BRIEF-Touchstone posts Q2 FFO per share $0.04

Fri Aug 12, 2016 7:19am EDT
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Aug 12 (Reuters) - Touchstone Exploration Inc

* Touchstone announces second quarter 2016 results

* Qtrly average oil sales of 1,322 barrels per day representing a decrease of 19 pct from Q2 of 2015

* Qtrly loss per share $0.03

* Qtrly FFO per share $0.04

* In June 2016, liquidated outstanding commodity hedges which resulted in proceeds of US$2 million

* Is currently in default of July 2016 monthly production covenant and currently seeking a waiver from lender

* Expect letter of credit to be cancelled in near future, upon which co's bank loan borrowing base will be reduced to $nil

* Co's lender will assess credit facility which may include a new borrowing base redetermination

* Touchstone will continue to assess new sources of financing available to manage current capital commitments Source text for Eikon: Further company coverage: