Touchstone Announces Closing of Expanded Bank Facility

CALGARY, AB / ACCESSWIRE / April 22, 2024 / Touchstone Exploration Inc. ("Touchstone", "we", "our" or the "Company") (TSX:TXP)(LSE:TXP) announces that, further to the Company's news release on March 4, 2024, Touchstone Exploration (Trinidad) Ltd., our wholly owned Trinidadian subsidiary, has entered into the third amended and restated loan agreement with our Trinidad based lender (the "Amended Loan Agreement").

The Amended Loan Agreement provides for an additional $10 million five-year non-revolving term loan facility and an increase to our existing revolving loan facility borrowing capacity from $7 million to $10 million under the terms previously announced.

As a result, Touchstone's credit facilities currently consist of our unchanged seven-year term loan facility, the new five-year $10 million non-revolving term loan facility, and the increased $10 million revolving loan facility. The existing seven-year non-revolving term loan facility has a current principal balance of $19.5 million, with thirteen equal and consecutive quarterly principal payments of $1.5 million outstanding through to the June 15, 2027 maturity date. We have $7 million drawn on our revolving loan facility, resulting in an aggregate $26.5 million in bank debt principal currently outstanding.

We intend to fully draw the new $10 million non-revolving term loan facility to finance our 2024 capital program as previously set out in our December 19, 2023 news release and expect to use the additional revolving loan facility credit capacity for general working capital purposes on an as needed basis.

Touchstone Exploration Inc.

Touchstone Exploration Inc. is a Calgary, Alberta 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". For further information about Touchstone, please visit our website at www.touchstoneexploration.com or contact: