Aug 12 (Reuters) - Touchstone Exploration Inc TXP.TO
* Touchstone announces second quarter 2016 results
* Qtrly average oil sales of 1,322 barrels per day representing a decrease of 19 pct from Q2 of 2015
* Qtrly loss per share $0.03
* Qtrly FFO per share $0.04
* In June 2016, liquidated outstanding commodity hedges which resulted in proceeds of US$2 million
* Is currently in default of July 2016 monthly production covenant and currently seeking a waiver from lender
* Expect letter of credit to be cancelled in near future, upon which co's bank loan borrowing base will be reduced to $nil
* Co's lender will assess credit facility which may include a new borrowing base redetermination
* Touchstone will continue to assess new sources of financing available to manage current capital commitments Source text for Eikon: ID:nMKWLg932a Further company coverage: TXP.TO
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