Torque Energy Announces Union Gas Limited Will Proceed With Its Plans to Develop the Jacob Storage Pool in the Dover East Field
October 25 2010 - 3:28PM
Marketwired
Torque Energy Inc. (TSX VENTURE: TQE) is pleased to announce that
on October 20, 2010, Torque and Liberty Oil & Gas Ltd.
("Liberty") received notice from Union Gas Limited that Union will
be proceeding with plans to develop the POD#34 Reservoir under the
terms of the Storage Development and Production Agreement signed
June 17, 2010. Union has named the proposed development of the
POD#34 Reservoir the "Jacob Storage Pool". Union also stated that
it is in the process of preparing to file an application to the
Ontario Energy Board to have this pool designated as a storage
area.
In connection with this Agreement, Torque should receive its
next milestone payment from Union on January 15, 2011 in the amount
of $527,450.00. If the Ontario Energy Board's approval is obtained
as targeted by the summer of 2011, the first storage reservoir
could be in service as early as July 2012. At the time of such
approval, Torque will have received milestone payments totalling
$1.25 million.
If the Ontario Energy Board approves all the proposed reservoirs
for designated storage, Torque could receive payments totalling
$3.88 million over the next six to eight years.
Provided Torque and Liberty do not jeopardize the integrity of
the designated storage reservoir, the right to explore, drill for
and produce petroleum substances from all new and certain existing
wells within the Dover East field is retained by them.
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)
Torque Energy Com (TSXV:TQE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Torque Energy Com (TSXV:TQE)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about Torque Energy Com (TSX Venture Exchange): 0 recent articles
More Torque Energy Inc. News Articles