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In response to investors requesting that more of
our coverage come after the market closes, we are providing this Breaking
News, which gives our members maximum time to review this company and
respond. StockUpTicks endeavors to bring you information about under-followed
companies that may be of particular interest to investors in "discovery"
and emerging growth stocks. Touchstone Resources Ltd. (TUT.V)
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 that an open-hole drill-stem
test in the Devonian formation in Winkler County, Texas by Schlumberger
produced a calculated rate of 2,400 barrels a day on Touchstone's
Wink project field. "This is a significant, high-impact discovery," said
EVP Wes Franklin. During the weekend ahead, Touchstone will further evaluate
production output by open-hole testing in the Devonian.
Investors should bookmark
the stock and watch for news early this week on the test results.
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Editor's note:
This release was issued after market meaning that no one, as yet,
has been able to react.
FOR IMMEDIATE RELEASE
July 27, 2001
WINK PROSPECT DEVONIAN PRODUCTION TESTING
Touchstone Resources USA, Inc. is pleased to announce
that the Wink prospect, Morton/Halley 23/24#1, which is located in Winkler
County, Texas, is currently being evaluated by open-hole testing in the
Devonian formation at approximately 14,000 feet. The Morton/Halley 23/24#1
was drilled to a total depth of 17,636 feet. After evaluating the deeper
Ellenburger formation, the Company has commenced a plug-back operation
to the Devonian. The Devonian was open-hole drilled drill-stem tested by
Schlumberger at a calculated rate of 2,400 barrels of oil per a day (“BOPD”).
A production facility has already been installed at this location and production
is scheduled to start on August 1, 2001.
Wes Franklin, Executive Vice President for Touchstone
Resources, states “The Company is very excited with this discovery in the
Devonian. This is a very significant “high impact” discovery, which enhances
the real value of our development in the Wink prospect. The size of this
discovery could be quite large by today’s on-shore U.S. standards. We anticipate
continued success in other wells in this region.” Mr. Franklin further
states, “The Morton 23 #3 is drilling over 10,000 feet on its way to a
proposed total depth of 15,000 feet. The well is a Devonian delineation/development
well down-dipped from the Morton/Halley 23/24 #1 and will provide an indication
of the size of the Devonian reservoir.”
The Company is also pleased to announce that an
additional field discovery has been made at the Wink project. The Morton
11 #2 was deepened to 11,000 feet and is currently testing the Devonian
chert at approximately 10,700 feet. Mr. Franklin added, “the Devonian here
is in a separate fault block 2 miles north of the Morton/Halley 23/24 #1,
which is testing the same formation 3,000 feet deeper. The Morton 11 #2
well has tested at a daily rate of 1.2 million cubic feet of gas per day
(“MMCFGPD”) and 4 BOPD. Following bottom hole pressure testing, the well
will be placed on production immediately.”
The Canadian Venture Exchange has not reviewed
and does not accept responsibility for the adequacy or accuracy of this
release.
SOURCE: Touchstone Resources USA, Inc.
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CONTACT
INFORMATION & LINKS |
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Touchstone Resources USA, Inc.
David Daniels
5858 Westheimer, Suite 708
Houston, Texas 77057
Telephone: (713) 784-1113
Facsimile:(713) 785-8530
Toll Free: (877) 829-0357
E-mail: ddaniels@touchstonetexas.com
Website:
www.touchstonetexas.com
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About
The Canadian Venture Exchange |
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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.
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Disclaimer
and Safe Harbor Statement: |
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Safe Harbor Statement:
Statements contained in this document,
including those pertaining to acquisitions, earnings estimates and related
commercial plans other than statements of historical fact, are forward-looking
statements subject to a number of uncertainties that could cause actual
results to differ materially from statements made.
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