Torque Reports Second Quarter Financial Results
31 July 2009 - 6:18AM
Marketwired
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
six month period ended May 31, 2009.
The Company realized a profit of $30,816 ($0.00 per share) for
the three month period ended May 31, 2009 compared to a profit of
$549,103 ($0.04 per share) for the same period in 2008. Funds flow
from operations was $187,030 in Q2 2009 ($0.01 per share) versus
$733,442 ($0.05 per share) in Q2 2008. Oil and gas revenue less
royalties decreased to $619,250 in Q2 2009 from $1,108,264 in Q2
2008, primarily due to lower oil and gas prices. Production sales
of petroleum and natural gas in Q2 2009 averaged 157 barrels of oil
equivalent per day (BOE/day, see footnote below) and realized an
average gross price of $48.79/BOE. This compares to 145 BOE/day in
Q2 2008 with an average price of $96.10/BOE, a decrease of 49% in
the average price.
Operating, general and administrative and interest costs
increased to $430,778 in Q2 2009 from $373,467 in Q2 2008. This
increase resulted primarily from labour related expenses and higher
operating costs. These operating costs related to various accrued
estimates for new wells at Mikwan and actual new costs for the
RamBP#4 well and a reduction in Q2 2008 repairs and maintenance in
the Dover East field.
As a result of an ongoing review of its assets, the Company has
initiated an assessment of some of its properties with the
objective of determining their viability to function as commercial
gas storage reservoirs. One of the outcomes of this review is that
the Company has acquired 400 acres of petroleum and natural gas and
storage rights at 100% working interest adjacent to one of its
current producing properties. It is currently reprocessing and
interpreting up to five lines of seismic and plans on shooting an
additional three lines to assist in delineating a larger reef
structure.
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. The
BOE conversion ratio of 6 Mcf: 1 bbl used by the Company 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.
Contacts: Torque Energy Inc. Brian E. Bayley President and CEO
604.689.1428 604.681.4692 (FAX) Torque Energy Inc. David C. Nelms
Acting General Manager 519.433.7710 519.433.7588 (FAX)
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