Additionally, under the agreement, the Company acquired a non-operated working interest position and additional leasehold interest in exploration prospects in the Smackover trend of southern Alabama. Initial drilling on the prospect is anticipated to commence within the next six months.
Roger Abel, Chairman and Chief Executive Officer of Touchstone, said, "This is an excellent opportunity for us. Paradigm has an excellent reputation as oil-finders, and we anticipate this agreement will help us quickly add to our reserve base. The addition of traditional exploration prospects will serve to round out our portfolio and provide the Company with additional growth potential."
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