I want to draw a once punctured torus which looks like this:

I already draw some parts of the graph:
\documentclass[10.5pt,a4paper]{article}
\usepackage{tikz}
\begin{document}
\begin{center}
\begin{tikzpicture}
%Hole
\begin{scope}[scale=0.8]
\path[rounded corners=24pt] (-.9,0)--(0,.6)--(.9,0) (-.9,0)--(0,-.56)-- (.9,0);
\draw[rounded corners=28pt] (-1.1,.1)--(0,-.6)--(1.1,.1);
\draw[rounded corners=24pt] (-.9,0)--(0,.6)--(.9,0);
\end{scope}
%Cut 1
\draw[densely dashed,red] (0,-1.3) arc (270:90:.2 and 0.550);
\draw[red,->] (0,-1.3) arc (-90:90:.2 and .550);
%Cut 2
\draw[blue,->] (0,0) ellipse (1.5 and 0.8);
\node at (0.19,-0.79) {$\textbf{.}$};
\node at (0.4,-1) {$x_0$};
\node at (-0.4,1) {$\textcolor{blue}{\gamma_1}$};
\node at (-0.4,-0.5) {$\textcolor{red}{\gamma_2}$};
%Cut 3
\draw[] (3,-0.5) arc (270:90:.2 and 0.550);
\draw[] (3,-0.5) arc (-90:90:.2 and .550);
\end{tikzpicture}
\end{center}
\end{document}
Which gave me 
but I have no idea how to draw the contour of the torus. Any ideas?

