Torque Announces Receipt of Ontario Energy Board Approval; Milestone Payment Expected from Union Gas
21 Juli 2011 - 8:58PM
Marketwired
Torque Energy Inc. (TSX VENTURE: TQE) is pleased to announce that
on July 19, 2011 the Ontario Energy Board approved and designated
as a storage area, the Jacob Storage Pool. Torque is scheduled to
receive, within sixty days, 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 previously announced on June 21, 2010. Upon
receipt of this payment, Torque will have received $1,256,000.
If the Ontario Energy Board approves the additional reservoirs
identified in the definitive Asset Purchase Agreement as designated
storage areas the Company will receive approximately $2.65 million
during the next two to seven years.
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)
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