TQE Torque Energy Com

Torque Energy Inc. (TSX VENTURE:TQE) is pleased to announce that on October 20,
2010, Torque and Liberty Oil & Gas Ltd. ("Liberty") received notice from Union
Gas Limited that Union will be proceeding with plans to develop the POD#34
Reservoir under the terms of the Storage Development and Production Agreement
signed June 17, 2010. Union has named the proposed development of the POD#34
Reservoir the "Jacob Storage Pool". Union also stated that it is in the process
of preparing to file an application to the Ontario Energy Board to have this
pool designated as a storage area.


In connection with this Agreement, Torque should receive its next milestone
payment from Union on January 15, 2011 in the amount of $527,450.00. If the
Ontario Energy Board's approval is obtained as targeted by the summer of 2011,
the first storage reservoir could be in service as early as July 2012. At the
time of such approval, Torque will have received milestone payments totalling
$1.25 million.


If the Ontario Energy Board approves all the proposed reservoirs for designated
storage, Torque could receive payments totalling $3.88 million over the next six
to eight years.


Provided Torque and Liberty do not jeopardize the integrity of the designated
storage reservoir, the right to explore, drill for and produce petroleum
substances from all new and certain existing wells within the Dover East field
is retained by them.

Grafico Azioni Torque Energy Com (TSXV:TQE)
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Grafico Azioni Torque Energy Com (TSXV:TQE)
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