Torque Announces Closing of Dover East Field Natural Gas Storage Reservoir Sale to Union Gas Limited
June 22 2010 - 9:26AM
Marketwired
Torque Energy Inc. (TSX VENTURE: TQE) is pleased to announce that
it and Liberty Oil & Gas Ltd. have entered into the definitive
Asset Purchase Agreement with Union Gas Limited and, pursuant
thereto, closed the sale to Union of rights to develop new natural
gas storage capacity in the Municipality of Chatham-Kent from
Torque (as to 50%) and Liberty (as to 50%).
If the Ontario Energy Board approves all the reservoirs for
designated storage, Torque could receive payments totalling $3.88
million over the next six to eight years. The first storage
reservoir could be in service as early as July 2012 if the Ontario
Energy Board's approval is obtained, as targeted, by the summer of
2011. If that occurs, Torque will have received, at the time of
such approval, payments totalling $1.25 million.
So long as they do not jeopardize the integrity of the
designated storage reservoir, Torque and Liberty retain the right
to explore and drill for and produce petroleum substances from all
new and certain existing wells and lands within the area.
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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