Natural gas and associated liquids production commenced on
Natural gas and associated liquids production from the Company's Cascadura wells is separated at the Cascadura facility on the Cascadura A surface location. The facility operates as a self-contained system, capturing all natural gas from the separators and liquids storage tanks and recycling it back into the system to increase sales volumes. Additionally, the facility sustains its own power requirements through onsite solar systems and natural gas generators and is entirely independent of the
The facility was constructed over the past year and represented approximately 110,000 work hours of local employment using Trinidadian contractors and fabrication facilities. Throughout construction and commissioning, the project recorded no lost time injuries.
Natural gas volumes are transported through a 20-inch pipeline constructed and operated by
We would like to thank our partners and contractors for their support and attention to safety during the facility construction and commissioning process. Our team will now focus on optimizing Cascadura production and planning a future drilling program to fill our existing Coho and Cascadura facilities.'
Contact:
Tel: 403.750.4487
Forward-Looking Statements
Certain information provided in this news release may constitute forward-looking statements and information (collectively, 'forward-looking statements') within the meaning of applicable securities laws. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words 'expects', 'plans', 'anticipates', 'believes', 'intends', 'estimates', 'projects', 'potential' and similar expressions, or are events or conditions that 'will', 'would', 'may', 'could' or 'should' occur or be achieved. The forward-looking statements contained in this news release speak only as of the date thereof and are expressly qualified by this cautionary statement.
Specifically, this news release includes, but is not limited to, forward-looking statements relating to Touchstone's expectation of future Cascadura natural gas and liquids production rates and cash flows to be derived therefrom; estimated Cascadura facility construction work-hours and the Company's development and exploration plans and strategies, including internal development opportunities, future development drilling on the Company's existing asset base and the anticipation of using existing sales infrastructure for future operations.
Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Certain of these risks are set out in more detail in the Company's 2022 Annual Information Form dated
Oil and Gas Measures
Where applicable, natural gas has been converted to barrels of oil equivalent based on six thousand cubic feet to one barrel of oil. The barrel of oil equivalent rate is based on an energy equivalent conversion method primarily applicable at the burner tip, and given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different than the energy equivalency of the 6:1 conversion ratio, utilizing the 6:1 conversion ratio may be misleading as an indication of value.
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