Touchstone Announces Expanded Bank Debt and a Drilling Update

Touchstone Exploration Inc., based in Calgary, has disclosed an augmentation in its bank debt and provided an update on its drilling operations. Its Trinidadian subsidiary finalized a term sheet increasing borrowing capacity by $13 million, enhancing its financial standing. This expansion comprises a new $10 million term loan and an increase in revolving loan capacity to $10 million, aiming to back the 2024 capital program.

Alongside financial updates, Touchstone has commenced drilling the Cascadura-3 and CO-374 wells, focusing on gas and crude oil in multiple formations. These operations build on the company’s strategic exploration and development endeavors in Trinidad and Tobago, highlighting its ongoing commitment to resource development.