Message #19 From:
NewsBot Date: September 12, 2005 02:00:00 AM
TREN News Torrent Energy Completes Drilling of Second Well and Spuds Third Well on Beaver Hill Pilot Project
VANCOUVER, British Columbia--(BUSINESS WIRE)--Sept. 12, 2005--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 completed drilling and setting production casing for Beaver Hill #3 and has now commenced drilling Beaver Hill #4. The Beaver Hill #4 well is the third of five wells included in Methane's Beaver Hill pilot project located in Coos County, Oregon. All five wells in this project are located on a single site within the Coos County forest lands. Drilling operations on this well are forecast to run for approximately fifteen days. The well will be directionally drilled to an estimated total depth (TD) of 4,350 feet and updip from the Beaver Hill #1 and #3 bottom-hole locations. Two additional directionally drilled wells will follow up the drilling of Beaver Hill #4 over the next two months. The wells are being drilled by Roll'n Oilfield Services' Rig #14.
Methane's Chief Operating Officer, John Carlson, states, "We have successfully tested the ability to directionally drill to a specific bottom-hole location in the Beaver Hill #3 well and we encountered numerous coal seams in the Lower Coaledo formation including a 15 foot section of our targeted 'D' coal seam. The Beaver Hill #1 and #3 wells were drilled with conventional mud systems. Beaver Hill #4 will be drilled to the top of the 'D' coal seam using a conventional mud system and production casing will be set above this coal. Completion of the well will then be done by drilling through this coal seam with fresh water. We believe that this completion method will give us the best chance to test the insitu permeability of the 'D' coal seam undamaged by traditional drilling mud systems. We also expect to see increased operational and cost efficiencies in our drilling program as we proceed with future wells on the Beaver Hill pilot project."
Methane has identified a second pilot project area (Radio Hill), located approximately two miles south of the Beaver Hill pilot project. Initial site surveys have been completed and the appropriate drilling permit applications have been made with the Oregon Department of Oil, Gas and Mineral Industries. One vertical and four directionally drilled wells are proposed for the Radio Hill pilot project which will be drilled by the Roll'n Rig #14 once the Beaver Hill project is completed. The target formation will also be the Lower Coaledo "D" coal seam.
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, that drilling operations on Beaver Hill #4 well are forecast to run for approximately fifteen days; that the well will be directionally drilled to an estimated total depth of 4,350 feet; that two additional directionally drilled wells will follow up the drilling of Beaver Hill #4 over the next two months; that the well will be drilled to the top of the "D" coal seam using a conventional mud system and production casing will be set above this coal; that completion of the well will be done by drilling through this coal seam with fresh water; that our proposed method will give us the best chance to test the insitu permeability of the "D" coal seam; that we expect to see increased operational and cost efficiencies in our drilling program; that the wells are being drilled by Roll'n Oilfield Services; and that one vertical and four directionally drilled wells are proposed for the Radio Hill pilot project which will be drilled by the Roll'n Rig #14 once the Beaver Hill project is completed. 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 drilling, 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.
