Contact Information: For further information please contact: Investor Relations in the U.S. Pfeiffer High Investor Relations, Inc. Geoff High Principal Phone: 303-393-7044 Email: Investor Relations in Canada CHF Investor Relations Cathy Hume Account Manager Phone: 416-868-1079 ext. 231 Email: Torrent Energy Corp. John Carlson President & CEO Phone: 503-224-0072 Email:
Torrent Energy Issued Final Water Disposal Permit for Coos Bay Coal-Bed Methane Project
| Source: Torrent Energy
PORTLAND, OR--(Marketwire - November 26, 2007) - Torrent Energy Corporation (the "Company")
(OTCBB : TREN ) today announced it has received final approval of the
National Pollutant Discharge Elimination System Waste Discharge Permit (the
"NPEDS permit") from Oregon State's Department of Environmental Quality
(DEQ). Issued to the Company's wholly owned subsidiary, Methane Energy
Corp. ("Methane"), the NPDES permit goes into effect immediately. The
permit will allow Methane to commence planning and completion of a
stimulation program on the Westport project wells by enabling the economic
treatment and disposal of produced waters to a maximum daily volume of
100,000 gallons (2380 bbls.).
Torrent's president and CEO, John Carlson, stated, "Securing the NPDES
permit represents an important milestone for Methane, and positions us to
proceed with our financing efforts and the environmentally sound
development of our Coos Bay coal-bed methane (CBM) deposit. We now intend
to move as quickly as possible to establish a commercial CBM operation in
Coos County."
"Development of a water gathering system, treatment facilities, and outfall
planning and construction can now proceed in preparation for stimulation
operations," Carlson added. "Our first step will be to initiate
construction on the previously approved water outfall facilities and to
place orders for the requisite filtration equipment."
The NPDES permit contains rigorous provisions for the treatment, disposal
and monitoring of the discharge water stream. Methane will be responsible
for maintaining high standards of quality control on all aspects of the
disposal program and will be the steward for all environmental issues
related to its operation. The DEQ will be responsible for oversight on the
NPDES permit.
"This permit is a victory for both Methane and the area's environmental
concerns, and demonstrates the strong cooperative partnership that exists
between Coos County and the Company," Carlson said. "On a personal note,
we would like to commend all the dedicated Methane employees, staff at the
various regulatory agencies, members of various environmental groups and
especially, the residents of Coos County, for cooperatively working toward
an acceptable and workable solution to the future disposal of produced
water. This solution will ensure the project meets required economic
hurdles, and, more importantly, provides for an ongoing relationship
between all vested interests. We intend to clearly demonstrate both our
willingness and commitment to meeting the stringent treatment and
monitoring conditions of the permit."
About Torrent Energy Corporation
Torrent Energy Corporation is an exploration company focusing on developing
non-conventional natural gas reserves in the Northwestern United States.
The Company's primary objective is to create value for stakeholders by
applying strong technical expertise to projects. The current focus of the
Company's Oregon subsidiary, Methane Energy Corp., is on the exploration of
the Coos Bay Basin project in southwestern Oregon where the Company
currently has a land portfolio that includes over 118,000 acres of
prospective land. For more information please visit www.torrentenergy.com.
Safe Harbor Statement: This news release includes statements about expected
future events and/or results that are forward-looking in nature and subject
to risks and uncertainties. Forward-looking statements in this release
include, but are not limited to, that the water disposal plan approval
allows the Company to proceed with our financing efforts, that the water
disposal plan approval allows the Company to now move forward on their
stated mission of moving the Coos Bay field from the development stage into
the commercial production stage; that with the issuance of this permit, we
are now ready to proceed with our field development/production plans,
including fracture stimulation and pipeline tie-in to the Coos County gas
transmission system.
It is important to note that actual outcomes and the Company's actual
results could differ materially from those in such forward-looking
statements. Factors that could cause actual results to differ materially
include the uncertainty of the requirements demanded by environmental
agencies, the Company's ability to raise financing for operations,
inability to maintain qualified employees or consultants, competition for
equipment, inability to obtain drilling permits, potential delays or
obstacles in drilling and/or interpreting data, market fluctuations and
spot prices for gas, and the possibility that no commercial quantities of
gas are found or recoverable. For more risk factors about our Company,
readers should refer to risk disclosure in our most recent 10-K and Form
10-Q filed on Edgar.