Torque Energy Reports Third Quarter Financial Results
October 29 2010 - 4:26PM
Marketwired
Torque Energy Inc. (TSX VENTURE: TQE) ("the Company") today filed
with Canadian securities authorities its unaudited financial
statements and related Management's Discussion and Analysis for the
three and nine month periods ended August 31, 2010.
Period ending August 31, 2010
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Operating
highlights: 3 Months 9 Months
----------------------------------------------------------------------------
Net income $166,768 or $0.01 per share $427,867 or $0.03 per share
Field level cash $1,472,503 or $0.11 per
flow $484,442 or $0.04 per share share
Funds flow from
operations $337,981 or $0.02 per share $926,136 or $0.07 per share
Operating Netbacks $37.72 per BOE $39.49 per BOE
Sales volumes 140 BOE per day 136 BOE per day
Note: The term BOE may be misleading, particularly if used in
isolation. A BOE conversion ratio of 6 Mcf: 1bbl is based on a
energy equivalency conversion primarily applicable at the burner
tip and does not represent a value equivalency at the wellhead.
The Company realized a profit of $427,867 on revenues of
$2,256,065 for the nine months ended August 31, 2010 compared to a
profit of $78,383 on revenues of $2,039,895 for the same nine month
period in 2009.
Funds flow from operations improved by 30% and 91% respectively
for the three and nine months ended August 31, 2010 compared to the
same periods in 2009. This performance continues to allow the
Company to internally fund its capital expenditure programs and
improve its working capital position and also reduce total bank
indebtedness.
The Company experienced reduced sales volumes of approximately
6.4% and 12.1% for the three and nine months ended August 31, 2010
compared to the prior year which is primarily attributed to the
Corey East field where two bottom hole pump replacements in late
2008 resulted in flush production in the first half of 2009. All
other decreases in volume represent the normal and expected
declines or short-term interruptions related to minor workovers and
regularly scheduled repairs.
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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