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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Torque Energy Com | TSXV:TQE | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
Torque Energy Inc. (TSX VENTURE:TQE) is pleased to announce the receipt of its first milestone payment in the amount of $527,450 from Union Gas pursuant to the definitive Asset Purchase Agreement for the Dover East field natural gas storage reservoir previously announced on June 21, 2010. Union Gas has named this first reservoir as the Jacob Storage Pool and is currently preparing an application to the Ontario Energy Board to have it designated and approved as a storage area. A decision from the Ontario Energy Board is anticipated by the end of the third quarter of 2011. Upon approval, Torque will receive its second milestone payment in the amount of approximately $560,000 and will have then received milestone payments totalling approximately $1.3 million. If the Ontario Energy Board approves all the reservoirs identified in the Definitive Asset Purchase Agreement as designated storage areas the Company will receive approximately $3.88 million during the next two to seven years. Torque continues to execute its strategy of raising internally generated funds from its existing base of producing assets and assessing the viability of various depleted assets to function as commercial gas storage reservoirs. The Company will employ these funds to further reduce debt and supplement the financing of its future exploration capital budget requirements. As previously reported Torque has conducted geophysical assessments of new and reprocessed data that has identified a number of exploration and development opportunities leading to a modest 3 to 5 well drilling program planned for the third and fourth quarters of 2011.
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