Business
Touchstone Exploration Announces Annual 2024 Financial and Operating Results
CALGARY, AB / ACCESS Newswire / March 20, 2025 / Touchstone Exploration Inc. ("Touchstone"...
About this update from Touchstone Exploration Inc
[{"type":"text","content":"Touchstone Exploration Announces Annual 2024 Financial and Operating ResultsCALGARY, AB / ACCESS Newswire / March 20, 2025 / Touchstone Exploration Inc. (\"Touchstone\", \"we\", \"our\" or the \"Company\") (TSX:TXP)(LSE:TXP) reports its operating and condensed financial results for the three months and year ended December 31, 2024. Selected financial information is outlined below and should be read in conjunction with our December 31, 2024 audited consolidated financial statements and related Management's discussion and analysis, both of which are available under our profile on SEDAR+ (www.sedarplus.ca) and on our website (www.touchstoneexploration.com). Unless otherwise stated, all financial amounts presented herein are in United States dollars, and all production volumes disclosed herein are sales volumes based on Company working interest before royalty burdens.Paul Baay, President and Chief Executive Officer, commented:\"In 2024, Touchstone maintained its growth trajectory, achieving record annual production and delivering net earnings, driven by a full year of Cascadura production. We successfully drilled, completed, and brought online two wells at the Cascadura C pad, alongside the installation of a new natural gas separator. With most infrastructure now in place, we are well-positioned to accelerate the transition from drilling to production for future wells.We continued expanding our Trinidad onshore acreage and announced a strategic acquisition, which we are actively working to finalize. The amended loan agreement and related security documents are in progress, with completion expected in the second quarter of 2025. Looking ahead, we will strategically evaluate growth opportunities, factoring in natural gas pricing dynamics while leveraging our extensive land portfolio and infrastructure to enhance efficiency and reduce costs. Above all, safety remains our top priority, ensuring the well-being of our people and the integrity of our operations.\"Annual 2024 Financial and Operating HighlightsRecord Production: Achieved annual average production volumes of 5,734 boe/d, a 44 percent increase from 3,981 boe/d in 2023. Production consisted of 1,220 bbls/d of crude oil, 132 bbls/d of NGLs, and 26.3 MMcf/d of natural gas.Revenue: Petroleum and natural gas sales totaled $57.47 million, up 19 percent from $48.10 million in 2023. T...