Realized petroleum sales of $8,212,000 from an average crude oil price of $66.81 per barrel compared to petroleum sales of $7,650,000 from average realized pricing of $62.37 per barrel in the third quarter of 2021.Generated an operating netback of $29.96 per barrel, an 8 percent increase from the third quarter of 2021 and a 116 percent increase from the $13.90 per barrel in the fourth quarter of 2020.Our funds flow from operations improved to $1,291,000 in the quarter compared to funds flow used in operations of $736,000 in the fourth quarter of 2020.Reported net earnings of $6,514,000 ($0.03 per basic and diluted share) compared to net earnings of $1,655,000 ($0.01 per basic and diluted share) in the same period of 2020. Net earnings in the fourth quarter included net impairment reversals of $13,716,000, partially offset by associated deferred income tax expenses of $7,226,000.Exploration and evaluation capital investments of $2,946,000 focused on completing and initiating production testing operations on the Royston-1 well drilled in the third quarter of 2021 and submitting the required regulatory application for the Cascadura surface facility.Drilled three gross and net commitment wells on our legacy crude oil properties in the quarter, representing our first infill development drilling since 2019.Expanded our Trinidad-based term loan facility from $20 million to $30 million to fund our bud...