To provide a single unit of production for analytical purposes, natural gas production has been converted mathematically to barrels of oil equivalent. We use the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). The 6:1 boe ratio is based on an energy equivalent conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead and is not based on either energy content or current prices. While the boe ratio is useful for comparative measures and observing trends, it does not accurately reflect individual product values and might be misleading, particularly if used in isolation. As well, given that the value ratio, based on the current price of crude oil to natural gas, is significantly different from the 6:1 energy equivalency ratio, using a 6:1 conversion ratio may be misleading as an indication of value.
Product Type Disclosures
This announcement includes references to natural gas liquids, natural gas, and average daily field estimated production volumes. Under National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101") , disclosure of production volumes should include segmentation by product type as defined in the instrument. In this announcement, references to "natural gas liquids" refer to condensate; and references to "natural gas" refer to the "conventional natural gas" product type, all as defined in the instrument.
For further information regarding specific product disclosures in accordance with NI 51-101, please refer to the "Advisories - Product Type Disclosures" section in the Company's most recent Management's discussion and analysis for the three and nine months ended September 30, 2024 accompanying our September 30, 2024 unaudited interim condensed consolidated financial statements, both of which are available on our website ( www.touchstoneexploration.com ) and under our SEDAR+ profile ( www.sedarplus.ca ).
Abbreviations
The following abbreviations are referenced in this announcement:
bbl(s) barrel(s) bbls/d barrels per day boe barrels of oil equivalent boe/d barrels of oil equivalent per day Mcf thousand cubic feet MMcf million cubic feet MMcf/d million cubic feet per day LNG liquefied natural gas
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December 13, 2024 02:00 ET (07:00 GMT)
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