Stocks & Investing
Stocks and Investing
Stocks and Investing
Thu, December 1, 2011
Wed, November 30, 2011 Touchstone Announces Disposition of 33.8% Interest in the Moruga Block Area Located Onshore in South Central Trinidad
November 30, 2011 17:17 ET
Touchstone Announces Disposition of 33.8% Interest in the Moruga Block Area Located Onshore in South Central Trinidad
CALGARY, ALBERTA--(Marketwire - Nov. 30, 2011) - Touchstone Exploration Inc. (TSX VENTURE:TAB) ("Touchstone" or "the Company") announces it has entered into an agreement with Parex Resources Inc. and Parex Resources (Trinidad) Ltd. to sell, though its indirect wholly-owned subsidiary Primera Oil & Gas Limited ("POGL"), a 33.8% non-operated interest in the Exploration and Production Licence (the "Moruga Licence") awarded to POGL by the Government of Trinidad & Tobago in August, 2007 and related rights, assets and interests pertaining to an area located onshore in South Central Trinidad and designated as the "Moruga Block" for aggregate consideration of up to (US)$10.0 million. The Moruga Licence had no existing production or reserves assigned to it by the Company.
The transaction is subject to certain conditions precedent such as the Trinidad & Tobago Government Ministry consents and the expiration, waiver or exercise of prescribed pre-emptive rights set out in the existing Joint Operating Agreement for the Moruga Block dated March 23, 2010 between POGL, Parex Resources (Trinidad) Ltd. and Primera Energy Resources Ltd.
The companies in which Touchstone Exploration Inc. directly and indirectly owns investments or assets are separate entities. In this news release "Touchstone" and "the Touchstone Group" are sometimes used for convenience where references are made to Touchstone Exploration Inc. and its subsidiaries in general.
Cautionary Note Regarding Forward-looking Statements: Information in this news release that involves Touchstone's expectations, plans, intentions or strategies regarding the future are forward-looking statements that are not facts and involve a number of risks and uncertainties. Touchstone generally uses words such as "outlook", "will", "could", "would", "might", "remains", "to be", "plans", "believes", "may", "expects", "intends", "anticipates", "estimate", "future", "plan", "positioned", "potential", "project", "remain", "scheduled", "set to", "subject to", "upcoming", and similar expressions to help identify forward-looking statements. The forward-looking statements in this news release are based upon information available to Touchstone as of the date of this news release. Forward-looking statements believed to be true when made may ultimately prove to be incorrect. These statements are not guarantees of the future performance of Touchstone and are subject to risks, uncertainties and other factors, some of which are beyond its control and may cause actual results to differ materially from current expectations. These forward-looking statements are subject to numerous risks and uncertainties ,including but not limited to, government approvals, completion of the disposition as proposed or at all, the impact of general economic conditions in Canada and Trinidad & Tobago; industry conditions including changes in laws and regulations including adoption of foreign ownership laws and regulations, and changes in how they are interpreted and enforced, in Canada and Trinidad & Tobago; competition; actual and threatened litigation, obtaining required approvals of regulatory authorities, in Canada and Trinidad & Tobago; risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities; volatility in market prices for oil; fluctuations in foreign exchange or interest rates; changes in income tax laws or changes in tax laws and incentive programs relating to the oil industry; ability to access sufficient capital from internal and external sources; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive. For further information regarding specific risks and uncertainties applicable to Touchstone please see Touchstone's disclosure documents which may be viewed through the Internet on the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) at [ www.sedar.com ]. Touchstone does not undertake any obligation to publicly update forward-looking information except as required by applicable securities law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
