North Energy Disposes of Securities of Touchstone Exploration Inc.

OSLO, Norway, Jan. 30, 2020 /CNW/ - North Energy ASA ("North Energy") announces that on January 28, 2020, North Energy disposed of 400,000 common shares ("Common Shares") of Touchstone Exploration Inc. ("Touchstone"), representing approximately 0.25% of the total number of issued and outstanding Common Shares at a price of CDN$0.4757 per Common Share for total consideration of CDN$190,280. The Common Shares were sold through the facilities of the Toronto Stock Exchange.

Immediately prior to the sale, the Acquiror owned 16,070,250 Common Shares, representing approximately 10.00% of the 160,703,095 Common Shares outstanding immediately prior to the disposition.

Following the disposition, the Acquiror owned 15,670,250 Common Shares, representing approximately 9.75% of the 160,703,095 Common Shares outstanding immediately following the closing of the acquisition.

The ownership percentages and number of issued and outstanding shares expressed above are to the best of North Energy's knowledge, based upon public disclosure made by Touchstone.

North Energy holds its interest in the Common Shares for investment purposes and will continue to monitor the business, prospects, financial condition and potential capital requirements of Touchstone. Depending on its evaluation of these and other factors, North Energy may from time to time in the future increase or decrease its direct or indirect ownership, control or direction over the Common Shares or other securities of Touchstone through market transactions, private agreements, subscriptions from treasury or otherwise.

The address of Touchstone's head office is 4100, 350 - 7th Avenue SW, Calgary, Alberta, T2P 3N9.

SOURCE North Energy ASA

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