BRIEF-Touchstone exploration provides credit facility update

Thu Apr 14, 2016 7:21am EDT
 
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April 14 (Reuters) - Touchstone Exploration Inc

* Borrowing base on its trinidad based credit facility has been established at us$8 million

* Currently has us$2 million drawn on credit facility

* Company and its lender executed an amendment and limited waiver to credit agreement

* Waiver cured company's march 2016 production volume covenant breach, as march production was 1,339 barrels per day

* Waiver also served to cure company's violation of its december 31, 2015 consolidated debt to ebitda ratio covenant

* Expecting to be in compliance with qtrly covenant throughout 2016 based on us$4 million year to date credit facility payments

* Will continue to seek alternative sources of financing to further develop its core trinidad onshore assets Source text for Eikon: (Bengaluru Newsroom: +1-646-223-8780)