Touchstone Resources Ltd. (TUT.V)

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. 

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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

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.
 

CONTACT INFORMATION & LINKS

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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