Stockwatch1 Apr 2026 08:14
Stockwatch daily Energy Summary for March 31 ..... https://www.stockwatch.com/News/Item?bid=Z-C:*MKTOIL-3800741&symbol=*MKTOIL®ion=C ..... " Another international player, Paul Baay's Trinidad-focused Touchstone Exploration Inc. (TXP), lost three cents to 18 cents on 1.69 million shares, after releasing its year-end financials. It had tried to soften their obviously anticipated blow yesterday with a boosterish drilling update (including a 290-foot net pay interval encountered by its latest well on the WD-8 block). Investors bided their time for the financials, and today they did not like what they saw, especially the glaring red flag emblazoned with "material uncertainties over [Touchstone's] ability to continue as a going concern."
The uncertainties come amid continuing difficulties in staving off production declines. Production in the fourth quarter averaged 4,900 barrels a day, a decrease from 5,300 barrels a day in the same period last year, which itself was down from 8,500 barrels a day in the same period a year before that. Touchstone tried to turn things around by buying a 2,000-barrel-a-day asset in May, 2025, but the slide is simply too steep.
Even worse, the money that it borrowed to buy the asset -- which it did by taking out a $30-million term loan -- came with covenants that Touchstone is now at risk of breaching. Unless it can negotiate amendments or waivers, it is forecasting covenant breaches as early as the fourth quarter, potentially resulting in the $30-million coming due at that time. The company is in "active engagement" with the lender to see what it can do. "
Sign In
Follow the stocks
