Torque Announces Receipt of Milestone Payment From Union Gas
17 Januar 2011 - 10:50PM
Marketwired
Torque Energy Inc. (TSX VENTURE: TQE) is pleased to announce the
receipt of its first milestone payment in the amount of $527,450
from Union Gas pursuant to the definitive Asset Purchase Agreement
for the Dover East field natural gas storage reservoir previously
announced on June 21, 2010.
Union Gas has named this first reservoir as the Jacob Storage
Pool and is currently preparing an application to the Ontario
Energy Board to have it designated and approved as a storage area.
A decision from the Ontario Energy Board is anticipated by the end
of the third quarter of 2011. Upon approval, Torque will receive
its second milestone payment in the amount of approximately
$560,000 and will have then received milestone payments totalling
approximately $1.3 million.
If the Ontario Energy Board approves all the reservoirs
identified in the Definitive Asset Purchase Agreement as designated
storage areas the Company will receive approximately $3.88 million
during the next two to seven years.
Torque continues to execute its strategy of raising internally
generated funds from its existing base of producing assets and
assessing the viability of various depleted assets to function as
commercial gas storage reservoirs. The Company will employ these
funds to further reduce debt and supplement the financing of its
future exploration capital budget requirements. As previously
reported Torque has conducted geophysical assessments of new and
reprocessed data that has identified a number of exploration and
development opportunities leading to a modest 3 to 5 well drilling
program planned for the third and fourth quarters of 2011.
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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