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Touchstone Exploration, Inc., First Quarter 2023 Results
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Touchstone Exploration, Inc., announced first quarter 2023 results.
Highlights
- Produced quarterly average volumes of 2,139 boe/d, representing a 53 percent increase relative to the 1,396 boe/d produced in the prior year equivalent quarter and a 4 percent decrease compared to the fourth quarter of 2022.
- Natural gas production from our Coho-1 well averaged net volumes of 5.1 MMcf/d (854 boe/d) in the quarter and contributed $976,000 of net natural gas sales at an average realized price of $2.12/Mcf.
- Realized petroleum and natural gas sales of $8,476,000 compared to $10,496,000 in the 2022 comparative quarter, as the incremental $976,000 in net natural gas sales were offset by decreased crude oil sales of $2,996,000, reflecting a 22 percent decline in realized crude oil pricing and an 8 percent decrease in crude oil production.
- Generated an operating netback of $3,652,000, representing a 23 percent decrease from the 2022 equivalent quarter primarily attributed to a 19 percent decline in petroleum and natural gas sales.
- Reported funds flow from operations of $803,000 in the quarter compared to $691,000 in the preceding quarter and $1,443,000 in the prior year equivalent quarter.
- Recognized a net loss of $279,000 ($0.00 per basic share) in the quarter compared to a net loss of $236,000 ($0.00 per basic share) reported in the same period of 2022.
- $9,019,000 in quarterly capital investments primarily focused on expenditures directed to the drilling of the Royston-1X sidetrack well and progressing construction of the Cascadura natural gas and liquids facility.
- Exited the quarter with a cash balance of $10,859,000, a working capital deficit of $4,383,000 and a principal balance of $25,500,000 remaining on our term credit facility, resulting in a net debt position of $23,883,000.
- Natural gas and liquids facility construction operations on the Cascadura A surface location have progressed and we continue to target completion and commissioning for first production at Cascadura on or about June 30, 2023.
- Construction of the Cascadura C surface location is complete, which will be the location of our first Cascadura development well.
- The second production test of the Royston-1X well is expected to commence in late May 2023 once the service rig has moved onto the lease following the drilling rig being moved to the Cascadura C location.
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