Mr. Paul Baay reports

TOUCHSTONE ANNOUNCES OPERATIONAL UPDATE AND NOTIFICATION OF RETAIL INVESTOR PRESENTATION

Touchstone Exploration Inc. has provided an update on the construction of the Cascadura facility and Royston-1X production testing, ahead of its annual general meeting which will be held today at 10:30 a.m. MDT. Touchstone has an 80-per-cent operating working interest in the Cascadura field and the Royston-1X well, which are located on the Ortoire block onshore in the Republic of Trinidad and Tobago. Heritage Petroleum Company Ltd. holds the remaining 20-per-cent working interest.

Cascadura

Construction of the Cascadura natural gas and liquids facility is progressing. The company is currently undertaking precommissioning of the facility, which consists of testing all electronics, alarms, operating systems, flare and emergency shutdown systems, as well as purging air from the system using inert nitrogen gas. In parallel with these operations, on or about July 8, 2023, the company will remove the downhole safety plugs from the Cascadura-1ST1 and Cascadura Deep-1 wells and commence facility commissioning operations.

Royston

The company has completed the second production test of the Royston-1X well, which included three zones targeting a gross interval of 80 feet in the middle portion of the subthrust sheet of the Herrera formation at depths between 10,604 and 11,020 feet. Each zone produced light crude oil, with wellhead shut in pressure up to 2,450 pounds per square inch. Production flowed to the surface at non-commercial rates. This section of the formation appears to be a low permeability reservoir, and further testing will not be conducted. The next well test will target a gross interval of 106 feet within the intermediate sheet, which is the primary target of the well.

Virtual webinar event

President and chief executive officer, Paul Baay, will be presenting at the Shares/AJ Bell investor webinar on Wednesday, July 5, 2023, at 6 p.m. BST. Following the presentations there will be a live question-and-answer session. Existing shareholders and potential investors can register to join the event free on-line.

About Touchstone Exploration Inc.

Touchstone Exploration is a company based in Calgary, Alta., engaged in the business of acquiring interests in petroleum and natural gas rights and the exploration, development, production and sale of petroleum and natural gas. Touchstone is currently active in onshore properties located in the Republic of Trinidad and Tobago. The company's common shares are traded on the Toronto Stock Exchange and the Alternative Investment Market of the London Stock Exchange under the symbol TXP.

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