The performance of the Canadian Venture Exchange
(CDNX) can best be measured by comparing it with the U.S. Nasdaq Composite
100. The CDNX began with its indices value set at 2000 on November 11,
1999. The main index closed trading on June 1, 2001 at 3,251. That's
a 62% increase. In comparison, during the same time period the
Nasdaq Composite suffered a 38% decline, from 3,421 on November 11, 1999
to close at 2,149 on June 1, 2001.
Touchstone Resources Ltd., based in Houston, Texas,
is an aggressive oil and gas exploration company targeting high-potential
assets through a focused strategy of utilizing industry relationships,
world class contract consultants and the most modern industry technologies.
Touchstone announced today a new significant discovery of natural gas in
the renowned Permian Basin ( Texas), the largest natural gas field in the
U.S.
Click TUT.V here
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BREAKING NEWS *** ***BREAKING NEWS***
***BREAKING NEWS*** |
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Editor's note: This release was issued after market
meaning that no one, as yet, has been able to react.
Discovery To Produce 5.5 Million
Cubic Feet of Natural Gas Per Day
Touchstone Announces Ligonbach Simpson Interval
HOUSTON, June 21 /PRNewswire/ -- Touchstone
Resources USA, Inc. (CDNX: TUT.V ) announces that the Ligon State 22
#2 sidetrack has completed a open hole drill stem test of the middle Simpson
formation over an interval from 14,920 feet to 15,250 feet. Fractured limestone
was tested at a rate of 5.5 MMCFPD during a 1 hour flow period. The well
is being drilled to a proposed depth of 18,500 feet to test the Ellenburger
formation. The original well reached a depth of 16,640 feet, but failed
to reach its objective because of thrust faulting.
An Atoka zone above 12,000 feet had strong mud-log
shows and may be behind pipe pay.
The operator encountered a number of Delaware
sands in the original hole from approximately 5,000-7,000 feet. Several
of these intervals were cored and are considered potential pay sands. Subsequently,
the Ligon State 22 #3, located to the east of the #2, was drilled to a
depth of 6,830 feet and completion efforts have commended on the lowermost
interval.
The Ligonbach Prospect, in the Waha/Lockridge
Project, is located in Reeves County, Texas.
For more information on Touchstone and any of
Touchstone's projects, please visit www.touchstonetexas.com.
For further information contact:
David Daniels at: Telephone: (713)
784-1113, Facsimile: (713) 785-8530
or e-mail at ddaniels@touchstonetexas.com
The Canadian Venture Exchange has not reviewed
and does not accept responsibility for the adequacy or accuracy of this
release.
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SOURCE: Touchstone Resources USA, Inc.
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FEATURED
REPORT |
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The Research Works, Inc, the publishing division
of stocksontheweb.com, publishes reports on companies they feel have strong
sales and earnings prospects, proprietary assets, and capitalizations that
are low relative to their earnings potential. They recently ran a report
on Touchstone Resources:
Use of Advanced Seismic Technologies to Maximize
the Success Rate for Discovery of High-Impact Oil and Gas Prospects
Touchstone Resources Ltd. (the "Company") is engaged
in the exploration and development of oil and gas prospects in East and
West Texas and southern Louisiana. Its strategy is to grow its oil and
gas production and reserves rapidly by (1) partnering with larger independent
oil companies in particularly promising projects and (2) developing its
own properties based on its proprietary 3-D seismic data sets and its well
regarded in-house expertise in analyzing 3-Dseismic data.
Among the Company's key proprietary assets are
an extensive library of 3-D seismic data and in-house technical capability
to work the data. The library consists of nearly 1,000 square miles of
data in East Texas and approximately 250 square miles in West Texas. The
technical people working the data have developed proprietary algorithms
to assist them in data interpretation.
The Company has a half dozen major oil and gas
projects underway. There are six rigs drilling, including three for deep
drilling; six wells testing and completing; and seven wells producing.
Management has a knowledge base relating to deep gas reserves that is unusual
for a company of this size. Early results from drilling activity are very
encouraging, and there could be six to seven new production wells per month
through year-end. The Company is hopeful that its projects will have some
very sizable discoveries in the near term.
Significant oil and gas production is expected
to begin early this summer and build rapidly over the following several
years. Management recognizes the value of maintaining low corporate overhead,
and it outsources many functions in an attempt to minimize overhead expenditures.
Estimates for 2002 show potential production of 9.16 BCFE and potential
cash flows of $34.4 million.
Estimates of the reserves and economics of the
major projects show that the present value of the cash flows (discounted
at 10%) is $366 million. This compares with an equity market capitalization
for the Company of only $41 million.
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Contact
Information |
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Touchstone Resources USA, Inc.
5858 Westheimer, Suite 708
Houston, Texas 77057
Telephone: (713) 784-1113
Facsimile:(713) 785-8530
Toll Free: (877) 829-0357
E-mail: info@touchstonetexas.com
Website:
www.touchstonetexas.com
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