Torque Amalgamates With Dundee Energy Subsidiary

   Torque Energy Inc. (TSX VENTURE: TQE) (Torque) and Dundee Energy Limited (TSX: DEN) (Dundee Energy) advise that the amalgamation of Torque with a subsidiary of Dundee Energy (formerly called Eurogas Corporation) became effective today and Torque has become a wholly-owned subsidiary of Dundee Energy. It is expected that Torque's shares will be delisted from the TSX Venture Exchange on Thursday, August 4, 2011.

Shareholders of Torque were able to elect before 4:30 p.m. (Toronto time) on July 27, 2011 to receive on the amalgamation either C$0.50 for each Torque share held or one common share in Dundee Energy for every two Torque shares held. If no election was made, shareholders will receive C$0.50 per share. Shareholders will be sent the cash or share consideration which they elected to receive for their Torque shares later this week.

About Torque Energy Inc.

Torque Energy Inc. is listed on the TSX Venture Exchange under the symbol "TQE" and is engaged in oil and gas operations in Ontario and Alberta. For more information, visit www.torqueenergy.com.

About Dundee Energy Limited

Dundee Energy Limited is listed on the Toronto Stock Exchange under the symbol "DEN" and is engaged in oil and natural gas operations in Ontario and indirectly in the development of a major underground storage facility off the east coast of Spain. For more information, visit www.dundee-energy.com.

Neither the TSX Venture Exchange, Toronto Stock 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 & 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 Dundee Energy Limited Jaffar Khan President & CEO [phone] [phone] (FAX) www.dundee-energy.com