Torque Energy Inc.
TSX VENTURE : TQE

Torque Energy Inc.

July 29, 2011 09:22 ET

Torque Energy Announces Financial Results for the Second Quarter

LONDON, ONTARIO--(Marketwire - July 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 and six month period ended May 31, 2011.

Torque realized a profit of $229,777 ($0.02 per share) for the three months ended May 31, 2011 on revenues of $899,522 compared to a profit of $111,187 ($0.01 per share) on revenues of $786,614 for the same period in 2010.

For the six months ended May 31, 2011, Torque realized a profit of $416,652 ($0.03 per share) on revenues of $1,668,411 compared to a profit of $261,099 ($0.02 per share) on revenues of $1,513,077 for the same period in 2010.

On July 19, 2011, the Ontario Energy Board approved the application to have the Jacob Storage Pool designated as a storage area. As a result of this approval, the Company will receive 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. Proceeds are anticipated early in the fourth quarter.

On July 21, 2011, the announced the closing of two asset acquisitions from two separate United States based companies for a total cash consideration of $677,931. These acquisitions will provided the Company with a portfolio of natural gas storage leases, 600 km of seismic data, geological prospects, approximately $1.3 million in tax pools and a 100% working interest in both the Corey East oil pool and the existing Warwick oil well.

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