Touchstone Exploration Inc. (“Touchstone” or the “Company”) (TSX:TXP) announces the results of the independent December 31, 2016 reserve evaluation (the “Reserves Report”) with respect to the Company’s crude oil reserves in the Republic of Trinidad and Tobago (“Trinidad”). Amounts herein are in Canadian dollars unless otherwise stated.
As quoted in the press release:
Touchstone’s year-end reserves were evaluated by independent reserves evaluator GLJ Petroleum Consultants Ltd. (“GLJ”) in accordance with definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation (“COGE”) Handbook and National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (“NI 51-101”). Additional reserves information as required under NI 51-101 will be included in the Company’s Annual Information Form which will be filed on SEDAR on or before March 31, 2017. The reserves estimates set forth below are based upon GLJ’s Reserve Report dated March 17, 2017. All values in this press release are based on GLJ’s forecast prices and estimates of future operating and capital costs as at December 31, 2016. All financial information presented in this press release are based on estimates and are unaudited.