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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. ("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 -------------------------------------------------- Operating highlights: 3 Months 6 Months ---------------------------------------------------------------------------- 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.
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