Mr. Paul Baay reports

TOUCHSTONE ANNOUNCES CLOSING OF EXPANDED BANK FACILITY

Further to Touchstone Exploration Inc.'s news release on March 4, 2024, Touchstone Exploration (Trinidad) Ltd., its wholly owned Trinidadian subsidiary, has entered into the third amended and restated loan agreement with the company's Trinidad-based lender.

The amended loan agreement provides for an additional $10-million five-year non-revolving term loan facility and an increase to its existing revolving loan facility borrowing capacity from $7-million to $10-million under the terms previously announced.

As a result, Touchstone's credit facilities currently consist of its unchanged seven-year term loan facility, the new five-year $10-million non-revolving term loan facility and the increased $10-million revolving loan facility. The existing seven-year non-revolving term loan facility has a current principal balance of $19.5-million, with 13 equal and consecutive quarterly principal payments of $1.5-million outstanding through to the June 15, 2027, maturity date. Touchstone has $7-million drawn on its revolving loan facility, resulting in an aggregate $26.5-million in bank debt principal currently outstanding.

The company intends to fully draw the new $10-million non-revolving term loan facility to finance its 2024 capital program as previously set out in the company's Dec. 19, 2023, news release, and expects to use the additional revolving loan facility credit capacity for general working capital purposes on an as-needed basis.

Touchstone Exploration Inc.

Touchstone Exploration is a Calgary, Alta.-based company 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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