Torque Energy Inc.
TSX VENTURE : TQE

Torque Energy Inc.

July 29, 2005 14:07 ET

Torque Energy Inc.: Press Release

LONDON, ONTARIO--(CCNMatthews - July 29, 2005) - Torque Energy Inc. (TSX VENTURE:TQE) has filed with Canadian securities authorities its unaudited financial statements and related Management's Discussion and Analysis for the period ending May 31, 2005. The Company reported a profit for the second quarter of $57,269 ($0.00 per share) compared to a loss of $586 (($0.00 per share) for the same period in 2004. General and administrative costs decreased to $130,573 for the period from $162,594 over the same period in 2004.

Torque has entered into two joint exploration agreements with a private company in Ontario. Under the terms of the agreements, Torque is participating in two exploration plays at 33.3% working interest.

In the first, located in Mosa Township, Ontario, Torque participated in the acquisition of 2,000 acres of petroleum and natural gas rights and has drilled a potential oil well which is being completed currently and should be on production by mid August. Torque will monitor the production from this well for approximately three months prior to making any decisions on drilling development wells.

In the second, located in Dunwich Township, Ontario, Torque has participated in the acquisition of 6,000 acres of petroleum and natural gas rights. The first exploratory well to be drilled in this exploration play is expected to spud in September, 2005.

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
    Torque Energy Inc.
    Brian E. Bayley
    President
    (604) 689-1428