posted
A non-traditional oil play that is trading at a good bargain right now. I've bouhgt and sold this a few times and it seems to have stabilized around 1.15. I sold it recently at 1.4 and bought back in this morning.
Touchstone Announces Sales From Frank Yturria #1 Well In Vicksburg Project 1:21 p.m. 04/07/2005 Provided by Business Wire
BALA CYNWYD, Pa., Apr 07, 2005 (BUSINESS WIRE) -- Touchstone Resources USA ("Touchstone")(OTC:TSNU) announced today that the Frank Yturria #1 well in its Vicksburg project in South Texas has been completed and is now flowing to sales at a rate of 2 Million Cubic Feet (MMCF) of gas per day and 100 Barrels of Condensate Per Day (BCPD). The Frank Yturria #1 is producing from a depth of 9,250 feet without stimulation.
Wes Franklin, Executive Vice President of Touchstone said, "We are pleased to have established a commercial flow rate on the Frank Yturria #1, a new discovery on a wildcat prospect in Hidalgo County just east of our Sullivan City producing area. We believe that this discovery will lead to a significant field development in the vicinity of the Frank Yturria #1."
About Touchstone Resources USA, Inc.
Touchstone Resources USA, Inc. is engaged in oil and gas exploration, development and production and the acquisition of producing properties focusing on projects located in Texas, Louisiana and other traditional oil and gas producing states in the Southern United States, as well as in New Zealand. It is run by a highly experienced management team with substantial experience in the oil and gas business including previous management positions at the majors. Touchstone employs the most modern techniques such as horizontal drilling, 3D seismic analytics and advanced, proprietary amplitude surveys to detect high potential, relatively low risk prospects geared more towards the shorter term as well as high yield, higher risk prospects for the longer term.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained herein, including without limitation, statements regarding the Company's future financial position, business strategy, activity, budget, projected revenues, projected costs and plans and objectives of management for future operations are forward-looking statements. The words "estimate," "project," "intends," "expects," "believes," "may," "will," "should," "could," or "would," the negative of such terms or similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor' provisions of the Private Securities Litigation Reform Act of 1995. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause the Company's actual results, events or financial position to differ materially from those included within the forward-looking statements. These factors include but are not limited to our ability to identify, acquire and develop oil and gas properties, our assumptions about reserve prospects, the availability of capital resources, the price of oil, natural gas and other products and services, drilling risks, future processing volumes and pipeline throughput as well as those factors set forth in the Company's Annual Report on Form 10-KSB and its other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made and the Company undertakes no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.
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