Torque Energy Inc. is a Canadian based oil and natural gas company focusing on exploration, development and acquisition of opportunities related to the operation and production of oil and natural gas properties. The Company presently conducts its activities in the provinces of Ontario and Alberta. The common shares of Torque Energy Inc. trade on the TSX Venture Exchange under the symbol "TQE". Currently the company has 13,837,698 common shares issued and outstanding. To review this information click here.

The Company is pursuing a number of exploration and development opportunities in Ontario. Discussions are underway to consider the possibility of future business ventures and acquisitions.

Management continues to evaluate the Company’s asset base of producing and exploration properties in its mandate to improve shareholder value with minimal increase in debt or incurring excessive shareholder dilution.

Development Operations
As a result of this review of the Company’s assets, Management has initiated an assessment to determine their viability to function as commercial gas storage reservoirs. The Company has acquired 400 acres of petroleum and natural gas and storage rights at 100% working interest adjacent to one of its current producing properties. The Company reprocessed and interpreted nine lines of in-house seismic with encouraging results. To further delineate the reefal structure, an additional four line seismic program was designed and shot in mid-February 2010. The Company’s geophysicist and geologist are currently working to tie the geophysics and geology together and will present their report when completed.

Management is continuing to perform economic and pressure evaluations at Ram #91 and Reefex #1, (both shut-in gas wells). In late August 2009 a wire line test at Ram #91 showed that the wellbore was filled with natural gas and reservoir fluid indicating a reservoir with additional recoverable gas reserves nearby. The Company performed a production test of this well in December 2009 to measure the open flow potential for natural gas. The results of this test established there are reserves associated with this well but the daily production flow does not warrant the capital costs to tie this well into the market pipeline grid. The Company is currently evaluating other opportunities for this well. The Company moved the testing equipment to the Reefex #1 well in late January 2010 and began the production test in mid–February, 2010. The production test and results for the Reefex #1 well should be completed in early May 2010.

Exploration
In late July 2009, the Company’s management initiated a review of all the historical exploration and seismic information which had been stored off site. Torque’s corporate acquisitions over time have allowed it to create an extensive proprietary exploration database. A number of prospects have been revealed and are currently in the acquisition process. This is proving to be a low cost, potentially high return, and internally driven enhancement of Torque assets.

One of these prospects was an over-looked pinnacle reef type play with five in-house processed lines of seismic. The Company has leased the key 800 acres. The Company’s geophysicist reviewed four existing lines of in-house seismic and designed one additional 2.16 kilometre line through the center of the feature. In early February 2010 this line of seismic was shot and has now been processed. The Company’s geophysicist and geologist are currently working to tie the geophysics and geology together and will present their report when completed.

The Company continues to refine its eight oil and gas prospects and is renewing key lease acreage of petroleum and natural gas rights at 100% working interest in the Dunwich-Southwold prospect area of Ontario. This prospect and an additional seven prospects also located in south-western Ontario were originally identified using high resolution geophysics. The Company has completed the SGH (soil gas hydrocarbon) sampling survey and has integrated these results into the geological/geophysical models to form a geological assessment report on each of these prospects. The Company is currently designing a program to infill areas on which it does not have any SGH information. Once this sampling survey and results are tabulated a seismic program will be designed. The program is planned to be shot in September 2010.

The Company averaged 129 BOE (barrels of oil equivalent) sold per day for the first quarter of 2010, compared to 161 BOE per day for the same period in 2009.