Torque Reports Third Quarter Financial Results & Provides Corporate Update
October 30 2009 - 8:43AM
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
nine month period ended August 31, 2009.
The Company realized a profit of $98,700 ($0.01 per share) for
the three month period ended August 31, 2009 compared to a profit
of $659,118 ($0.05 per share) for the same period in 2008. Funds
flow from operations was $260,912 in Q3 2009 ($0.02 per share)
versus $820,480 ($0.06 per share) in Q3 2008. Total oil and gas
sales revenue less royalties decreased to $619,113 in Q3 2009 from
$1,213,865 in Q3 2008, primarily due to lower oil and gas prices.
Production sales of petroleum and natural gas in Q3 2009 averaged
149 barrels of oil equivalent per day (BOE/day, see footnote below)
and realized an average gross price of $53.67/BOE. This compares to
138 BOE/day in Q3 2008 with an average price of $110.50/BOE, a
decrease of 49% in the average price.
Operating, general and administrative and interest costs
decreased to $375,453 in Q3 2009 from $394,407 in Q3 2008. This net
decrease resulted primarily from lower interest and operating costs
offset by an increase in labour related expenses. This decrease in
operating costs resulted primarily as the Company recorded
adjustments to previous estimates based upon reported actual
expenses related to the Mikwan area.
Corporate acquisitions have allowed the Company to create an
extensive proprietary exploration database within the southwestern
Ontario portion of the Michigan geological basin. A number of
prospects have been revealed and Torque is actively acquiring
petroleum and natural gas and gas storage leases. This is proving
to be a low cost, internally driven enhancement of the Company's
assets.
The Company advises that John Thomson will not be returning to
Torque at the end of his leave of absence. The Company wishes him
well.
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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