Torque Energy Inc.
TSX VENTURE : TQE

Torque Energy Inc.

April 29, 2008 15:39 ET

Torque Energy Reports First Quarter Financial Results Increased Earnings Per Share

LONDON, ONTARIO--(Marketwire - April 29, 2008) - Torque Energy Inc. ("the Company") (TSX VENTURE:TQE) today filed with Canadian securities authorities its unaudited consolidated financial statements and related Management's Discussion and Analysis for the three month period ended February 29, 2008.

The Company realized a profit of $294,284 ($0.02 per share) for the three month period ended February 29, 2008 compared to a loss of $50,587 ($0.00 per share) for the same period in 2007. Oil and gas revenues less royalties increased to $826,595 in 2008 versus $634,563 in 2007 primarily due to increased oil prices. Cash flow from operations totalled $462,889 ($0.03 per share) compared to $169,323 ($0.01 per share) for the same period in 2007.

General and administrative costs increased to $173,018 in 2008 from $159,235 over the same period in 2007 as a result of increases in salaries, audit fees and reserve evaluation expense. Total operating costs for the three month period ended February 29, 2008 decreased to $135,128 compared to $234,902 for the same period in 2007 as a result of reduced field repairs and maintenance at the Dover East field.

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

The TSX Venture Exchange does not accept 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)
    or
    Torque Energy Inc.
    John K. Thomson
    General Manager
    (519) 433-7710
    (519) 433-7588 (FAX)
    Website: www.torqueenergy.com