07:24 AM EDT, 03/21/2024 (MT Newswires) -- Touchstone Exploration Inc. ( PBEGF ) reported Thursday a net loss of US$0.09 per share in the fourth quarter of 2023, widening from the previous year's loss of US$0.01 per share.

Petroleum and natural gas sales jumped to US$20.8 million from US$9.9 million. Average daily production rose to 8,504 barrels of oil equivalent per day from 2,229 boe/d.

For the full year 2023, Touchstone's net loss swelled to US$0.09 per share from a 2022 loss of US$0.01 per share. Sales climbed to US$48.1 million from US$42.9 million. Production surged to 3,981 boe/d from 1,581 boe/d.

"The transformational increase in production through the final months of 2023 reflects the commencement of production at our Cascadura field," President and CEO Paul Baay said. "The associated growth in cash from operations combined with our anticipated increase in borrowing capacity, will enable us to pursue our previously announced 2024 capital budget focused on driving further growth."

Touchstone said it expects the majority of its estimated production in 2024 to be weighted to the fourth quarter. The company also maintainedits preliminary 2024 guidance.

The company lost 2.8% at last look in early London trading.