Torque Energy Announces Financial Results for the Second Quarter
29 July 2011 - 11:22PM
Marketwired
Torque Energy Inc. (TSX VENTURE: TQE) today filed with Canadian
securities authorities its unaudited interim financial statements
and related Management's Discussion and Analysis for the three and
six month period ended May 31, 2011.
Torque realized a profit of $229,777 ($0.02 per share) for the
three months ended May 31, 2011 on revenues of $899,522 compared to
a profit of $111,187 ($0.01 per share) on revenues of $786,614 for
the same period in 2010.
For the six months ended May 31, 2011, Torque realized a profit
of $416,652 ($0.03 per share) on revenues of $1,668,411 compared to
a profit of $261,099 ($0.02 per share) on revenues of $1,513,077
for the same period in 2010.
On July 19, 2011, the Ontario Energy Board approved the
application to have the Jacob Storage Pool designated as a storage
area. As a result of this approval, the Company will receive its
second milestone payment of approximately $550,000 from Union Gas
pursuant to the definitive Asset Purchase Agreement for the Dover
East field natural gas storage reservoir. Proceeds are anticipated
early in the fourth quarter.
On July 21, 2011, the announced the closing of two asset
acquisitions from two separate United States based companies for a
total cash consideration of $677,931. These acquisitions will
provided the Company with a portfolio of natural gas storage
leases, 600 km of seismic data, geological prospects, approximately
$1.3 million in tax pools and a 100% working interest in both the
Corey East oil pool and the existing Warwick oil well.
Copies of the filed documents may be accessed electronically
through the SEDAR website at www.sedar.com and the Company's
website www.torqueenergy.com.
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 Chief Financial Officer (519) 433 - 7710 (519) 433 - 7588
(FAX) www.torqueenergy.com
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