October 16, 2008
Torrent Energy Announces Bid Dates for Sale of Assets; Updated Frac Production Testing Results
Torrent Energy Corporation (OTCBB: TRENQ) today announced that the Bankruptcy Court has approved bid procedures for the Company's asset sale, including a minimum bid amount of $4.55 million for substantially all the assets of the Company, and a bid due date of November 7, 2008. Additionally, the Company reported updated frac production testing results from its Coos Bay operations.
Court Approves Sale of Assets
Under the asset sale bidding procedures approved by the Bankruptcy Court, all bids must be received no later than November 7, 2008 at 3:00 p.m. Pacific Time. If qualifying bids are received an auction will be held on November 11, 2008 at 10:00 a.m. Pacific at the offices of Perkins Coie LLP in Portland, Oregon. A hearing to approve the sale will be held on November 13, 2008 at 9:30 a.m. Pacific and the parties expect to close the sale on or before November 15, 2008.
More information regarding the asset sale and auction process is set forth in a Bidder's Package available upon request from the Company. Additional data can be accessed at www.torrentenergy.com. For further information, please contact either of the parties below:
Steve Pappajohn Pete Craven Bus: 866.396.3025 Bus: 866.396.3025 Email: [email protected] Email: [email protected]
Updated Well Frac Results
As the Company reported in early September, preliminary technical analysis of the frac results of the five wells located at its Coos Bay operations indicates that the fracs were successful and met expectations in terms of increasing the productivity of the wells. The wells have produced at a combined peak rate of approximately 587 barrels of water per day and 86 MCF per day of gas during the past 30 days of production testing. This early data is in the order of magnitude predicted by the Company's reservoir modeling. These five wells are currently off production testing due to the Company's limited available working capital.
About Torrent Energy Corporation
Torrent Energy Corporation is an exploration company focusing on developing non-conventional natural gas reserves in the Northwestern United States.
Forward Looking Statements: This report contains certain "forward-looking statements" that are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, particularly those statements regarding the preliminary frac results, the proposed asset sale and those preceded by the words "believes,""expects,""estimates,""anticipates,""will" or words of similar import are statements of management's opinion. These statements are subject to certain assumptions, risks, uncertainties and changes in circumstances. Actual results may vary materially from those expressed or implied from the statements herein. Factors that might cause such a variance include the effects of the Chapter 11 filing, the ability of the Company to continue to operate its business and maintain adequate liquidity and the uncertainty of the approval of the Company liquidation of its assets. These and other risks are or will be detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. More detailed information about risk factors that may affect the Company's actual results is set forth in filings by the Company with the SEC on Forms 10-K, 10-Q and 8-K, including the annual report on Form 10-K filed by the Company on July 15, 2008. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's opinions only as of the date of this communication. Except as required by law, we undertake no obligation to publicly update or review any forward-looking statements to reflect events or circumstances that may arise after the date of this report.
For further information please contact: John Carlson President & CEO Torrent Energy Corp. Email: Email Contact Phone: 866.396.3025 Pete Craven CFO Torrent Energy Corp. Email: Email Contact Phone: 866.396.3025
SOURCE: Torrent Energy Corporation