Torque Energy Inc.

Torque Energy Inc.

July 21, 2011 14:58 ET

Torque Announces Receipt of Ontario Energy Board Approval; Milestone Payment Expected from Union Gas

LONDON, ONTARIO--(Marketwire - July 21, 2011) - Torque Energy Inc. (TSX VENTURE:TQE) is pleased to announce that on July 19, 2011 the Ontario Energy Board approved and designated as a storage area, the Jacob Storage Pool. Torque is scheduled to receive, within sixty days, its second milestone payment of approximately $550,000 from Union Gas pursuant to the definitive Asset Purchase Agreement for the Dover East field natural gas storage reservoir previously announced on June 21, 2010. Upon receipt of this payment, Torque will have received $1,256,000.

If the Ontario Energy Board approves the additional reservoirs identified in the definitive Asset Purchase Agreement as designated storage areas the Company will receive approximately $2.65 million during the next two to seven years.

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
    604.681.4692 (FAX)

    Torque Energy Inc.
    David C. Nelms
    Chief Financial Officer
    519.433.7588 (FAX)