Torque Energy Reports Second Quarter Financial Results
July 28 2010 - 4:44PM
Marketwired
Torque Energy Inc. ("the Company") (TSX VENTURE: TQE) today filed
with Canadian securities authorities its unaudited financial
statements and related Management's Discussion and Analysis for the
three and six month periods ended May 31, 2010.
Period ending May 31, 2010
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Operating highlights: 3 Months 6 Months
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Net income $111,187 or $0.01 per $261,099 or $0.02 per
share share
Field level cash flow $523,923 or $0.04 per $988,061 or $0.07 per
share share
Funds flow from $291,371 or $0.02 per $588,154 or $0.04 per
operations share share
Operating Netbacks $40.86 per BOE $40.42 per BOE
Sales volumes 139.4 BOE per day 134.3 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 $261,099 on revenues of
$1,513,077 for the six months ended May 31, 2010 compared to a loss
of $20,317 on revenues of $1,303,678 for the same six month period
in 2009.
Funds flow from operations improved by 56% and 164% respectively
for the three and six months ended May 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 while at the same time
reducing total bank indebtedness.
The Company experienced reduced sales volumes of approximately
9.5% and 14.8% for the three and six months ended May 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. This
has accentuated the year to year comparison for 2010.
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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