amazing this one is not moving with a probable NAV at .97

Touchstone Exploration earns $1-million (U.S.) in 2012


2013-01-28 06:11 PT - News Release


Mr. Ron Bryant reports


Touchstone Exploration Inc. has released its financial and reserves results for the year ended Sept. 30, 2012. The Company is currently reporting under International Financial Reporting Standards ("IFRS") and all values in this news release are in thousands of United States dollars unless otherwise stated. Financial highlights for year ended September 30, 2012 are noted below:

-- Average annual production for 2012 was 1,159 barrels of oil per day, a 175 percent increase from the 421 barrels per day produced in 2011. -- Petroleum revenue net of royalties was $29,567, a 219 percent increase from the $9,283 recognized in 2011. -- Funds flow from operations increased $8,795 from negative $1,592 (($0.01) per share) in 2011 to $7,203 ($0.07 per share) in 2012. -- The Company added 1,071,000 barrels of proved plus probable reserves for a total of 8,212,000 barrels net of royalties. -- Ten new wells were drilled and twenty-three recompletions were performed in the 2012 fiscal year yielding annual finding and development costs of $4.58 per barrel on a total proven basis, resulting in a recycle ratio of 3.68. -- As at September 30, 2012, the Company's after tax proved and probable net asset value was $106,115(1) or $0.97 per share (10 percent discounted).