Torrent Commences Completion Operation on Its Radio Hill and Beaver Hill Pilot Projects and Searches for Joint Venture Partner
Posted on: Friday, 13 January 2006, 09:00 CST
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 completion operations at its Radio Hill and Beaver Hill pilot project locations. This operation includes cased-hole logging, perforations of multiple coal seams, nitrogen (N2) clean-up and stimulation through coiled tubing. Pressure and production testing on the Radio Hill #1 well and the Beaver Hill #1 through #5 wells will also be accomplished. While the focus of the completion operations will be on the Lower Coaledo "D" coal, several other Lower Coaledo coal seams will also be completed and tested. Wireline, perforation and stimulation services are being provided by Halliburton and the service rig is being provided by Roll'n Oilfield Services. Completion design and well site supervision is being provided by Frontier Projects USA Ltd. and production testing equipment and support will be supplied by A&A Production services. Operations are estimated to be completed within 90 to 120 days.
To facilitate future progress on Methane's Coos Bay project by transitioning the project from exploration to development status, management believes that the time has come to seek an appropriate joint venture partner to assist Methane in continued development of the project. Therefore, as part of this ongoing process, management has elected to present the Coos Bay project at the North American Prospect Expo ("NAPE") in Houston on February 2 and 3, 2006.
Methane's Chief Operating Officer, John Carlson, states, "We are looking forward to starting this next key phase of our exploration efforts in Coos County, Oregon. We have consistently had positive indications of gas shows in numerous coal seams in each of the seven wells drilled to date, and we now need to determine the extent of coal permeability and gas production potential. We are also encouraged by the interest expressed in our project by a number of highly experienced coalbed methane operators and look forward to working with, and accessing the expertise and experience of a potential joint venture partner."
About Torrent Energy Corporation
Torrent Energy Corporation is a growing exploration company focusing primarily on developing non-conventional natural gas reserves. The Company's current focus is the exploration of the Coos Bay Basin project in southwestern Oregon through its Oregon subsidiary, Methane Energy Corp., where the Company currently has a land portfolio that is in excess of 100,000 acres. The Company is also currently evaluating the potential of the Chehalis Basin of southwestern Washington through its Washington subsidiary, Cascadia Energy Corp., where the Company has a land portfolio that includes over 115,000 acres. For more information please visit www.torrentenergy.com.
On behalf of the Board of Directors,
TORRENT ENERGY CORPORATION
Mark Gustafson, President
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 expectation to complete and test several of our coal seams; that certain services are being provided by specific service providers; that operations are estimated to be completed within 90 to 120 days; that we are starting the next key phase of our exploration efforts; and that we will be working with and accessing the expertise and experience of a potential joint venture partner.
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, service providers or consultants, potential delays or obstacles in spudding, drilling, well completion or interpreting data; competing land claims or disputes over rights to the property, the potential that we are unable to reach agreement with any potential joint venture partners 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 latest 10-KSB filed on Edgar on June 30, 2005.
Source: Business Wire
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