Touchstone Exploration Inc. (' Touchstone ', 'we', 'us' or the ' Company ') (TSX / LSE: TXP) announces that further to the Company's announcement on November 2, 2020 regarding the proposed private placing (the 'Placing'), the Company has placed 24,291,866 new common shares of no par value (the 'Placing Shares') with institutional and other investors in the United Kingdom and Canada at a price of 95 pence per Placing Share (approximately C$1.64) (the 'Placing Price'), raising gross proceeds of approximately US$30.0 million (approximately GBP23.1 million and C$39.8 million).

The Placing Price represents a 3.4 percent and 5.7 percent discount to 98.39 pence and 100.76 pence, respectively, being the five and ten day volume weighted average price of the Company's common shares on the AIM market of the London Stock Exchange ('AIM') as of November 2, 2020. Shore Capital and Corporate Limited and Shore Capital Stockbrokers Limited (together, 'Shore Capital') and Canaccord Genuity Limited ('Canaccord') acted as Joint Bookrunners in connection with the placing of Placing Shares with investors in the UK (the 'UK Placing'). Canaccord acted as Sole Bookrunner in connection with the placing of Placing Shares with investors in Canada (the 'Canadian Placing').

Touchstone Exploration Inc.

Touchstone Exploration Inc. is a Calgary, Alberta based company engaged in the business of acquiring interests in petroleum and natural gas rights and the exploration, development, production and sale of petroleum and natural gas. Touchstone is currently active in onshore properties located in the Republic of Trinidad and Tobago. The Company's common shares are traded on the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the symbol 'TXP'.

Contact:

Tel: +1 (403) 750-4487

Forward-Looking Statements

Certain information provided in this announcement may constitute forward-looking statements and information (collectively, 'forward-looking statements') within the meaning of applicable securities laws. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words 'expects', 'plans', 'anticipates', 'believes', 'intends', 'estimates', 'projects', 'potential' and similar expressions, or are events or conditions that 'will', 'would', 'may', 'could' or 'should' occur or be achieved. Forwardlooking statements in this announcement include, but are not limited to, those in respect of the Placing, including the size, pricing and timing thereof, the type of securities being offered thereunder, the investors participating therein, the intended use of proceeds therefrom (including with respect to future exploration, development and production activities and the locations thereof) and the conditions and approvals required and applications being filed in connection therewith. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Certain of these risks are set out in more detail in the Company's December 31, 2019 Annual Information Form dated March 25, 2020 which has been filed on SEDAR and can be accessed at www.sedar.com. The forward-looking statements contained in this announcement are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.

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