Torque Energy Inc.
TSX VENTURE : TQE

Torque Energy Inc.

April 30, 2007 18:17 ET

Torque Energy Inc.: News Release

LONDON, ONTARIO--(CCNMatthews - April 30, 2007) - Torque Energy Inc. (TSX:TQE) has filed with Canadian securities authorities its unaudited financial statements and related Management's Discussion and Analysis for the three month period ending February 28, 2007. The Company reported a loss of $50,587 ($0.00 per share) for the first quarter period compared to a loss of $8,607 ($0.00 per share) for the same period in 2006. The loss was attributable to daily production volumes being down in the last month of the first quarter as repairs and maintenance were conducted at the Petrolia East field.

On April 18, 2007, the Company agreed to the terms of a revised revolving demand credit facility in the amount of $6,100,000 bearing interest payable monthly at prime plus 1.00% to be used for general corporate purposes including capital expenditures. At the date of approval, the bank's prime rate was 6.0% and the available credit is $1,525,000.

In the second quarter of 2007, the Company looks forward to participating in various project areas in southwestern Ontario. A 10.5 kilometre, two-dimensional seismic program in the Dunwich project area has now been processed and interpreted. An exploratory location has been identified and drilling will commence upon the removal of road bans.

The Company has also elected to participate in the completion of an existing well in the Mikwan area of Alberta. The Company has paid 35% of the costs to earn a 25% working interest. The well has been completed for gas production and is waiting on notification from the operator of the well for the timing of equipping and tie-in (of which the Company's share of costs will be 35%). The actual volume of daily production has not been determined at this time however the volume will not significantly affect the Company's current daily production volumes.

Copies of the filed documents may be accessed electronically through www.sedar.com.

Contact Information

  • Torque Energy Inc.
    John K. Thomson
    General Manager
    (519) 433-7710 or Toll free: 1-866-484-8230
    or
    Torque Energy Inc.
    Brian E. Bayley
    President
    (604) 689-1428
    Website: www.torqueenergy.com