Torque Energy Inc.
TSX VENTURE : TQE

Torque Energy Inc.

April 28, 2010 11:03 ET

Torque Energy Reports First Quarter Financial Results

LONDON, ONTARIO--(Marketwire - April 28, 2010) - Torque Energy Inc. ("the Company") (TSX VENTURE:TQE) today filed with Canadian securities authorities its unaudited financial statements and related Management's Discussion and Analysis for the three month period ended February 28, 2010.

Operating highlights:

  • Net profit of $149,912 or $0.01 per share
  • 7% reduction in total bank indebtedness
  • 47% increase in field level cash flow
  • 84% increase in operating netbacks

The Company realized a profit of $149,912 ($0.01 per share) from revenues of $726,462 for the three month period ended February 28, 2010 compared to a loss of $51,133 ($0.00 per share) from revenues of $612,739 during the same period in 2009.

Funds flow from operations increased to $296,782 for the three months ended February 28, 2010 compared to $36,128 for the same period in 2009 allowing the Company to internally fund its capital expenditure programs while at the same time reducing total bank indebtedness.

Field level cash flow increased 47% to $464,137 for the quarter compared to $315,487 for the same quarter in 2009. Similarly, operating netbacks increased 84% to $39.94 per BOE (barrel of oil equivalent) from $21.73 per BOE for the same period in 2009.

The Company produced an average of 129.1 BOE per day for the three months ended February 28, 2010 compared to 161.3 BOE per day for the same period in 2009, a decrease of approximately 20% attributed to some minor mechanical repairs in both the Corey and Petrolia fields while Ram #84 was off production for three months awaiting the installation of a new compressor starter.

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:1 bbl 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
    Chief Financial Officer
    519.433.7710
    519.433.7588 (FAX)
    www.torqueenergy.com