TXP:CC - Touchstone Exploration Inc. Announces AIM Rule 17 Schedule 2(g) Update

CALGARY, AB / ACCESSWIRE / March 23, 2023 / Touchstone Exploration Inc. ("Touchstone") (TSX:TXP)(LSE:TXP) provides the following information under Rule 17 and Schedule Two Paragraph (g) of the AIM Rules for Companies.

On November 30, 2017, Mr. John D. Wright, Chairman of Touchstone, became a director of OAN Resources Ltd. ("OAN"), a private company registered in Canada. On June 14, 2019, the management of OAN filed a Notice of Intention ("NOI") to Make a Proposal under subsection 50.4(1) of the Bankruptcy and Insolvency Act to restructure OAN's affairs. At the time of the NOI, OAN was estimated to have a creditor deficiency of approximately C$5.1 million. Mr. Wright resigned his director position on October 10, 2019. OAN was unable to file a proposal within the provided period and was deemed to have made an assignment into bankruptcy on October 16, 2019. OAN's assets were subsequently sold by the trustee of the bankrupt estate.

For further information about Touchstone, please visit our website at www.touchstoneexploration.com or contact:

Touchstone Exploration Inc.

Touchstone Exploration Inc. is a Calgary, Alberta based company engaged in the business of acquiring interests in petroleum and natural gas rights and the exploration, development, production and sale of petroleum and natural gas. Touchstone is currently active in onshore properties located in the Republic of Trinidad and Tobago. The Company's common shares are traded on the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the symbol "TXP".

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SOURCE: Touchstone Exploration Inc