Torque Energy Inc.
TSX VENTURE : TQE

Torque Energy Inc.

July 29, 2011 16:37 ET

Torque Shareholders Approve Amalgamation With Dundee Energy Subsidiary

LONDON, ONTARIO--(Marketwire - July 29, 2011) - Torque Energy Inc. (TSX VENTURE:TQE) advises that at its annual and special shareholder meeting held today, its shareholders approved the amalgamation of Torque with a subsidiary of Dundee Energy Limited (formerly called Eurogas Corporation) whereby Torque will become a wholly-owned subsidiary of Dundee Energy. The amalgamation was approved by over 94.0% of the votes cast by all shareholders and by over 86.6% of the votes cast excluding persons and companies affiliated with Dundee Energy.

Shareholders of Torque were able to elect before 4:30 p.m. (Toronto time) on July 27, 2011 to receive on the amalgamation either C$0.50 for each Torque share held or one common share in Dundee Energy for every two Torque shares held. If no election was made, shareholders will receive C$0.50 per share.

It is expected that Torque's shares will halted until the amalgamation is completed in early August, at which time the shares will be delisted from the TSX Venture Exchange and shareholders will be sent the cash or share consideration which they elected to receive for their Torque shares.

About Torque Energy Inc.

Torque Energy Inc. is listed on the TSX Venture Exchange under the symbol "TQE" and is engaged in oil and gas operations in Ontario and Alberta. For more information, visit www.torqueenergy.com.

About Dundee Energy Limited

Dundee Energy Limited is listed on the Toronto Stock Exchange under the symbol "DEN" and is engaged in oil and natural gas operations in Ontario and indirectly in the development of a major underground storage facility off the east coast of Spain. For more information, visit www.eurogascorp.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 & 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