CALGARY, Alberta, Sept. 14, 2017 (GLOBE NEWSWIRE) -- Touchstone Exploration Inc. (“Touchstone” or the “Company”) (TSX:TXP) (LSE:TXP) is pleased to provide the following operational update.
Highlights
- Achieved July 2017 and August 2017 crude oil sales of 1,349 and 1,591 barrels per day (“bbls/d”), respectively.
- The first two wells of the 2017 drilling program drilled on the Coora 1 block have been on production for the last 90 days at an average combined rate of 202 bbls/d; current field estimated production from the two wells is 246 bbls/d.
- The final two wells of the 2017 drilling program drilled on the Grand Ravine WD-4 block have been on production for the last 49 days at an average combined rate of 97 bbls/d; current field estimated production from the two wells is 139 bbls/d.
Production
Touchstone’s July and August 2017 crude oil production averaged 1,470 bbls/d. The increase was buoyed by incremental production from the four well drilling campaign as well as continued production from recompletions conducted earlier in the year. The Company’s current field estimated production is approximately 1,500 bbls/d.
Drilling Campaign
Coora 1 Block
The CO-368 well was completed on June 13, 2017 with 15 feet of oil sand being perforated in the Cruse Formation. The well has produced approximately 4,700 barrels of oil in 90 days of production, an average of 52 bbls/d. On September 8, 2017, the Company added 26 feet of additional perforations originally planned as part of the initial completion, and the well is currently producing at a field estimated rate of 76 bbls/d.
CO-369 was completed on June 23, 2017 with 45 feet of oil sand being perforated in the Cruse Formation. The well is currently pumping and produced an average daily oil production rate of 166 bbls/d over the first 81 days. To date, CO-369 has produced approximately 13,400 barrels of oil, and current field estimated production is 170 bbls/d.
Grand Ravine WD-4 Block
The PS-598 well was completed on July 23, 2017 and placed on production on July 26, 2017. The initial completion evaluated a 15-foot interval below the primary zone of interest and incurred higher than expected water cuts. Production from the zone was suspended on August 22, 2017, and the primary zone of interest was perforated on August 25, 2017. The well has produced approximately 1,400 barrels of oil in 49 days, representing an average of 29 bbls/d. The well is currently flowing at a controlled, field estimated rate of 23 bbls/d on an 9/32” choke. The Company will continue to monitor and optimize this well.
PS-599 was completed on July 26, 2017 and placed on production on July 28, 2017. The well has produced approximately 3,350 barrels over the first 47 days of production, flowing an average of 71 bbls/d. The well was recently equipped with a pump to optimize production and is currently producing at a field estimated rate of 116 bbls/d.
James Shipka, Chief Operating Officer, said:
“Touchstone is very encouraged by the early results of our drilling program. The four wells were targeting slightly deeper horizons in established fields and the results have exceeded our internal expectations.”
Paul Baay, President and Chief Executive Officer, commented:
“This positive operational and production update represents another exciting milestone for Touchstone. Achieving August crude oil sales of 1,591 bbls/d is a testament to our ability to deploy capital rapidly, to drive production and add further growth to our business. We are currently assessing the potential to drill an additional four wells prior to the end of the year subject to acceptable commodity pricing and approval from our Board.”
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 press release may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking information in this press release may include, but is not limited to, statements relating to current field estimated production, the potential undertaking and timing of future well drilling, and the quality and quantity of prospective hydrocarbon accumulations as indicated by wireline logs. 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 Annual Information Form dated March 21, 2017 which has been filed on SEDAR and can be accessed at www.sedar.com. The forward-looking statements contained in this press 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. James Shipka, Chief Operating Officer
Tel: (403) 750-4487
www.touchstoneexploration.com