TORRENT ADDS VALUABLE TECHNICAL ALLIANCE
Seattle, Washington – August 18, 2006 – Torrent Energy Corporation (the “Company”) (OTCBB: TREN) is pleased to announce that its wholly owned operating subsidiary, Methane Energy Corp. (“Methane”) has established an important technical alliance with GeoMechanics International Inc. regarding its coalbed natural gas pilot project in Coos County, Oregon.
In exchange for providing valuable geotechnical consulting services to support Methane’s 2006/07 drilling and completion program, GeoMechanics International Inc. (“GMI”: www.geomi.com), through its subsidiary R2R technologies Inc. (“R2R”), will receive an equity position in Torrent Energy Corp. in the form of a grant of 125,000 shares of Torrent Energy Corp. restricted stock.
GeoMechanics International Inc. is a recognized leader in consulting, training and software in the field of reservoir geomechanics in the oil and gas industry and has delivered value to more than 60 clients in over 500 engagements in 35 oil provinces worldwide. Their methods are based on 20 years of R&D and 10 years of practical application to oilfield problems and their specialists have over 300 years of combined experience. GMI looks at the entire field development for opportunity to reduce exploration risk, to save Non Productive Time (NPT) and to increase production and recoverable reserves.
“The Coos Bay project is ideal for the application of GMI’s technology through our new subsidiary, R2R technologies (converting resources to reserves)” said Patrick Keenan, President of GMI. Don Ritter, Vice President-Engineering and Strategic Alliances for GMI states “The Oregon Coast is significantly affected by tectonic stress and our understanding of this stress with respect to the reservoir allows us to optimize production through stimulation treatments that are designed specifically for this stress concentration. We can also model the wellbore behavior during drilling and significantly lower the risk of drilling and completion operations. With an equity stake as our only compensation, we are completely aligned with Methane Energy to add value to the Coos Bay CBM project.”
Torrent President and Chief Executive Officer, John Carlson, states “We have always believed that we have both the financial resources and the technical expertise to advance our Coos Bay CBM project. However, in any new petroleum environment, success often depends on utilizing new technologies and associated expertise to overcome the myriad of technical drilling and reservoir issues typically encountered during the life of the project. The addition of GMI to our technical team will enhance our understanding of the physical properties of the coal reservoirs, how best to locate and drill optimum locations within the project area and how to improve productivity from the individual coals seams through enhanced well stimulation design. GMI’s support of the Coos Bay project is significant and we believe the addition of GMI’s expertise will enhance the value of this project. We look forward to seeing immediate results as we move into a new round of drilling.”
About Torrent Energy Corporation
Torrent Energy Corporation is a growing exploration company focusing on developing non-conventional natural gas reserves in the Northwestern United States. The Company’s primary objective is to create value for stakeholders by applying strong technical expertise to projects. The current focus of the Company’s Oregon subsidiary, Methane Energy Corp., is on the exploration of the Coos Bay Basin project in southwestern Oregon where the Company currently has a land portfolio that includes over 116,000 acres of prospective land. The Company’s Washington subsidiary, Cascadia Energy, is focused on two projects in southwestern Washington State where it holds substantial lease and lease option commitments.
For more information please visit www.torrentenergy.com.
On behalf of the Board of Directors,
TORRENT ENERGY CORPORATION John D. Carlson, President & CEO
For more information contact:
Bruce Nurse, Corporate Communications info@torrentenergy.com 1-800-676-TREN (8736)
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 GeoMechanical will provide consulting services for equity; that the geophysical situation on the Oregon Coast allows us to optimize production through stimulation treatments that are designed specifically for this stress concentration; that we can also model the wellbore behavior during drilling and significantly lower the risk of drilling and completion operations; and that addition of GMI to our technical team will enhance our understanding of the physical properties of the coal reservoirs and the value of the project. 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 recent forms 10-KSB and 10-QSB filed with the SEC on Edgar.
Mfg |