Completion of the Cascadura environmental impact assessment

Touchstone Exploration release

CALGARY, ALBERTA (August 8, 2022) - Touchstone Exploration Inc. ("Touchstone", "we", "our", "us" or the "Company") (TSX, LSE: TXP) announces that the Trinidad and Tobago Environmental Management Authority ("EMA") has confirmed that no further information is required regarding the Cascadura Environmental Impact Assessment ("EIA"). The Cascadura EIA supports the Company's application for a Certificate of Environmental Clearance ("CEC") to conduct development operations within the Cascadura area of the Ortoire block.

The EMA confirmed that the following designated activities of the CEC have been deemed applicable to the proposed Cascadura project: exploration for crude oil and natural gas; establishment of a facility for primary or secondary production of crude oil, condensate or associated gas; establishment of a facility for natural gas or condensate production; establishment of infrastructure for pipeline systems; and establishment of infrastructure for storage of petroleum or liquid petroleum gas or their derivatives. These represent all of the necessary activities for commercial production at Cascadura pursuant to Touchstone's application.

Touchstone submitted the remaining EIA documentation on August 3, 2022, and the EMA responded on August 5, 2022 stating that the submitted information was reviewed and was deemed to be adequate to determine the outcome of the Company's CEC application. Pursuant to statutory CEC rules, the EMA confirmed that a final CEC determination will be made by September 15, 2022.

Touchstone has an 80 percent operating working interest in the Ortoire block, with Heritage Petroleum Company Limited holding the remaining 20 percent working interest.

Paul Baay, President and Chief Executive Officer, commented:

"We are excited that the EMA has accepted our EIA documentation and will process our CEC application in the near future. I would like to thank our team for their perseverance and diligence in submitting a complete response thereby ensuring no further delays. We look forward to updating our stakeholders in due course."