Touchstone Exploration Inc.（简称“Touchstone”、“我们”或“公司”）公布截至2025年9月30日止三个月和九个月的财务和经营业绩。以下概述了部分财务信息，请同时参阅Touchstone截至2025年9月30日的未经审计的简明合并中期财务报表及相关管理层讨论与分析。上述文件均可在SEDAR+（www.sedarplus.ca）的公司简介及公司网站（www.touchstoneexploration.com）上查阅。除非另有说明，本文所列所有财务金额均以美元计价。

2025年第三季度亮点

：产量：2025年第三季度平均产量为5,141桶油当量/日（其中71%为天然气），而2025年第二季度为4,399桶油当量/日（其中69%为天然气），2024年第三季度为5,211桶油当量/日（其中75%为天然气）。第三季度中心区域的产量约为2,217桶油当量/日。

石油和天然气销售额：总计1,270万美元，较上年同期的1,325万美元下降4%。-

原油销售额：584万美元，平均日产量为1,051桶，平均实现价格为每桶60.30美元。-

凝析油销售额：134万美元，平均日产量为436桶，平均实现价格为每桶33.41美元。

- 天然气销售额：552 万美元，平均日产量为 2190 万立方英尺（3654 桶油当量），平均实现价格为每千立方英尺 2.74 美元。

路 运营净收益：运营净收益为 586 万美元，较 2024 年第三季度下降 21%，主要原因是石油和天然气销售额及相关特许权使用费下降，以及天然气运营费用增加。

路 运营资金流：从上年同期的 302 万美元下降至 74 万美元，主要原因是运营净收益下降、现金融资费用增加以及当期所得税增加，部分被交易成本下降所抵消。

路 净亏损：录得净亏损 206 万美元（每股亏损 0.01 美元），而 2024 年第三季度净利润为 185 万美元（每股盈利 0.01 美元）。差异的主要原因是运营资金流同比下降、新增 150 万美元的折旧和损耗费用，以及上年确认的 78 万美元资产处置收益未计入本季度。

路 资本投资：投资 960 万美元，其中大部分用于支出主要用于卡斯卡杜拉（Cascadura）钻井作业以及为卡斯卡杜拉天然气处理厂采购压缩设备。

可转换债券融资：公司于2025年8月8日向一位私人投资者发行了三年期有担保可转换债券（“债券”），年利率为5%。该债券可按每股约0.22美元（0.30加元）的价格转换，投资者同时获得6,250,000份认股权证，行权价格为每股0.40加元，行权期为两年。融资所得款项用于支持公司完成卡斯卡杜拉开发钻井活动。

财务状况：截至2025年9月30日，净债务增至7775万美元，反映了债券的发行。

战略处置：已达成协议，将非核心资产Fyzabad出售给一家位于特立尼达的第三方，对价为公司WD-8和WD-4区块的三口交钥匙钻井。该资产在2025年第三季度平均日产量为49桶，截至2025年9月30日，净负债为259万美元，被列为持有待售资产。该交易仍需获得惯常的监管批准。

期末亮点

：私募配售：2025年10月30日，Touchstone以每股11便士（约合0.205加元）的价格发行63,636,363股普通股，募集资金总额约为910万美元（700万英镑）。

获得银行豁免：10月份私募配售完成后，Touchstone获得了贷款方的豁免，豁免了其贷款协议中截至2025年12月31日止年度的债务偿付覆盖率财务契约的测试。

产量更新：2025年10月油田预估日均产量为4,691桶油当量，较9月份的4,852桶油当量下降3.3%。产量下降主要反映了中央设施约两天的计划维护。 10 月份的预计产量包括 1970 万立方英尺/天的净天然气产量（3289 桶油当量/天）和 1402 桶/天的净原油和液体产量。

钻井最新进展：钻井平台目前正在调往新建的中央区块位置，钻一口井，目标是先前已确定的具有旁路油气潜力的天然气层。预计任何成功成果都将在2026年第一季度并入公司现有的天然气处理厂。

首席执行官Paul Baay评论道：

“第三季度产量反映了中央油田的强劲表现，以及Cascadura和Coho现有油井的稳定，而历史石油产量继续支撑着我们较低的产量递减率。Cascadura

-5井按计划于2025年11月1日投产；然而，初始产量并未达到之前油井所观察到的高冲刷产量。值得注意的是，我们首次在Cascadura油田发现了API度为26度的原油。这是一个重要的新数据点，进一步加深了我们对该油田结构的理解。

尽管按当前油价计算，Cascadura油田的石油价值约为天然气的四倍（以桶油当量计），但初始产量低于预期。然而，根据新获得的数据，我们已在Cascadura-2ST1井和Cascadura-5井中确定了额外的可射孔储层段。”令人鼓舞的是，这些区域能够产出无水原油，且无需使用作业钻机即可以极低的成本开采。

随着我们在中央区块推进钻井作业，并继续推进卡斯卡杜拉油田的压缩装置安装工作（该装置仍按计划于2026年第二季度投入运营），我们现在有机会重新评估并完善卡斯卡杜拉油田的油藏模型。所有卡斯卡杜拉油井，包括卡斯卡杜拉-2ST1和卡斯卡杜拉-5，预计都将受益于压缩装置。此外，我们已完成三维地震数据的重新处理，这些数据对于正在进行的油田评估至关重要。

中央区块的产量持续超出收购时的预期。随着我们进入下一开发阶段，我们计划钻探至多四口额外的开发井，并可能对两口现有油井进行压裂增产。钻机目前正在从卡斯卡杜拉油田调往中央油田，预计将在那里停留一年，以便我们优化生产并为五月份营销合同中规定的天然气价格上涨做好准备。 2027年。

我们还继续与特立尼达和多巴哥国家天然气公司就卡斯卡杜拉天然气项目的定价进行建设性合作，因为目前的定价未能充分反映该项目的开发资本密集度，也与其他生产商的定价不符。

卡斯卡杜拉-5井最新进展：

卡斯卡杜拉-5井已于2025年11月1日按计划成功投产，目前通过70%的节流阀向卡斯卡杜拉天然气处理厂供气。自投产以来，该井平均日产量约为500桶油当量，主要产出富含液体的天然气和API度为26的原油，无伴生气。

卡斯卡杜拉-5井是B区块首个除天然气外还产出中等密度原油的井。初步生产数据显示，该井中射孔的下部砂层正在产出原油。我们将进一步评估这一结果，以确定B区块现有井的优化机会，并评估其对整个区块未来开发的影响。

2025年展望及修订

2025年10月24日，公司发布了修订后的2025年运营和财务指引（“修订指引”）。在Cascadura-5井的初步生产结果公布后，Touchstone公司对修订指引进行了如下更新（“11月指引”）。自

2025年11月1日投产以来，Cascadura-5井的预计日均总产量为240万立方英尺天然气和106桶原油（约合506桶油当量/日），低于修订指引。修订指引此前预计，在投产后的前30天内，该井的日均总产量约为1700万立方英尺天然气和275桶伴生气（约合3108桶油当量/日）。

基于低于预期的产量，公司目前预计2025年日均产量为4700桶。预计产量将下降约300桶油当量/日（boe/d），较修订版指引中5,000桶油当量/日的中点值减少约300桶油当量/日（6%）。

由于预计产量下降，公司预计2025年运营现金流约为400万美元，低于修订版指引中的600万美元。

资本支出预计总计2700万美元，较修订版指引略微增加100万美元。

鉴于运营现金流预计减少以及资本支出计划增加，Touchstone目前预计2025年底净债务约为6900万美元，较修订版指引中披露的6500万美元增加400万美元（6%）。

流动性

Touchstone的近期发展战略仍侧重于通过持续的油田开发活动来提升运营现金流。公司将对未来的资本支出保持谨慎态度，以在执行运营计划的同时维持财务流动性。

截至2025年9月30日的未经审计的简明合并中期财务报表包含持续经营能力声明。在不利情况下，若不采取缓解措施，公司目前的现金资源可能不足以支付未来十二个月的预期运营和开发支出以及预定的银行债务偿还。这些情况构成重大不确定性，可能对公司持续经营能力构成重大疑问。

截至2025年9月30日，Touchstone的营运资金缺口为1674万美元，不包括债券的账面价值，该债券可在2028年8月到期前的任何时间转换为普通股。公司持续经营能力评估取决于增值税应收款的及时收回以及2025年开发计划预期新增产量的实现。迄今为止，该计划已面临额外成本和运营挑战。

如果增值税应收款和增产带来的预期现金流入延迟，管理层正在评估并准备实施各项应急措施，以满足剩余的资金需求。这些措施可能包括调整计划的运营活动，并在必要时考虑增加债务或股权融资。

管理层将继续密切监控公司的流动性状况，以确保运营现金流、可用信贷额度和营运资金足以支持正在进行的财务义务、计划的资本项目和未来的工作承诺。

Touchstone Exploration Inc. ("Touchstone", "we", "our" or the "Company") reports its financial and operating results for the three and nine months ended September 30, 2025. Selected financial information is outlined below and should be read in conjunction with Touchstone's September 30, 2025 unaudited interim condensed consolidated financial statements and related Management's discussion and analysis, both of which are available online on the Company's profile on SEDAR+ (www.sedarplus.ca) and website (www.touchstoneexploration.com). Unless otherwise stated, all financial amounts presented herein are in United States dollars.

Third Quarter 2025 Highlights

· Production: Averaged 5,141 boe/d in the third quarter of 2025 (71 percent natural gas), compared to 4,399 boe/d (69 percent natural gas) in the second quarter of 2025 and 5,211 boe/d (75 percent natural gas) in the third quarter of 2024. Central volumes contributed approximately 2,217 boe/d during the third quarter.

· Petroleum and Natural Gas Sales: Totaled $12.70 million, a 4 percent decrease from $13.25 million recorded in the comparative prior year quarter.

- Crude oil sales: $5.84 million from average production of 1,051 bbls/d at an average realized price of $60.30 per barrel.

- NGL sales: $1.34 million from average production volumes of 436 bbls/d at an average realized price of $33.41 per barrel.

- Natural gas sales: $5.52 million from average production of 21.9 MMcf/d (3,654 boe/d) at an average realized price of $2.74 per Mcf.

· Operating Netback: Generated $5.86 million in operating netback, a 21 percent decrease from the third quarter of 2024, primarily due to decreased petroleum and natural gas sales and related royalties and increased natural gas operating expenses.

· Funds Flow from Operations: Declined to $0.74 million from $3.02 million in the prior year equivalent quarter, largely driven by lower operating netbacks, higher cash finance expenses, and increased current income taxes, partially offset by lower transaction costs.

· Net Loss: Recorded a net loss of $2.06 million ($0.01 per share) compared to net earnings of $1.85 million ($0.01 per share) in the third quarter of 2024. The variance was primarily driven by the decrease in year-over-year funds flow from operations, $1.50 million in additional depletion and depreciation expense, and the absence of a $0.78 million gain on asset disposition recognized in the prior year.

· Capital Investments: Invested $9.60 million with the majority of expenditures focused on Cascadura drilling operations and the procurement of compression equipment for the Cascadura natural gas processing facility.

· Convertible Debt Financing: Issued a three-year secured convertible debenture (the "Debenture") on August 8, 2025, bearing interest at 5 percent per annum to a private investor. The Debenture is convertible at approximately US$0.22 (C$0.30) per share and the investor received 6,250,000 warrants exercisable at C$0.40 per share for two years. Proceeds from the financing supported the completion of the Company's Cascadura development drilling activities.

· Financial Position: Net debt increased to $77.75 million at September 30, 2025, reflecting the issuance of the Debenture.

· Strategic Disposition: Entered into an agreement to divest the non-core Fyzabad property to a Trinidad-based third party for consideration of three turnkey drilling wells on the Company's WD-8 and WD-4 blocks. The property contributed average production of 49 bbls/d during the third quarter of 2025, with $2.59 million in net liabilities classified as held for sale at September 30, 2025. The transaction remains subject to customary regulatory approvals.

Post Period-end Highlights

· Private Placement: On October 30, 2025, Touchstone raised gross proceeds of approximately $9.1 million (£7 million) from the issuance of 63,636,363 common shares at 11 pence sterling (approximately C$0.205) per share.

· Bank Waiver Obtained: Following completion of the October private placement, Touchstone received a waiver from its lender, which waives the testing of the debt service coverage financial covenant under its loan agreement for the year ended December 31, 2025.

· Production Update: Field-estimated production for October 2025 averaged 4,691 boe/d, a 3.3 percent decrease from 4,852 boe/d in September. The decline primarily reflected approximately two days of planned maintenance at the Central facility. Estimated October production volumes comprised 19.7 MMcf/d of net natural gas production (3,289 boe/d) and 1,402 bbls/d of net crude oil and liquids production.

· Drilling Update: The drilling rig is currently being mobilized to the newly constructed Central block location to drill a well targeting a previously identified natural gas zone with bypassed pay potential. Any successful results are expected to be tied into the Company's existing natural gas processing facility in the first quarter of 2026.

Paul Baay, Chief Executive Officer, commented:

"Third quarter production reflected strong performance from the Central field and the stabilization of existing wells at both Cascadura and Coho, with legacy oil production continuing to underpin our low decline rates.

The Cascadura-5 well commenced production on November 1, 2025, as planned; however, initial rates did not exhibit the high flush production observed in previous wells. Notably, for the first time, we encountered 26-degree API gravity crude oil from Cascadura. This represents an important new data point, adding further complexity to our understanding of the field's structure.

While oil produced at Cascadura is approximately four times more valuable than natural gas on a per-boe basis at current pricing, initial production rates were below expectations. However, based on newly acquired data, we have identified additional reservoir intervals for perforation in both the Cascadura-2ST1 and Cascadura-5 wells. Encouragingly, these zones are capable of producing water-free oil and can be accessed at minimal cost without the use of a service rig.

We now have an opportunity to re-evaluate and refine our reservoir model at Cascadura as we advance drilling at the Central block and proceed with the compression installation at Cascadura, which remains on schedule to commence operations in the second quarter of 2026. All Cascadura wells, including Cascadura-2ST1 and Cascadura-5, are expected to benefit from compression. In addition, we have completed reprocessing of the three-dimensional seismic data, which will be integral to ongoing field evaluation.

The Central asset continues to outperform the estimates established at the time of acquisition. As we enter the next phase of development, we plan to drill up to four additional development wells and may conduct fracture stimulations on two existing wells. The drilling rig is currently mobilizing from Cascadura to the Central field, where it is expected to remain for the next year as we optimize production and prepare for the anticipated natural gas price increase stipulated in our marketing contract in May 2027.

We also continue to work constructively with the National Gas Company of Trinidad and Tobago on revising gas pricing at Cascadura, as current pricing does not adequately reflect the capital intensity of development or align with that received by other producers in the country."

Cascadura-5 Well Update

Cascadura-5 was successfully brought onstream as planned on November 1, 2025, and is currently producing through a 70 percent choke to the Cascadura natural gas facility. Since coming online, the well has averaged gross production of approximately 500 boe/d, comprised of liquids-rich natural gas and 26-degree API gravity crude oil, with no associated water.

Cascadura-5 is the first well in Block B to produce medium-gravity crude oil in addition to natural gas. Preliminary production data suggest that a lower sand interval perforated in the well is contributing a crude oil leg. This result will be evaluated further to determine the potential for optimization opportunities in existing Block B wells and to assess future development implications across the block.

2025 Outlook and Revised Guidance

On October 24, 2025, the Company released its revised 2025 operational and financial guidance (the "Revised Guidance"). Following initial production results from Cascadura-5, Touchstone provides the following updates (the "November Guidance") to the Revised guidance.

Since coming online on November 1, 2025, the Cascadura-5 well has produced estimated gross average daily volumes of 2.4 MMcf/d of natural gas and 106 bbls/d of crude oil (approximately 506 boe/d), below the Revised Guidance, which had anticipated gross volumes of approximately 17.0 MMcf/d of natural gas and 275 bbls/d of associated liquids (approximately 3,108 boe/d) over the initial 30 days.

Based on this lower-than-expected performance, the Company now expects 2025 average daily production of 4,700 boe/d, representing a decrease of approximately 300 boe/d (6 percent) relative to the 5,000 boe/d midpoint in the Revised Guidance.

As a result of the forecasted decline in production, the Company expects funds flow from operations of approximately $4 million for 2025, down from $6 million in the Revised Guidance.

Capital expenditures are expected to total $27 million, representing a nominal $1 million increase compared to the Revised Guidance.

Reflecting the anticipated reduction in funds flow from operations combined with the higher capital program, Touchstone now expects to exit 2025 with net debt of approximately $69 million, an increase of $4 million (6 percent) relative to the $65 million disclosed in the Revised Guidance.

Liquidity

Touchstone's near-term development strategy remains focused on enhancing operating cash flows through continued field development activities. The Company will maintain a disciplined approach to future capital spending to preserve financial liquidity while executing its operational plans.

The September 30, 2025 unaudited interim condensed consolidated financial statements include a going concern statement. In a downside scenario, and in the absence of mitigating actions, the Company's current cash resources may not be sufficient to fund expected operating and development expenditures and scheduled bank debt repayments over the next twelve months. These circumstances represent material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern.

As at September 30, 2025, Touchstone had a working capital deficit of $16.74 million, excluding the carrying value of the Debenture, which may be converted into common shares at any time prior to its August 2028 maturity. The Company's going concern assessment is dependent on the timely collection of value-added tax receivables and anticipated incremental production from its 2025 development program, which has experienced additional costs and operational challenges to date.

In the event that expected cash inflows from value-added tax receivables and increased production are delayed, Management is evaluating and prepared to implement various contingency measures to address remaining capital requirements. These measures may include adjustments to planned operational activities and, if required, consideration of additional debt or equity financing.

Management continues to closely monitor the Company's liquidity position to ensure that operating cash flows, available credit capacity, and working capital remain sufficient to support ongoing financial obligations, planned capital programs, and future work commitments.