Torque Announces Receipt of Ontario Energy Board Approval; Milestone Payment Expected from Union Gas

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Share Name	Share Symbol	Market	Type
Torque Energy Com	TSXV:TQE	TSX Venture	Common Stock

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Torque Announces Receipt of Ontario Energy Board Approval; Milestone Payment Expected from Union Gas

21/07/2011 7:58pm

Marketwired Canada

Torque Energy Inc. (TSX VENTURE:TQE) is pleased to announce that on July 19,
2011 the Ontario Energy Board approved and designated as a storage area, the
Jacob Storage Pool. Torque is scheduled to receive, within sixty days, its
second milestone payment of approximately $550,000 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. Upon receipt of this
payment, Torque will have received $1,256,000.


If the Ontario Energy Board approves the additional reservoirs identified in the
definitive Asset Purchase Agreement as designated storage areas the Company will
receive approximately $2.65 million during the next two to seven years.