Market Impact: Positive. Touchstone announced it has entered into an agreement to dispose of its Kerrobert heavy oil property and associated facilities and infrastructure to Quattro Exploration and Production for $4.15 mm ($650,000 cash and $3.5 mm in preferred securities). In addition to generating disposition proceeds for a non-core asset, Touchstone will eliminate its operating losses, reduce future development capital by approximately $1.0 mm and future abandonment liabilities by approximate ....

20 Jan 2016
TOUCHSTONE EXPLORATION INC. (TXP) ANNOUNCES KERROBERT HEAVY OIL DISPOSITION

Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
TOUCHSTONE EXPLORATION INC. (TXP) ANNOUNCES KERROBERT HEAVY OIL DISPOSITION
Touchstone Exploration Inc (TXP:LON) | 58.5 1.9 5.5% | Mkt Cap: 136.3m
- Published:
20 Jan 2016 -
Author:
Darren B. Engels -
Pages:
3 -
Market Impact: Positive. Touchstone announced it has entered into an agreement to dispose of its Kerrobert heavy oil property and associated facilities and infrastructure to Quattro Exploration and Production for $4.15 mm ($650,000 cash and $3.5 mm in preferred securities). In addition to generating disposition proceeds for a non-core asset, Touchstone will eliminate its operating losses, reduce future development capital by approximately $1.0 mm and future abandonment liabilities by approximate ....