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Touchstone Exploration Closes $15MM Term Loan

November 28, 2016, 07:16 AM
Filed Under: Energy

Touchstone Exploration Inc. announced  the conditions precedent have been satisfied in respect of its previously announced $15 million, five-year term loan agreement and the Term Loan became effective on November 23, 2016. The Term Loan replaces Touchstone's former credit facility with The Bank of Nova Scotia. The terms upon which the Company may access the Term Loan are as disclosed in our news release dated November 10, 2016 relating to our third quarter 2016 results. The company has used a portion of the Term Loan to cash collateralize its US$6 million letter of credit that provides credit support in respect of its East Brighton offshore property future work commitments.

Touchstone Exploration Inc. is a Calgary-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. Touchstone is one of the largest independent onshore oil producers in Trinidad, with assets in several large, high-quality reservoirs that have significant total petroleum initially-in-place and an extensive inventory of low-risk development opportunities.

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