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Torrent Provides Update on Beaver Hill Pilot Project Thursday August 4, 9:00 am ET
VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug. 4, 2005--Torrent Energy Corporation (the "Company") (OTCBB:TREN - News) is pleased to announce the following developments from its wholly owned operating subsidiary, Methane Energy Corp. ("Methane"). Methane has retained the services of Questa Engineering Inc., of Denver Colorado, to assist the Company with the technical analysis of the recent Beaver Hill # 1 completion results and the design and interpretation of future permeability testing and reservoir stimulation programs to be completed on the Beaver Hill # 1 well and all Beaver Hill pilot wells.
As a follow-up to the recent completion program on the Beaver Hill # 1 well, Methane has conducted an injection fall-off test on the Lower Coaledo "D" coal seam. This test consisted of the injection of fresh water into the coal seam followed by a shut-in period. Bottom-hole pressure recorders have been in the well since July 19th and the measurement of injection rates and downhole pressures over the test period will allow for the interpretation of formation permeability and provide critical information key to the design of effective drilling techniques and reservoir stimulation options.
Methane's Chief Operating Officer, John Carlson, states, "We are very pleased to have Questa join our technical team and their expertise will be invaluable to our operation as we move forward with our proposed natural gas from coal ("NGC") pilot project in the Coos Bay, Oregon basin. The determination of permeability is a key component in assessing the economic viability of the 1.1 trillion cubic feet of NGC resources attributable to Methane's existing leases."
In related news, Methane has placed $1.0 million in an escrow account to pay for ongoing drilling work done by Roll'n Oilfield Services ("Roll'n") on Methane's Beaver Hill Pilot Project. Roll'n has been authorized by Methane to commence mobilization of their Rig # 14 and equipment loads are scheduled to start moving from Red Deer, Alberta to Coos County, Oregon on August 10, 2005.
Methane anticipates that the first well in a multi-well project will be spud during the week of August 15 at the Beaver Hill location. Site preparation for a four well drilling pad is underway and should be completed prior to spud date.
Drilling permits issued by the Oregon Department of Oil, Gas & Mineral Industries have been approved for the initial four wells; Beaver Hill # 2, Beaver Hill # 3, Beaver Hill # 4 and Beaver Hill # 5. These wells will be directionally drilled from the Beaver Hill pad site.
Methane's John Carlson states, "In this extremely active and competitive industry, we are very pleased to have arrived at the point where we can deploy the necessary capital and technical expertise to take the next significant step in developing the NGC resource in Coos County, Oregon. Having a drilling rig available to us is a key component in this strategy."
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
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