Torque Energy Inc.
TSX VENTURE : TQE

Torque Energy Inc.

April 29, 2009 13:49 ET

Torque Reports First Quarter Financial Results

LONDON, ONTARIO--(Marketwire - April 29, 2009) - Torque Energy Inc. (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 28, 2009.

The Company realized a loss of $51,133 ($0.00 per share) for the period ended February 28, 2009 compared to a profit of $294,284 ($0.02 per share) for the same period in the previous financial year. Oil and gas revenues less royalties decreased to $528,396 in Q1 2009 versus $826,595 in the previous year. Production sales of petroleum and natural gas in the first quarter of 2009 averaged 161 BOE/day and realized an average gross price of $42.20/BOE. This compares to 135 BOE/day in Q1 2008 with an average price of $77.52/BOE, a decrease of 46%.

General and administrative costs increased to $177,174 in 2009 from $173,018 over the same period the previous year.

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

BOE's may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

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)
    or
    Torque Energy Inc.
    David C. Nelms
    Acting General Manager
    519-433-7710
    519-433-7588 (FAX)