SOURCE: Torrent Energy

October 02, 2007 07:00 ET

Torrent Energy Secures Draft Water Discharge Permit, Takes Key Step Toward Coos Bay CBM Production

PORTLAND, OR--(Marketwire - October 2, 2007) - Torrent Energy Corporation (the "Company") (OTCBB: TREN) today announced it has secured preliminary approval of a much anticipated water disposal plan permit for its coal-bed methane natural gas project in Coos Bay, Oregon. The approval came in the form of a draft version National Pollutant Discharge Elimination System Waste Discharge Permit issued by Oregon State's Department of Environmental Quality (DEQ). This water disposal plan approval marks a bellwether event and is another critical milestone reached. It allows the Company to move forward on its stated mission of moving the Coos Bay field from the development stage into the commercial production stage. The final permit is scheduled to be completed and issued to Torrent Energy in early November 2007, following a 40-day public comment period. The permit is the first of its kind to be issued by the State of Oregon for a CBM project and involved five levels of government and numerous phases of regulatory compliance.

"The environmentally sound disposal of by-product waste water during gas production is a critical and very necessary part of coal-bed methane extraction," stated Torrent's president and CEO, John Carlson. "Having an effective, low-cost water management and disposal system in place is key to a successful coal-bed methane (CBM) project and this approval represents months of research, testing and reporting, expertly shepherded by Methane Energy's Environmental Manager, Peggy Halferty (PE). The issuance of this permit provides us the ability to implement a cost-effective water disposal system which is a critical element to the future economic development of this resource."

Carlson further stated "Torrent is committed to environmental sensitivity. Developing a sustainable water management system was of utmost importance in staying true to our corporate values. Throughout the course of this project, we have worked cooperatively with Coos County residents and regulatory agencies to achieve positive outcomes for all concerned. Coming up with a desirable water treatment and disposal plan was no exception."

About Torrent Energy Corporation

Torrent Energy Corporation is a growing exploration company focusing on developing non-conventional natural gas reserves in the Northwestern United States. The Company's primary objective is to create value for stakeholders by applying strong technical expertise to projects. The current focus of the Company's Oregon subsidiary, Methane Energy Corp., is on the exploration of the Coos Bay Basin project in southwestern Oregon where the Company currently has a land portfolio that includes over 118,000 acres of prospective land. For more information please visit www.torrentenergy.com.

Safe Harbor Statement: This news release includes statements about expected future events and/or results that are forward-looking in nature and subject to risks and uncertainties. Forward-looking statements in this release include, but are not limited to, that the water disposal plan approval allows the Company to now move forward on their stated mission of moving the Coos Bay field from the development stage into the commercial production stage; that the final permit is scheduled to be completed and issued to Torrent Energy in early November 2007; that with the issuance of this permit, we are now ready to proceed with our field development/production plans, including fracture stimulation and pipeline tie-in to the Coos County gas transmission system.

It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include the uncertainty of the requirements demanded by environmental agencies, the Company's ability to raise financing for operations, inability to maintain qualified employees or consultants, competition for equipment, inability to obtain drilling permits, potential delays or obstacles in drilling and/or interpreting data, market fluctuations and spot prices for gas, and the possibility that no commercial quantities of gas are found or recoverable. For more risk factors about our Company, readers should refer to risk disclosure in our most recent 10-K filed on Edgar.

Contact Information

  • For further information please contact:
    Investor Relations in the U.S.
    Pfeiffer High Investor Relations, Inc.
    Geoff High
    Principal
    Phone: 303-393-7044
    Email: Email Contact

    Torrent Energy Corp.
    John Carlson
    President & CEO
    Phone: 503-224-0072
    Email: Email Contact

    Investor Relations in Canada
    CHF Investor Relations
    Kelly Cody
    Account Manager
    Phone: 416-868-1079 ext. 223
    Email: Email Contact