Touchstone Exploration Inc. has reported record production and a return to profitability in its annual 2024 financial and operating results.
President and Chief Executive Officer Paul Baay stated, “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.”
Touchstone has an 80 percent operating working interest in the Cascadura field, which is located on the Ortoire block onshore in the Republic of Trinidad and Tobago. Heritage Petroleum Company Limited holds the remaining 20 percent working interest.
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The company recorded an annual average production of 5,734 barrels of oil equivalent per day (boe/d), a 44% increase from 2023. Natural gas production rose to 26.3 million cubic feet per day (MMcf/d), while crude oil and NGLs production totaled 1,352 barrels per day (bbls/d). Petroleum and natural gas sales reached US$57.47 million, a 19% increase from the previous year. Net earnings were US$8.27 million, or US$0.04 per basic share, compared to a net loss of US$20.60 million in 2023.
Touchstone said it invested US$23.68 million in development and infrastructure, including four wells and key upgrades to the Cascadura natural gas processing facility. It ended the year with US$6.7 million in cash and US$29.11 million in net debt. The company expanded its Trinidad onshore acreage by 103,000 acres and announced a proposed acquisition of a private Trinidad-based entity with four producing natural gas wells and an 80 MMcf/d gas processing plant.
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In the fourth quarter, Touchstone’s average production increased slightly to 5,287 boe/d, with 73% of output from natural gas. Petroleum and natural gas sales totaled US$13.54 million. The company recorded a net loss of US$542,000, primarily due to impairment and depletion expenses. It invested US$3.11 million in the quarter, focusing on infrastructure and pre-drill work for the Cascadura-4 well.
