CALGARY, Alberta, Aug. 29, 2018 (GLOBE NEWSWIRE) -- Touchstone Exploration Inc. (“Touchstone” or the “Company”) (TSX / LSE: TXP) would like to provide clarity on the Petroleum Company of Trinidad and Tobago Limited (“Petrotrin”) restructuring announced on August 28, 2018. Petrotrin has announced a restructuring of their operations which will include the future closure of their oil-refinery operations and a redesign of their exploration and production business. Petrotrin has advised that the refining of crude oil will be phased out and that future production volumes will be exported for processing at other facilities. Petrotrin expects that it will begin transitioning to this model in October of this year.
Touchstone believes these changes will have no impact on its current and future operations, as the Company currently sells produced crude oil volumes to Petrotrin under various marketing contracts and does not interact directly with the refinery. The Company expects that it will continue to sell crude oil production to Petrotrin under our existing contracts; however, rather than selling to the Pointe-a-Pierre refinery, it is presumed that Petrotrin will export the product at world pricing.
It is the Company’s view that the restructuring will benefit the country in the long-term, as sustainable profitability of the state-owned company will enhance the standard of living in Trinidad and ensure the continued viability of the oil and gas-based economy on the island. Touchstone also recognizes that the announced retrenchment directly impacts a high number of skilled workers in Petrotrin’s organization. We are hopeful that as we accelerate our development activities in Trinidad, some of the qualified personnel may find opportunities in our organization.
Paul Baay, President and Chief Executive Officer of Touchstone said, “We believe this is a difficult but necessary step for Petrotrin, and we look forward to working with them as a partner while they transition the business and return to profitability.”
Petrotrin has announced that they will be meeting with all stakeholders in the coming weeks to discuss how the proposed changes will be implemented, and Touchstone expects to be an active participant in these meetings.
About Touchstone
Touchstone Exploration Inc. is a Calgary based company engaged in the business of acquiring interests in petroleum and natural gas rights, and the exploration, development, production and sale of petroleum and natural gas. Touchstone is currently active in onshore properties located in the Republic of Trinidad and Tobago. The Company's common shares are traded on the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the symbol “TXP”.
Forward-Looking Statements
Certain information provided in this news release may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking information in this news release may include, but is not limited to, statements relating to the future impact of Petrotrin’s announced restructuring on the Company’s operations. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Certain of these risks are set out in more detail in the Company’s December 31, 2017 Annual Information Form dated March 26, 2018 which has been filed on SEDAR and can be accessed at www.sedar.com. The forward-looking statements contained in this news release are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
Contact
Mr. Paul Baay, President and Chief Executive Officer; or
Mr. Scott Budau, Chief Financial Officer; or
Mr. James Shipka, Chief Operating Officer
Telephone: 403.750.4487
www.touchstoneexploration.com