Message #18 From:
Stock News Bot Date: August 17, 2005 02:00:00 AM
TREN News Torrent Announces Second Exploration Project
VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug. 17, 2005--Torrent Energy Corporation (the "Company") (OTCBB:TREN) is pleased to announce that its new wholly owned subsidiary, Cascadia Energy Corp. ("Cascadia"), has executed a Lease Option Agreement covering 100,000 acres with a major forest products company to commence an exploratory work program in southwestern Washington state.
Under the terms of the agreement, Cascadia has the option to select 100,000 acres from an overall 365,000 acreage block in the Cedar Creek area in Lewis, Cowlitz and Skamania Counties, Washington, and to pursue exploration activities under a work program commitment. Cascadia also has a two-year, first right of refusal on the balance of the Cedar Creek Block. Initial cash consideration for this option was $100,000, plus Cascadia has committed to a work program based upon the number of acres selected for further exploration activity.
Thomas Deacon, President of Cascadia, states, "We are delighted to initiate our evaluation of this interesting exploratory area, which includes a considerable volume of existing technical data made available through the forest products company and other sources."
In conjunction with announcing the Company's second exploration project in the Pacific Northwest, Cascadia has also entered into a Joint Venture exploration agreement with St. Helens Energy LLC., a 100%-owned subsidiary of Comet Ridge Limited, an Australian coal seam gas explorer listed on the Australian Stock Exchange (ASX Code:COI), headquartered in Perth, Western Australia (see www.cometridge.com.au). Under this agreement, St. Helens Energy LLC. holds a 40% interest in the new Washington exploration project. Cascadia will serve as operator of the joint venture and St. Helens Energy LLC. will actively assist in evaluating the area and developing exploratory leads and prospects.
Mark Gustafson, President & CEO of Torrent, states, "We are thrilled to add this Washington project to strategically complement our ongoing natural gas from coal exploration play in Coos Bay, Oregon. Since several members of our professional team are already very knowledgeable of this area of Washington, we believe this is a great opportunity to add value for our shareholders. We are also looking forward to working closely with the President of St. Helens Energy LLC., Mr. Andy Lydyard, on this project and other future opportunities."
About Torrent Energy Corporation
Torrent Energy Corporation is a growing exploration company focusing on developing non-conventional natural gas reserves. The Company's primary objective is to create value for the Company by applying strong technical expertise to projects. The Company's current focus is on the exploration of the Coos Bay Basin project in southwestern Oregon where the Company currently has a land portfolio that includes over 70,000 acres of prospective land in the Coos Bay area. 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 intention to commence an exploratory work program in southwestern Washington state; that Cascadia will serve as operator of the joint venture and St. Helens Energy LLC. will actively assist in evaluating the area and developing exploratory leads and prospects; our belief that this is a great opportunity to add value for our shareholders; and that we will work closely with the President of St. Helens Energy LLC. on this project and other future opportunities. 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, potential contractual disputes, disagreements with our partners on how to explore or develop the property, 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.
