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RLK PORTLAND, Ore., April 24 /PRNewswire-FirstCall/ -- Torrent Energy Corporation (the "Company") (OTC Bulletin Board: TREN) today announced that it has reached the Company's most significant milestone to date. Permeability testing results for its coal-bed methane (CBM) natural gas project located in Coos Bay, Oregon, show that commercial permeability exists within the Company's core asset and gives the opportunity to quantify a potential 580 BCF of CBM resource as developable. Average permeability for the Company's Westport pilot program has been measured at 8 millidarcies (md), with test data ranging between a low of 4 md and a high of 15 md. Permeability as it relates to CBM natural gas exploration/production is a measurement that defines the ability of gas to flow within the coal matrix. Permeability recorded at Torrent's Westport project are analogous to geologically similar and historically prolific CBM basins such as the Raton, Appalachian and Uinta Basins. Commenting on the news, Torrent's President and CEO, John Carlson, stated, "We are extremely pleased with this data that defines above average permeability at Westport. After three years of field work, these test results mark a key operational milestone for the Company. We now have the hard technical reservoir data that, we believe, supports a commercial CBM project in Coos Bay." Torrent can now high-grade the 1.2 TCF (trillion cubic feet) resource attributable to the Company's lease holdings within the Coos Bay Basin using a permeability-depth relationship developed from the testing results. Management has determined that by using a 4,000-foot depth cut-off, approximately 50% of the identifiable CBM resource, or 580 BCF (billion cubic feet), should be commercially producible. Because of the close proximity to the market area, the Company is expected to receive a gas price in excess of the posted NYMEX gas price index. The Company owns an 83.5% net revenue interest in the Coos Bay project. Carlson added, "In addition to moving this project into the 'commercially viable' category, the permeability data allows us to focus our near-term development plans within the basin, optimizing future well placement. Next, we will complete the fracture stimulation program on the Westport wells and establish commercial production rate profiles. Additional well placement and follow-up drilling will focus initially on the Westport area, which is located a short distance from the Coos County pipeline." Operational Highlights Torrent released the following operational highlights regarding its Coos Bay, Oregon CBM project: * Tests were a combination of injection fall-off tests (IFOT) and diagnostic fracture injection tests (DFIT) * Good correlation of permeability between IFOT and DFIT results * Independent evaluation supports determination of commercial permeability in all Westport wells * Formation testing also completed on Radio Hill project and Beaver Hill project areas * Independent evaluation supports determination of commercial permeability as function of coal depth in Radio Hill and Beaver Hill wells Work will resume on Torrent's Radio Hill and Beaver Hill pilot projects once adequate pipeline infrastructure reaches these areas. Methane Energy Corp., Torrent's wholly owned subsidiary and operator of the Westport project, used the services of Coal Gas Technology Company ("CGT") to manage all field testing and provide an independent technical analysis of the test results. Injection fall-off tests were performed on 17 individual coal seams in the MEC 16-16-26-13 well and diagnostic fracture injection tests were performed on numerous coal seams in three other Westport wells during February and March 2007. Formation testing of the Radio Hill and Beaver Hill wells was completed last fall. 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. For more information please visit www.torrentenergy.com. On behalf of the Board of Directors, TORRENT ENERGY CORPORATION John Carlson, President & CEO 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 the new data gives the opportunity to quantify a potential 580 BCF of CBM resource as developable and supports a commercial CBM project in Coos Bay; that approximately 50% of the identifiable CBM resource, or 580 BCF should be commercially producible; that we expect to receive a gas price in excess of the posted NYMEX gas price index; that we will complete a fracture stimulation program on the Westport wells and establish commercial production rate profiles; and that follow-up drilling will focus initially on the Westport area. 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 drilling and/or interpreting data, market fluctuations and spot prices for gas, and the possibility 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 Contact Information: 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 Cor oration; or Investor Relations in Canada, Heather Colpitts, Account Manager, of HF Investor Relations, +1-416-868-1079, ext. 223, heather@chfir.com, for Torrent Energy Corporation; or John Carlson, President & CEO of Torrent Energy Corp., +1 503-224-0072, jcarlson@torrentenergy.com WebSite: http://www.torrentenergy.com *** end of story *** |
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| aus der Diskussion: | Torrent Energy Reaches Major Milestone Commercial ### |
| Autor (Datum des Eintrages): | V51 (24.04.07 13:05:08) |
| Beitrag: | 1 von 2 (ID:28969014) |
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