Torque Energy Inc.
TSX VENTURE : TQE

Torque Energy Inc.

March 30, 2010 17:06 ET

Torque Energy Files Year End Disclosure Documents

LONDON, ONTARIO--(Marketwire - March 30, 2010) - Torque Energy Inc. ("the Company") (TSX VENTURE:TQE) today filed with Canadian securities authorities its audited consolidated financial statements and related Management's Discussion and Analysis for the year ended November 30, 2009 and the reports relating to reserves data and other oil and gas information as at November 30, 2009.

Operating highlights:

  • Net profit of $333,315 or $0.02 per share
  • 10% reduction in total bank indebtedness
  • 17% reduction in operating costs per BOE* (barrel of oil equivalent)

Total bank indebtedness at November 30, 2009 declined to $2,247,654 from $2,485,409 at November 30, 2008. The reduction of $237,755 was due to the cash provided by profitable operations.

The Company reduced its operating costs 17% in 2009 to $11.16/BOE from $13.46/BOE in 2008.

Funds flow from operations decreased in 2009 to $957,893 or $0.07 per share on a diluted basis from $2.4 million or $0.16 per share on a diluted basis for 2008.

The Company realized a profit of $333,315 ($0.02 per share) for the 12 months ended November 2009. Oil and gas revenues less royalties decreased to $2,375,464 in 2009. The contributing factors for the decreases can be attributed to lower commodity prices for both oil and gas throughout the year together with stable production volumes.

The Company produced an averaged of 151 BOE for the fiscal 2009 period compared to 148 BOE per day for the same period in 2008.

VON Resource Management Ltd. of Calgary, Alberta, independent petroleum consultants, prepared a report dated March 24, 2010 in which VON evaluated the quantity of estimated future cash flow of the Company's total estimated proved and probable Canadian reserves effective November 30, 2009. The Company's estimated gross proved reserves at November 30, 2009 were 759 MBOE (November 30, 2008 were 830 MBOE). The Company's gross probable additional reserves of 90 MBOE were also assigned to these producing properties for a Proved plus Probable (2P) total of 849 MBOE in 2009 compared to 929 MBOE in 2008.

The Company is pleased to announce the appointment of Mr. David Nelms as Chief Financial Officer.

Copies of the filed documents may be accessed electronically through the SEDAR website at www.sedar.com and the Company's website www.torqueenergy.com.

The term BOE may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Torque Energy Inc.
    Brian E. Bayley
    President and CEO
    604.689.1428
    604.681.4692 (FAX)
    or
    Torque Energy Inc.
    David C. Nelms
    CFO
    519.433.7710
    519.433.7588 (FAX)