Touchstone Resources Ltd. (CDNX: TUT.V)

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 for stock quote. 

*** BREAKING NEWS ***     ***BREAKING NEWS***

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.
 

FEATURED REPORT

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:

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

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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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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