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Seattle, Washington – October 6, 2006 – Torrent Energy Corporation (the “Company”) (OTCBB: TREN) is pleased to announce the following developments from its wholly owned operating subsidiary, Methane Energy Corp. (“Methane”).
Methane has commenced drilling MEC Westport 09- 21-26S-13W at 18:30 PST on October 4, 2006. This well is the first of ten potential new wells to be drilled in Methane’s Westport project area located in Coos County, Oregon. Drilling operations on this well are forecast to run for ten to twelve days. The well will be directionally drilled to an estimated total depth (TD) of 3,500 feet. The well is being drilled by Roll’n Oilfield Services’ Rig #14. This first well will be drilled through the Lower Coaledo coal sequences into a fractured basalt sequence to investigate the potential as a water disposal zone.
Site preparation has been completed on the initial ten locations in the Westport project area providing a sufficient inventory for drilling during the Southern Oregon rainy season. Five additional wells have been permitted and five more are currently under permit review.
Torrent’s President & CEO, John Carlson, states “While it took longer than expected to see the Roll’n rig arrive on location, we are excited to finally be drilling again and executing our next exploration stage in Coos County Oregon. Testing on our Beaver Hill and Radio Hill pilot projects has given us good indications of adequate permeability in the coals tested to date and we expect this next round of drilling, which will be to shallower depths, will improve our understanding of the permeability to depth relationship in the Lower Coaledo coals. The Westport project area is adjacent to the Coos County pipeline system and will provide us with an immediate opportunity to develop sales gas production upon completion of the current drilling and testing program.
About Torrent Energy Corporation
Torrent Energy Corporation is a growing exploration company focusing on developing non-conventional natural gas reserves in the Northwestern United States. The Company’s primary objective is to create value for stakeholders by applying strong technical expertise to projects. The current focus of the Company’s Oregon subsidiary, Methane Energy Corp., is on the exploration of the Coos Bay Basin project in southwestern Oregon where the Company currently has a land portfolio that includes over 116,000 acres of prospective land. The Company’s Washington subsidiary, Cascadia Energy, is focused on two projects in southwestern Washington State where it holds substantial lease and lease option commitments.
For more information please visit www.torrentenergy.com.
On behalf of the Board of Directors,
TORRENT ENERGY CORPORATION
John Carlson, President & CEO
For more information contact:
Bruce Nurse, Corporate Communications
info@torrentenergy.com
1-800-676-TREN (8736)
Safe Harbor Statement This news release includes statements about expected future events and/or results that are forward-looking in nature and subject to risks and uncertainties. Forward-looking statements in this release include, but are not limited to, that our well is the first of ten potential new wells to be drilled in Methane’s Westport project; that drilling operations on this well are forecast to run for ten to twelve days; the our well will be drilled to an estimated total depth (TD) of 3,500 feet; that we have a sufficient inventory for drilling during the Southern Oregon rainy season; and that we have an immediate opportunity to develop sales gas production upon completion of the current drilling and testing program . It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include the uncertainty of the requirements demanded by environmental agencies, the Company’s ability to raise financing for operations, inability to maintain qualified employees or consultants, potential delays or obstacles in spudding, drilling and interpreting data, that we cannot sell gas that we produce or transport it to market; that we may not be able to obtain drilling permits; and the likelihood that no commercial quantities of gas are found or recoverable. For more risk factors about our Company, readers should refer to risk disclosure in our 424 prospectus filed on Edgar on May 5, 2005.
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Seattle, Washington – October 12, 2006 – Torrent Energy Corporation (the “Company”) (OTCBB: TREN) is pleased to announce the following new members and changes to the Company’s board of directors.
Mr. Michael Raleigh, P.Eng, M.B.A., has agreed to join the board of directors immediately. Mr. Raleigh has over twenty-seven years of petroleum engineering, management and business development experience including fifteen years with Schlumberger (and companies acquired by Schlumberger) located in Houston, Dubai, London, and Calgary. He has a wealth of experience in the Uintah Basin, Williston Basin, Piceance Basin, Green River Basin, Fort Worth Basin, Texas Gulf Coast, West Texas and South Texas in addition to tight gas and coalbed exploitation projects. Mr. Raleigh currently is a Managing Director of Domain Energy Advisors, LLC in Houston. He received his Bachelor of Science in Chemical Engineering from Queen’s University (Ontario) in 1979 and his Masters of Business Administration from the University of Colorado (Colorado) in 1993.
Mr. Curtis Hartzler, P.Eng, has also agreed to join the board of directors effective immediately. Mr. Hartzler has over thirty-four years of direct oil and gas experience including engineering evaluations, drilling and completion programs, facility installations, and property dispositions. He was President of a Calgary based privately-owned oil and gas company from 1991 to 2000 where he successfully grew the asset base from $40 million to $250 million. More recently he was President of Goose River Resources Ltd., a junior public oil and gas company, which was grown from an absolute startup to production of approximately 600 BOED (barrels of oil equivalent per day). The company was sold in 2005 yielding an 87% return for the shareholders. Mr. Hartzler is currently President of G2 Resources Ltd. in Calgary, a public startup company which commenced upon the sale of Goose River. He received his Mechanical Engineering Degree from the University of Calgary in 1972.
In addition to the two new directors, Mr. William (Bill) Lansing has been appointed the new Chairman of the board (see May 3 press release) due to Mr. Mark Gustafson tendering his resignation as director and Chairman of the Company. As a direct result of these changes, the majority of the board members are now classified as independent directors. Not only does this allow the Company to meet one of the important requirements for a move to a more senior exchange, but it also mirrors good corporate governance principles.
The board of directors of the Company is also pleased to announce that an advisory board has been created which will allow the directors ongoing access to the experience and expertise of the advisory members. The first set of appointments includes Mark Gustafson and Thomas J. Deacon, a former officer and director of the Company’s two operating subsidiaries.
Torrent’s former Chairman, Mark Gustafson, states “the Company now has a very capable and experienced board of directors and management team, led by John Carlson, in place to move the Company forward in its goal of commercial gas production. Tom and I are always available to assist where and when required.”
About Torrent Energy Corporation
Torrent Energy Corporation is a growing exploration company focusing on developing non-conventional natural gas reserves in the Northwestern United States. The Company’s primary objective is to create value for stakeholders by applying strong technical expertise to projects. The current focus of the Company’s Oregon subsidiary, Methane Energy Corp., is on the exploration of the Coos Bay Basin project in southwestern Oregon where the Company currently has a land portfolio that includes over 116,000 acres of prospective land. The Company’s Washington subsidiary, Cascadia Energy, is focused on two projects in southwestern Washington State where it holds substantial lease and lease option commitments.
For more information please visit www.torrentenergy.com.
On behalf of the Board of Directors,
TORRENT ENERGY CORPORATION
John Carlson, President & CEO
For more information contact:
Bruce Nurse, Corporate Communications
info@torrentenergy.com
1-800-676-TREN (8736)
Safe Harbor Statement This news release includes statements about expected future events and/or results that are forward-looking in nature and subject to risks and uncertainties. Forward-looking statements in this release include, but are not limited to, that our board of directors and management team is in place to move us forward in our goal of commercial gas production. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include the uncertainty of the requirements demanded by environmental agencies, the Company’s ability to raise financing for operations, inability to maintain qualified directors, employees or consultants, potential delays or obstacles in spudding and interpreting data, and the likelihood that no commercial quantities of gas are found or recoverable. For more risk factors about our Company, readers should refer to risk disclosure in our 424 prospectus filed on Edgar on May 5, 2005.
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Seattle, Washington – October 24, 2006 – Torrent Energy Corporation (the “Company”) (OTCBB: TREN) is pleased to announce the following developments from its wholly owned operating subsidiary, Methane Energy Corp. (“Methane”).
Methane successfully completed drilling MEC 9-21-26- 13 on October 15, 2006 and the Roll’n Rig #14 was released and commenced moving to the second location at 1-21-26-13. The well was successfully drilled to a depth of 3,025 feet, logged and casing was run and successfully cemented. A total of 85 feet of net coal with corresponding good-excellent mud-gas response was encountered. The gas- bearing coal section occurs between a drill depth of 558 and 1890 feet. The well was drilled through the coal-bearing interval and into a deeper basalt section to test and evaluate fracture porosity and permeability for potential use as a water disposal zone. Based upon drilling behavior, directional drilling reports and preliminary log interpretation, it is believed that a number of fracture zones were encountered in this basalt section.
Methane commenced drilling MEC Westport 1-21-26- 13 at 22:30 PST on October 18, 2006. This well is the second of ten potential new wells to be drilled in Methane’s Westport project area located in Coos County, Oregon. Drilling operations on this well are forecast to run for eight to ten days. The well will be directionally drilled to an estimated total depth (TD) of 3,255 feet. The well is being drilled by Roll’n Oilfield Services’ Rig #14.
Methane has completed moving into a new office in Coquille, Oregon which combines its land, exploration and operations groups into one location. Address and phone information can be accessed on the Company’s website www.methaneenergy.com.
Torrent’s President & CEO, John Carlson, states “It is good to be drilling again and all systems are working to ensure a successful drilling program. We have encountered the expected sections and thicknesses of coal with excellent gas shows in the first well which supports our geological model in the Westport area. A key component of our drilling program will be to test the lower basalt sections in the first 3 wells to identify potential zones for water disposal and we see a potential zone in the first well that will be tested for injectivity before the end of the year.“
About Torrent Energy Corporation
Torrent Energy Corporation is a growing exploration company focusing on developing non-conventional natural gas reserves in the Northwestern United States. The Company’s primary objective is to create value for stakeholders by applying strong technical expertise to projects. The current focus of the Company’s Oregon subsidiary, Methane Energy Corp., is on the exploration of the Coos Bay Basin project in southwestern Oregon where the Company currently has a land portfolio that includes over 116,000 acres of prospective land. The Company’s Washington subsidiary, Cascadia Energy, is focused on two projects in southwestern Washington State where it holds substantial lease and lease option commitments.
For more information please visit www.torrentenergy.com.
On behalf of the Board of Directors,
TORRENT ENERGY CORPORATION
John Carlson, President & CEO
For more information contact:
Bruce Nurse, Corporate Communications
info@torrentenergy.com
1-800-676-TREN (8736)
Safe Harbor Statement This news release includes statements about expected future events and/or results that are forward-looking in nature and subject to risks and uncertainties. Forward-looking statements in this release include, but are not limited to, our belief that a number of fracture zones were encountered in the basalt section of the MEC well; that drilling operations on the MEC Westport well are forecast to run for eight to ten days; that the well will be directionally drilled to an estimated total depth (TD) of 3,255 feet ;and that we see a potential zone in the first well that will be tested for injectivity before the end of the year. . It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include the uncertainty of the requirements demanded by environmental agencies, the Company’s ability to raise financing for operations, inability to maintain qualified employees or consultants, potential delays or obstacles in spudding and interpreting data, possible misinterpretation of data and the likelihood that no commercial quantities of gas are found or recoverable. For more risk factors about our Company, readers should refer to risk disclosure in our 424 prospectus filed on Edgar on May 5, 2005.
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Seattle, Washington – October 31, 2006 – Torrent Energy Corporation (the “Company”) (OTCBB: TREN) is pleased to announce the following developments from its wholly owned operating subsidiary, Cascadia Energy Corp. (“Cascadia”).
On October 10, 2006 our wholly owned operating subsidiary, Cascadia Energy Corp., entered into an Oil & Gas Lease on 25,664 acres of lands in southwestern Washington. The initial term of the lease is 4 years under standard industry terms. With the addition of this lease Cascadia’s current acreage now includes 40,637 acres under four to six year terms and 115,237 acres under lease option terms that include approximately $500,000 in exploration commitments prior to November 2007. Cascadia has a 60% interest in these lands and is operator of the Chehalis Basin project.
Cascadia has completed moving into a new office in Portland, Oregon which combines its land, exploration, operations and financial groups into one location. Address and phone information can be accessed on the Company’s new website www.cascadiaeenergy.com.
Torrent’s President & CEO, John Carlson, states “We have now consolidated a large land position in the Chehalis Basin and have completed much of the internal geological and geophysical groundwork necessary to identify exploration leads within the Basin. We will be fine-tuning these leads in the coming weeks in anticipation of picking the initial four drilling locations, filing for drilling permits and securing a rig to be on location in late 2006 or early in 2007. We expect the Chehalis Basin project to add significant value to the Company’s shareholders once the first drilling program begins and the prospective exploration targets are fully evaluated.“
About Torrent Energy Corporation
Torrent Energy Corporation is a growing exploration company focusing on developing non-conventional natural gas reserves in the Northwestern United States. The Company’s primary objective is to create value for stakeholders by applying strong technical expertise to projects. The current focus of the Company’s Washington subsidiary, Cascadia Energy Corp., is on the exploration of the Chehalis Basin project in southwestern Washington where the Company currently has a land portfolio that includes over 155,000 acres of prospective land. The Company’s Oregon subsidiary, Methane Energy, is focused on the Coos Bay Basin project in southwestern Oregon State where it holds substantial lease commitments.
For more information please visit www.torrentenergy.com.
On behalf of the Board of Directors,
TORRENT ENERGY CORPORATION
John Carlson, President & CEO
For more information contact:
Bruce Nurse, Corporate Communications
info@torrentenergy.com
1-800-676-TREN (8736)
Safe Harbor Statement This news release includes statements about expected future events and/or results that are forward-looking in nature and subject to risks and uncertainties. Forward-looking statements in this release include, but are not limited to, that we will be fine-tuning these leads in the coming weeks in anticipation of picking the initial four drilling locations, filing for drilling permits and securing a rig to be on location in late 2006 or early in 2007. We expect the Chehalis Basin project to add significant value to the Company’s shareholders once the first drilling program begins. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include the uncertainty of the requirements demanded by environmental agencies, the Company’s ability to raise financing for operations, inability to maintain qualified employees or consultants, competition for equipment, inability to obtain drilling permits, potential delays or obstacles in spudding and interpreting data, and the likelihood that no commercial quantities of gas are found or recoverable. For more risk factors about our Company, readers should refer to risk disclosure in our most recent 10-K filed on Edgar .
Seattle, Washington – November 15, 2006 – Torrent Energy Corporation (the “Company”) (OTCBB: TREN) is pleased to announce the following developments from its wholly owned operating subsidiary, Methane Energy Corp. (“Methane”).
Methane is progressing with its Westport drilling program and to date has successfully drilled three wells, MEC 9-21-26-13, MEC 1-21-26-13 and MEC 15- 21-26-13. All wells were logged and cased and each has encountered numerous gassy coal seams consistent with the wells’ individual geological prognosis. On November 10, 2006, the fourth well in the Westport program, MEC 16-16-26-13, was spud and is to be directionally drilled to an estimated total depth of (TD) of 3,100 feet.
Methane is continuing with an injectivity testing program on the Radio Hill #1 and Beaver Hill #2, #3 and #5 wells. Individual coal seams perforated in each well are tested for permeability by injecting water into each coal seam, measuring the injection flow rate over 24 to 48 hours and finally measuring the extended fall-off shut-in formation pressures. Upon completion of this testing program and evaluation of the test results, permeability for each coal seam will be determined.
Torrent’s President & CEO, John Carlson, states “Results from the initial three Westport wells indicate excellent gas shows in numerous coals totaling approximately 70 feet in combined thickness in each well. Once injection operations are completed at Radio Hill and Beaver Hill we will move to completion operations at the Westport wells with the goal of developing production in the second quarter of 2007. Due to the close proximity to the Coos County pipeline, the Westport wells provide the most convenient connection options and gathering system design is now underway.“
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Portland, Oregon – December 21, 2006 – Torrent Energy Corporation (the “Company”) (OTCBB: TREN) is pleased to announce the following developments from its wholly owned operating subsidiaries, Methane Energy Corp. (“Methane”) and Cascadia Energy Corp. (Cascadia).
Methane is progressing with its Westport drilling program and to date has successfully drilled five wells, MEC 9-21-26-13, MEC 1-21-26-13, MEC 15-21- 26-13, MEC 16-16-26-13 and MEC 13-15-26-13. All wells were logged and cased and each has encountered numerous gassy coal seams consistent with the wells’ individual geological prognosis. On December 9, 2006, completion operations commenced on the MEC 13-15 and MEC 15-21 and each well was perforated over the total coal package in each well then shut-in for pressure build-up.
Planned operations are to perforate the coal seams in the remaining 3 wells during the first week of January followed up with injection fall-off testing on all five wells. The technical information gathered from this testing program will be utilized to design appropriate proppant stimulations anticipated to occur in March when equipment becomes available to us.
Injectivity testing will also occur on several of these wells in a fractured basalt section to determine suitability for use as a water disposal zone.
Drilling operations have been put on hold at this time to allow us to properly assess the potential of the initial five Westport wells. The Roll’n Rig #14 has been racked locally in Coos Bay and remains available for future work. However, the Methane Operations team has determined that a smaller rig would be more appropriate to drill the remaining wells in the program, therefore requests for bids have been issued and we expect to identify and engage a new drilling contractor early in January. Currently it appears there is better rig availability in the North American petroleum industry and we have identified a number of smaller, more efficient rig types which will allow us to drill the remaining wells faster and for less cost.
Cascade has now identified its initial drilling prospects in the Chehalis basin in the State of Washington and has filed the appropriate drilling permits for the initial three wells. Approvals and commencement of drilling operations is expected to occur in the first quarter of 2007.
Torrent’s President & CEO, John Carlson, states “We appreciate the assistance Roll’n Oilfield Services provided since the inception of our drilling program in Coos Bay. It allowed us to drill wells during an overheated period of activity in the North American petroleum industry when rig availability was limited. However, it is time to utilize more modern and efficient equipment specifically designed to drill coalbed methane wells less than 3,000 feet in depth. We anticipate an overall reduction in our drilling related capital expenditure ultimately reducing our finding and developing costs and improving the project rates of return.“
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Torrent Energy Corp. CEO Recaps Successful Year of CBM Exploration in Pacific Northwest
Wednesday January 17, 2007 07:00:00 EST
PORTLAND, Ore., Jan 17, 2007 /PRNewswire-FirstCall via COMTEX/ --
Torrent Energy Corporation's (OTC Bulletin Board: TREN) CEO, John Carlson, today issued a review of the Company's 2006 achievements and goals for 2007. His comments follow:
We finished 2006 having achieved an extensive list of strategic and operational objectives, and now look forward to continuing our successful Pacific Northwest exploration and drilling programs through 2007.
Since its inception in 2004, Torrent has pursued a specific strategy to acquire controlling working interests in coalbed methane ("CBM") resource plays of significant potential in the Pacific Northwest. We are now working aggressively to convert these assets into CBM development projects by taking advantage of our talented management team and the extensive technical resources available to the Company.
We have identified and pursued two specific projects: the Coos Bay Basin in the State of Oregon and the Chehalis Basin in the State of Washington. We have an active drilling and testing program underway in the Coos Bay Basin with the goal of developing commercial production in 2007. Drilling operations in the Chehalis basin are scheduled to commence in the next few months following approval of the necessary drilling permits. Following are updates on both of these projects.
Coos Bay Basin Project Area
Methane Energy Corp., a wholly owned subsidiary of Torrent, continues to develop a significant asset base in Coos County. Potential CBM resources associated with our land exceed 1.2 TCF (trillion cubic feet) as estimated by the independent engineering firm Sproule Associates. We met our goal of leasing over 118,000 acres in the Coos Bay Basin area and, to date, a total of 12 wells have been drilled in three pilot project areas identified as Beaver Hill (5 wells), Radio Hill (1 well and 1 plug-backed well) and Westport (5 wells). All 11 wells drilled to depth have encountered multiple gassy coal seams with combined thicknesses of between 50 and 70 feet in each well.
Initial completion work on the Beaver Hill and Radio Hill pilot wells included nitrogen (N2) stimulation on selected zones in four of the wells followed by short-term production testing on all the Beaver Hill and Radio Hill wells, and permeability testing programs on selective zones in four of these wells. Results of initial post-stimulation testing in 2006 have confirmed that we can flow gas from the reservoir, and have provided us with significant reservoir data necessary in designing more effective stimulation programs to be used in the new Westport wells.
The initial testing program has also given us good indications of the expected water production rates and water quality data. As in most CBM projects, managing the disposal of produced water is a key ingredient for economic success and we have developed local water disposal capability to deal with our produced water during the testing phase. To move to the production phase, a water disposal system having significant daily capacity will be required. A key element of the Westport drilling program was to target specific disposal zones below the coal seams in three of the wells. Testing is now underway on four of the Westport wells to determine permeability of selected coal seams and the water injectivity capability of potential disposal zones.
The Westport pilot project area is located in close proximity to the Coos County transmission line. Well permits have been applied for and received in 15 locations in the Westport area. Locations have been constructed for 10 wells, and five were drilled prior to January 1, 2007. The drilling of our next five wells is scheduled to commence following completion of the stimulation and testing program now underway.
We have already begun the planning process for the requisite production facilities and gathering system that will deliver gas into the Coos County natural gas transmission line. It is expected that initial gas production will be sold into the local Coos County market, which delivers a premium price relative to local intrastate pipeline prices in Oregon. Our goal is to have commercial production available to deliver into the Coos County transmission line in the second quarter of 2007.
Chehalis Basin Project Area
Cascadia Energy Corporation, a wholly owned subsidiary of Torrent, has leased and optioned more than 155,000 acres of private and state lands in Lewis, Cowiltz and Skamania counties in the State of Washington. The holdings lie south of the Centralia-Chehalis bituminous coal field -- site of the State's largest open-pit mine and thermal power plant. Cascadia has completed a detailed geophysical and geological interpretation of existing seismic, gravity, well log and test data applicable to the Chehalis Basin, which has been utilized to identify our initial drilling prospects. The Company has filed the appropriate drilling permits for an initial three-well program and will file additional drilling permits in the near future. The initial wells will target the regional coal seams, but will also investigate potential conventional natural gas prospects similar to those known to exist in the Mist gas field and the Jackson Prairie gas storage field. The initial well in the program will offset a well drilled in 2001 by Duncan Oil Inc. of Denver, which encountered a number of thick coal seams but also tested 715 MCFD of conventional gas from a high porosity gas sand. Approvals and commencement of drilling operations are expected to occur in the first quarter of 2007.
Management
In recognition of the Company's successful transition from an initial start-up to an active exploration operation, 2006 saw the strategic restructuring of both the Torrent management team and its Board of Directors. In January, I, John D. Carlson, assumed the position of President and CEO of Torrent, a role previously held by Mark Gustafson. This appointment has added to Carlson's existing responsibilities as Director of Torrent and Chief Operating Officer of our wholly ownded subsidiary, Methane Energy Corp. Mr. Carlson also assumed the CEO position and directorships on the boards of our wholly owned subsidiaries Methane Energy and Cascadia Energy Corp.
Early in the year, Mr. Michael D. Fowler was named Chief Financial Officer and Corporate Secretary of Torrent and assumed similar responsibilities for both Torrent subsidiaries. Additionally, Roger N. Canady was appointed Vice-President of Land for both Methane and Cascadia, taking over the land responsibilities from recently retired Tom J. Deacon.
The remaining management team is composed of highly experienced and qualified individuals who bring a wealth of expertise to the Company. Individual bios for each member of the management team can be found on the Company's websites:
Torrent Energy Corp. - www.torrentenergy.com
Methane Energy Corp. - www.methaneenergy.com
Cascadia Energy Corp. - www.cascadiaenergy.com
The management team is complemented by a core group of consultants with extensive CBM geological, geophysical, engineering and field operating experience with a key focus on defining the optimum solutions for drilling, completing and producing the CBM resources under the Company's leases.
Administratively, Torrent relocated its head office to Portland, Oregon, which also serves as the field office for Cascadia. A move to a new field office in Coquille, Oregon now has Methane Energy's land, exploration and operations activities under one roof.
Board of Directors
Mr. Bill Lansing, the recently retired President and CEO of Menasha Forest Products Corporation, an Oregon-based timber company, was added to the Company's Board as an independent Director in May 2006 and has recently assumed the role as Chairman of the Board of Torrent. Mr. Lansing is a long-term resident of Coos County and was a well respected business executive during a long career with Menasha. More recently, Mr. Michael Raleigh P. Eng., from Houston, Texas and Mr. Curtis Hartzler P. Eng., from Calgary, Alberta, also joined the Torrent's board as independent Directors, thereby giving the Torrent Board a majority of independent Directors with an independent audit committee. Both Mr. Raleigh and Mr. Hartzler bring a wealth of petroleum engineering experience to the project.
Torrent also established an Advisory Board with the appointments of Mark G. Gustafson and Tom J. Deacon, whose previous experience with the project has been and will continue to be invaluable in moving Torrent forward and ultimately building value for its shareholders.
Individual bios for the members of the Board of Directors and the Advisory Board can be found in the Company's website at www.torrentenergy.com.
Financing
In June 2006 Torrent completed a $25 million preferred share offering to fund additional drilling and testing of the Company's Coos Bay Basin project and the initial drilling program of its Chehalis Basin project. We have received $17,500,000 of the proceeds of this financing and will receive the remainder when a registration statement registering the financing shares goes effective. This brings Torrent's total financing to date to $42 million.
Corporate Responsibility and Environmental Stewardship
Torrent Energy has worked diligently to build strong local support for its exploration efforts in both project areas. Cognizant of the environmental concerns generated by other CBM projects worldwide, Torrent has continued to stay true to its commitment of being proactive in environmental considerations and water management. From its inception, MEC has worked with the Oregon Department of Geology and Mineral Industries to conduct surface and groundwater quality studies and to help establish much needed regulations in the area of oil and gas exploration. A similar relationship with Washington State departments is also being nurtured. Ms. Peggy Halferty has joined the management team as Manager Environmental for both subsidiary operations to ensure environmental compliance.
Recognizing the importance of being a good neighbor and corporate citizen, Torrent continues to support the communities in which it operates through a variety of programs and events.
2007 Near-Term Goals
The Company enters 2007 with an active plan to bring our Coos Bay project to commercial CBM development by initiating gas sales revenues from the Westport wells and converting the Coos Bay resource potential into proven and probable reserves.
We also plan to commence drilling operations on our Chehalis Basin project with completion of the initial program scheduled by the third quarter of 2007. Traditional gas content and permeability testing of the potential coal seams will be undertaken as part of this program and any conventional gas horizons discovered will be drill-stem tested immediately after drilling.
The management team is dedicated to establishing the commercial viability of both the Coos Bay and Chehalis projects in the shortest time frame possible. Additionally, we will continue to actively search for and review opportunities that will complement these two project areas. Priority is given to seeking out new partners to join in our exploration effort in each project area that will reduce our exploration risk and capital exposure. Future capital spending in each project area will focus primarily on the drill bit and only key lands surrounding proposed drilling locations will be added to our land portfolio.
We have succeeded in translating two frontier resource plays into more traditional exploration and development projects, and the management team believes that any future projects should include more traditional oil and gas exploration opportunities which can develop short-term cash flow and asset value.
About Torrent Energy Corporation
Torrent Energy Corporation is a growing exploration company focusing on developing non-conventional natural gas reserves in the Northwestern United States. The Company's primary objective is to create value for stakeholders by applying strong technical expertise to projects. The current focus of the Company's Oregon subsidiary, Methane Energy Corp., is on the exploration of the Coos Bay Basin project in southwestern Oregon where the Company currently has a land portfolio that includes over 118,000 acres of prospective land. The Company's Washington subsidiary, Cascadia Energy, is focused on two projects in southwestern Washington State where it holds substantial lease and lease option commitments on a total of 155,000 acres. For more information please visit www.torrentenergy.com.
On behalf of the Board of Directors,
John Carlson, President & CEO TORRENT ENERGY CORPORATION
For further information please contact: Torrent Energy John Carlson, President & CEO Phone: 503-224-0072 Email: jcarlson@torrentenergy.com
Investor Relations in Canada CHF Investor Relations Heather Colpitts, Account Manager Phone: 416-868-1079 ext. 223 Email: heather@chfir.com
Investor Relations in the U.S. Pfeiffer High Investor Relations, Inc. Geoff High, Principal Phone: 303-393-7044 Email: geoff@pfeifferhigh.com
Safe Harbor Statement: This news release includes statements about expected future events and/or results that are forward-looking in nature and subject to risks and uncertainties. Forward-looking statements in this release include, but are not limited to: that we can convert our assets into CBM development projects; that drilling operations in the Chehalis basin are scheduled to commence in the next few months; that we can flow gas from the Beaver Hill and Radio Hill reservoir; drilling of our next five wells at Westport is scheduled to commence following completion of the stimulation and testing program; that initial gas production will be sold into the local Coos County market, which delivers a premium price relative to local intrastate pipeline prices in Oregon; that we will have commercial production available to deliver into the Coos County transmission line in the second quarter of 2007; that our initial Chehalis wells will target the regional coal seams and investigate potential conventional natural gas prospects; that Chehalis approvals and commencement of drilling operations are expected to occur in the first quarter of 2007; that we will receive $6,500,000 when a registration statement registering the financing shares goes effective; that we plan to bring our Coos Bay project to commercial CBM development by initiating gas sales revenues from the Westport wells and converting the Coos Bay resource potential into proven and probable reserves; that traditional gas content and permeability testing of the potential coal seams will be undertaken and any conventional gas horizons discovered will be drill-stem tested immediately after drilling; that future capital spending in each project area will focus primarily on the drill bit and only key lands surrounding proposed drilling locations will be added to our land portfolio; It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include the uncertainty of the requirements demanded by environmental agencies, the Company's ability to raise financing for operations, breach by parties with whom we have contracted, inability to maintain qualified employees or consultants, competition for equipment, inability to obtain drilling permits, potential delays or obstacles in drilling operations and interpreting data, and the likelihood that no commercial quantities of gas are found or recoverable. For more risk factors about our Company, readers should refer to risk disclosure in our most recent 10-K filed on Edgar.
SOURCE Torrent Energy Corporation
John Carlson, President & CEO of Torrent Energy, +1-503-224-0072,
jcarlson@torrentenergy.com; or Investor Relations in Canada, Heather Colpitts,
Account Manager of CHF Investor Relations, +1-416-868-1079, ext. 223,
heather@chfir.com, for Torrent Energy; or Investor Relations in the U.S., Geoff
High,
Principal of Pfeiffer High Investor Relations, Inc., +1-303-393-7044,
geoff@pfeifferhigh.com, for Torrent Energy
http://www.cascadiaenergy.com
Thursday January 18, 2007 07:00:00 EST
PORTLAND, Ore., Jan 18, 2007 /PRNewswire-FirstCall via COMTEX/ --
Torrent Energy Corporation (OTC Bulletin Board: TREN) today announced it has retained U.S.-based Pfeiffer High Investor Relations, Inc., and Canada's CHF Investor Relations (Cavalcanti Hume Funfer Inc.) to develop and manage a North American investor awareness campaign together. This program will be supplemented with an internet based program contracted through Stockgroup Media.
John Carlson, Torrent's President and CEO, commented, "We are making significant progress with the development of our coalbed methane projects, and are committed to expanding investor recognition of our recent achievements and Torrent's long-range growth prospects. CHF Investor Relations and Pfeiffer High Investor Relations are both highly respected firms with considerable experience in the energy sector. We look forward to working with both firms to deliver the Torrent story in the United States and Canada. The utilization of the Stockgroup programs will allow the Torrent story to be delivered to an expanded investor base."
Geoff High, a principal with Pfeiffer High, said, "Torrent's management team has established a compelling resource play, and given the pent up domestic demand for new energy reserves, we believe it is a story that will resonate with the investment community. Our objective is to expand Torrent's audience among both buy- and sell-side investors seeking exposure to new opportunities in the energy industry."
Cathy Hume, CEO of CHF Investor Relations, added, "Since I've known President John Carlson for many years now, our confidence in Torrent's management team is solid. Canadian investors have a tremendous appetite for emerging resources companies and we look forward to bringing Torrent Energy to their attention."
Michelle Bertram, Director of Public Company Sales, stated, "Stockgroup Media provides a variety of products and services designed for use by public companies to assist them with increasing their exposure. We value our customers and helping Torrent Energy communicate their message effectively, and to a wider audience, is the core of our business."
About CHF Investor Relations
CHF Investor Relations is a proactive, results-driven firm that offers premium IR service to an international portfolio of client companies operating in a broad range of industries including mineral producers, mining exploration and development, high-tech, biotechnology, oil and gas and special situations. CHF provides comprehensive IR representation to the Canadian audience through their offices in Toronto and Calgary. For more information, please visit their website at www.chfir.com.
About Pfeiffer High Investor Relations, Inc.
Based in Denver, Colorado, Pfeiffer High Investor Relations is a full-service IR firm providing a broad range of investor relations and corporate communications services to publicly held companies. Founded in 1982, the firm specializes in creating and implementing communications programs for companies seeking to build shareholder value by increasing their profiles in the investment community and financial media. Pfeiffer High represents a select group of companies listed on the primary U.S. exchanges. A sampling of current clients includes Dynamic Materials Corporation, the world's leading provider of explosion-welded clad metal plates; Semitool, a leading manufacturer of wafer-processing equipment for the semiconductor industry; Peerless Systems, a provider of imaging and networking controllers to the digital document market; and Evolving Systems, a premier provider of software solutions and services to major telecommunications carriers.
About Stockgroup Media
Stockgroup is a leading financial media company that licenses client portfolio products and web-based financial content to retail investment institutions, designed to increase customer retention and profitability. Top brokerage firms use Stockgroup products to differentiate their brands and develop stronger, more profitable client relationships. Stockgroup owns and operates StockHouse.com, an online financial portal that hosts the BullBoards(TM) message board -- Canada's largest community of active investors.
About Torrent Energy Corporation
Torrent Energy Corporation is a growing exploration company focusing on developing non-conventional natural gas reserves in the northwestern United States. The Company's primary objective is to create value for stakeholders by applying strong technical expertise to projects. The current focus of the Company's Oregon subsidiary, Methane Energy Corp., is on the exploration of the Coos Bay Basin project in southwestern Oregon where the Company currently has a land portfolio that includes over 116,000 acres of prospective land. The Company's Washington subsidiary, Cascadia Energy, is focused on two projects in southwestern Washington State where it holds substantial lease and lease option commitments. For more information please visit www.torrentenergy.com.
Safe Harbor Statement: This news release includes statements about expected future events and/or results that are forward-looking in nature and subject to risks and uncertainties. Forward-looking statements in this release include, but are not limited to, that our investor relations campaign will expand Torrent's audience among both buy- and sell-side investors seeking exposure to new opportunities in the energy industry; and that utilization of the Stockgroup programs will allow the Torrent story to be delivered to an expanded investor base. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include our possible inability to maintain qualified consultants, the possible termination of services of our consultants and the possibility that the investor relations campaign is not successful. For more risk factors about our Company, readers should refer to risk disclosure in our most recent 10-K filed on Edgar.
For further information please contact:
Torrent Energy Corp.
John Carlson, President & CEO
Phone: 503-224-0072
Email: jcarlson@torrentenergy.com
Investor Relations in Canada CHF Investor Relations Heather Colpitts, Account Manager Phone: 416-868-1079 ext. 223 Email: heather@chfir.com
Investor Relations in the U.S. Pfeiffer High Investor Relations, Inc. Geoff High, Principal Phone: 303-393-7044 Email: geoff@pfeifferhigh.com
SOURCE Torrent Energy Corporation
John Carlson, President & CEO of Torrent Energy Corp., +1-503-224-0072,
jcarlson@torrentenergy.com; or Investor Relations in Canada, Heather Colpitts,
Account Manager of CHF Investor Relations, +1-416-868-1079, ext. 223,
heather@chfir.com, for Torrent Energy Corp.; Investor Relations in the U.S., Geoff
High, Principal of Pfeiffer High Investor Relations, Inc., +1-303-393-7044,
geoff@pfeifferhigh.com, for Torrent Energy Corp.
http://www.torrentenergy.com
09:57 22.01.07
Amsterdam (aktiencheck.de AG) - Die Experten von "Investor Alert" sehen für die Aktie von Torrent Energy (ISIN US89141B1089/ WKN A0B7RC) ein Kursziel in Höhe von 3 Euro.
Nach der Bodenbildung im Bereich der Marke von 1 USD befinde sich die Aktie von Torrent Energy wieder in einem Aufwärtstrend. Das Unternehmen stehe kurz vor der Produktion von Gas, welches sich in unterirdischen Kohlefeldern befinde. Insgesamt sitze das Unternehmen auf Gasreserven von 1,2 TCF, welche einen gewöhnlichen Marktwert von 1,2 Milliarden USD hätten. Die Marktkapitalisierung von Torrent betrage hingegen nicht einmal 50 Mio. USD, so dass die Aktie über ein großes Aufwärtspotenzial verfüge. Letzte Woche habe der CEO auf die Erfolge des Jahres 2006 zurückgeblickt und habe einen Ausblick für das Jahr 2007 gegeben.
In einem Pressebericht habe der Vorstandsvorsitzende folgendes bekannt gegeben: "Die Methane Energy Corp., eine vollständig von Torrent gehaltene Konzerngesellschaft, entwickelt weiterhin eine bedeutsame Asset-Basis im Coos County. Die potenziellen Ressourcen, welche sich mit unserem Land assoziieren lassen, übersteigen laut einer Schätzung der unabhängigen Firma Sproule Associates die Marke von 1,2 TCF (Trillion Kubikfuß). Wir haben unser Ziel, insgesamt mehr als 118.000 Acres an Land im Coos County Basin-Gebiet zu leasen, erreicht, und wir haben bis jetzt nach 12 Quellen in 3 Pilotgebieten gebohrt. Diese umfassen Beaver Hill (5 Quellen), Radio Hill (1 Quelle und eine so genannte plug-backed Quelle) und Westport (5 Quellen). Bei den anfänglichen Arbeiten an allen 11 Quellen stießen wir auf mehrere gashaltige Kohlenähte.
Die Stärke jeder einzelnen Quelle beträgt zwischen 50 und 70 Fuß. Die Arbeiten an den Beaver Hill und Radio Hill Pilotquellen umfassten zudem eine Stickstoffstimulation (N2), welche an bestimmten Zonen der 4 Quellen durchgeführt wurden. Zudem fand ein anschließender kurzzeitiger Produktionstest statt. Außerdem wurde ein Testprogramm, betreffend der Gasdurchlässigkeit, an bestimmten Zonen der vier Quellen durchgeführt. Die Ergebnisse dieser im Jahre 2006 anfänglich durchgeführten Tests bestätigten, dass Gas aus dem Reservoir ausfließen kann, und sie lieferten uns weitere wichtige Daten, um effektivere Stimulationsprogramme für die neuen Westport Quellen entwickeln zu können."
Die Experten von "Investor Alert" denken, dass die Torrent Energy-Aktie vom jetzt stark unterbewerteten Niveau in Richtung der Marken von 1,50 USD und später 2 USD läuft. (Ausgabe vom 21.01.2007) (22.01.2007/ac/a/a)
die frage is was aus den löchern raus kommt!
wann sollen denn da die ersten ergebnisse kommen?
weiß jemand was?