Message #26 From:
NewsBot Date: December 22, 2005 03:00:00 AM
TREN News Torrent Moves Forward on the Completion Phase of the Coos Bay Project
VANCOUVER, British Columbia--(BUSINESS WIRE)--Dec. 22, 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 the drilling program at the Radio Hill pilot project after drilling the second well to a total depth of 4,150 feet and encountering numerous gassy coal seams in the Lower Coaledo formation, including the targeted "D" seam. Although this well experienced mechanical problems during the final trip out of the hole, Methane's Chief Operating Officer, John Carlson, states, "we did obtain valuable geological information to supplement our understanding of the various coals underlying this pilot project area. We believe that we encountered a gas bearing fracture zone in the lower portion of the hole which contributed to problems with hole integrity."
Mr. Carlson went on to say, "Our Coos County drilling project was originally contemplated to be completed by early 2006 at which time we planned to be moving into the well completion phase. We have now reached this stage and the Methane management team has decided to commence a comprehensive completion and testing operations starting with the Radio Hill #1 well and then moving to the previously drilled Beaver Hill wells. We believe that quantifying productive capabilities of the Lower Coaledo coals to be the best course of action and overall value to our stakeholders. The Roll'n Oilfield service rig #35 is currently on location to start this program in early January 2006."
Methane's VP Exploration, David May, states, "We have numerous gassy coal seams in six different well bores to evaluate production capability. Our current plans are to perforate and stimulate the most prospective coals in each well with the focus on the "D" seam in all wells and the "P" seam in the Radio Hill #1 well. The completion program is scheduled to be completed in late March, and we look forward to reporting production results in the future."
The Torrent Board of Directors, management and staff wish to thank all our shareholders for their support during this exciting year of exploration in Oregon and we look forward to continuing progress in both our Methane and Cascadia Energy Corporation subsidiaries.
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.
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 belief that we encountered a gas bearing fracture zone in the lower portion of the hole; that we will commence a comprehensive completion and testing operations starting with the Radio Hill #1 well and then moving to the previously drilled Beaver Hill wells; that the Roll'n Oilfield service rig #35 will start this program in early January 2006; that we will perforate and stimulate the most prospective coals in each well with the focus on the "D" seam in all wells and the "P" seam in the Radio Hill #1 well; and that the completion program is scheduled to be completed in late March, 2006. . 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, drilling, well completion or interpreting data, competing land claims or disputes over rights to 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 latest 10-KSB filed on Edgar on June 30, 2005.
