Touchstone Exploration Inc. announced that have executed ten-year Lease Operatorship Agreements ("LOAs") with Heritage Petroleum Company Limited ("Heritage") for CO-1, CO-2, WD-4 and WD-8 Blocks (collectively, the "Blocks") effective January 1, 2021. The LOAs governing core legacy oil producing properties expire December 31, 2030 and were renewed under substantially similar terms to the previous arrangements. In conjunction with the execution of the LOAs, the Company's Board of Directors has approved the drilling of one well on each Block in the second half of 2021. Under the new arrangements, the Company is subject to annual minimum production levels and minimum work obligations from 2021 through 2030 specified under each LOA. Failing to reach either the annual minimum production levels or complete the annual minimum work obligations will not constitute a breach provided the minimal production levels have been attained or the minimum work obligations have been completed, as the case may be. The LOAs contain an aggregate minimum of 20 new infill wells and 40 well recompletions to be completed over the licence periods.