Torque Energy Inc.
TSX VENTURE : TQE

Torque Energy Inc.

April 29, 2011 14:13 ET

Torque Energy Announces Financial Results for the First Quarter

LONDON, ONTARIO--(Marketwire - April 29, 2011) -Torque Energy Inc. (TSX VENTURE:TQE) today filed with Canadian securities authorities its unaudited interim financial statements and related Management's Discussion and Analysis for the three month period ended February 28, 2011.

Torque realized a profit of $186,875 ($0.01 per share) on revenues of $768,889 for the three months ended February 28, 2011 compared to a profit of $149,912 ($0.01 per share) on revenues of $726,462 for the same period in 2010.

On January 14, 2011, Torque received a milestone payment of $527,450 from Union Gas relating to the Jacob Pool gas storage transaction which closed June 17, 2010. This receipt along with profitable operations and positive cash flows allowed the Company to further reduce its bank indebtedness to $899,864 from $1,542,572 at November 30, 2010.

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.

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)

    Torque Energy Inc.
    David C. Nelms
    Chief Financial Officer
    (519) 433 - 7710
    (519) 433 - 7588 (FAX)
    www.torqueenergy.com