Torque Energy Files Year End Disclosure Documents
30 März 2011 - 10:46PM
Marketwired
Torque Energy Inc. (TSX VENTURE: TQE) ("the Company") today filed
with Canadian securities authorities its audited financial
statements and related Management's Discussion and Analysis for the
year ended November 30, 2010 and the reports relating to reserves
data and other oil and gas information as at November 30, 2010.
Operating highlights: November 30, 2010
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- Net income $542,146 or $0.04 per share
- Bank indebtedness $1.5 million, 31% reduction
- Net asset value (NAV) $15,069,235 or $1.09 per share
Note: The term BOE may be misleading, particularly if used in isolation. A
BOE conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency
conversion primarily applicable at the burner tip and does not represent a
value equivalency at the wellhead. The term NAV is defined as Net Present
Value of future cash flow from proved reserves discounted at ten percent
plus accounts receivable and minus bank indebtedness and minus accounts
payable and accrued liabilities.
The Company realized a profit of $542,146 on revenues of
$2,934,690 for the twelve months ended November 30, 2010 compared
to a profit of $333,315 on revenues of $2,763,803 in 2009.
Throughout 2010, the Company reinvested approximately $822,000 in
capital projects to further develop its resource prospects in the
southwestern Ontario basin.
During the year, the Company successfully closed the sale of the
Dover East Field natural gas storage reservoir to Union Gas. The
proceeds to date from this transaction amount to approximately
$696,000 and have contributed to the Company reducing its bank
indebtedness.
VON Resource Management Ltd. Of Calgary, Alberta, independent
petroleum consultants prepared a report dated March 20, 2011 in
which VON evaluated the quantity of reserves and the value of
estimated future cash flow of the Company's total estimated
Canadian reserves effective November 30, 2010 as follows:
Escalated Cdn. $
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Working Interest
Working Interest Company Reserves Net Present Value of Net
Company Reserves net of Royalties Cash Flow (pre-tax)
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Oil Gas Oil Gas
MSTB MMCF MSTB MMCF 0% 10% 15%
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Proved Producing 538 1,138 464 977 46,235 16,372 12,539
Total Proved (ii) 538 1,207 464 1,038 46,149 16,288 12,454
Proved plus
Probable (2P)
(ii) 649 1,333 561 1,141 60,078 18,073 13,472
(ii) Includes abandonment and reclamation liability net of salvage value for
the Company's non-producing wells.
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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