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Torrent Energy
(OTC BB: TREN) Appoints CEO With Outstanding Track Record |
|
The
August 3rd edition featured Torrent Energy- A Coal Bed Methane
(CBM) development company with property on the Oregon Coast in the Coos
Bay area.
Unlike Perfisans (OTC BB: PFNH),
which was a huge win in a quiet August, TREN has been a bit of a
disappointment as the stock is down about 20% from the August entry level.
However, evidence continues to build
suggesting Torrent Energy could be a huge win over a little longer
time frame. The management team they are assembling is unparalleled.
The company announced on August 3rd
they had appointed George Hampton, former chief geologist of Pennaco,
to the Board. Pennaco was a $3 stock in 1999, and traded up to $19
in 2001 when the company was bought out.
Today, Torrent Energy announced
the appointment of a new CEO with an equal if not better history associated
with long term stock price appreciation.
|
Mark
Gustaphson Appointed CEO and Board Member of Torrent Energy |
|
Mark Gustaphson has had a
long and successful career in the natural resources industry. He was on
the senior management team of Enserv, which was eventually bought
out.
More recently, he served as President
and CEO of Total Energy Services (TSE: TOT).
As you can see from the left chart,
Enserv
traded between $2 and $6 from 1998 to 1993. In '93 the stock took off,
traded and traded to $16. It dropped back to $8 from '93 to '95, and then
made its final move back to $18 where it was bought out by a larger company.
More recently, Mr. Gustaphson
served as CEO of Total Energy Services (TSE: TOT). On your right,
you are looking at a chart of Total Energy. As you can see, it was
trading at less than $2 per share in late 2003.
Total Energy is currently
trading in the $6 range for a 200% return over the past year.
They say one picture is worth one
thousand words. The management team at Torrent Energy has some compelling
pictures. Board Member George Hampton was chief geologist for a company
who's stock appreciated from $2 to $19 over three years when it
was bought out. New CEO Mark Gustaphson was senior management at
EnServ,
which appreciated from $4 to $18 before being bought out, and CEO
of Total Energy which has appreciated 200% over the past year.
Here's the other picture we need
to look at. Shares of TREN popped to a high of $1.04 in early August
just after we featured the company, then fell back to a low of $.70.
Since then, the stock has started
a rebound phase, bounced back to about $.80, and now is in the $.75 range.
It seems reasonable the stock could
trade back up to the $1 level on today's news. This CBM project is still
in the exploratory phase, but the market valuation of the company is extremely
reasonable and lends itself to the potential for much higher levels as
the management team establishes the value of the property.
At the Pennaco project in Powder
River Basin in Wyoming early estimates for this region only had the "Total
Gas In Place" at 2 to 4 bcf per section. Torrent Energy's Coos Bay
property is estimated at 10 bcf per section.
With only 15 million shares I&O,
the market cap is currently $11.25 million. This level provides
significant upside for investors. For a more complete overview of the whole
project, please read our original August 3rd presentation. You can access
it by simply clicking
here.
Here is the complete text of today's
press release for your review:
| Press Release Source:
Torrent Energy Corporation
New Torrent Energy
CEO Adds Oilpatch Capability
Tuesday September 21,
4:05 pm ET
VANCOUVER, B.C.--(BUSINESS
WIRE)--Sept. 21, 2004--Torrent Energy Corporation ("Torrent" or the "Company")
(OTCBB:TREN - News), is pleased to announce that Mark Gustafson, C.A.,
has agreed to join Torrent as its Chief Executive Officer and as a Director
of the Company. He will be replacing CEO and Director, Thomas Mills.
Mr. Gustafson has held
numerous senior positions in both private and public oil and gas and oilfield
service companies, notably EnServ Corporation (acquired by Precision Drilling
- NYSE:PDS). Most recently, he was President and CEO of Total Energy Services
(TSX: TOT - News). Mr. Gustafson has a successful background of integrating
acquisitions combined with an expansion strategy that is focused on maximizing
shareholder value.
Mr. Gustafson received
his Chartered Accountant designation in 1983 while working for Price Waterhouse
in Calgary. He received his Bachelor of Business Administration from Wilfrid
Laurier University in 1981.
Thomas Mills has resigned
from the Company in all official capacities. In recommending the appointment
of Mr. Gustafson to the Company, Mr. Mills commented, "Mark has the right
combination of financial and operating experience to manage the Company
through its next phase of development. His addition to the Torrent management
team -- already composed of accomplished professionals having a wealth
of coalbed methane experience -- will ensure timely execution of Torrent's
development plan."
Upon accepting his position,
Mr. Gustafson added, "With a strong board of directors that includes George
Hampton III (geologist) and John Carlson (engineer), and an operations
group that includes Steve Pappajohn (geologist) and Thomas Deacon (landman),
Torrent has the management team needed to take it to the next level. Given
our significant land position and cash resources, we are now positioned
to execute on our exploration plan."
About Torrent Energy
Corporation
Torrent Energy Corporation
is engaged in the acquisition, exploration and development of natural gas
and coalbed methane properties in the United States. Its current focus
is on the exploration of the Coos Bay Basin project in Oregon. For more
information please visit www.torrentenergy.com.
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 having the management
team needed to take us to the next level and execute on our exploration
plan, and Mr. Gustafson's appointment ensuring timely execution of our
development plan . 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 possible hiring away by competitors of one or all of our management
team, our inability to retain experienced persons to our management board,
and general factors that affect all companies that explore for coalbed
methane gas, such as the uncertainty of the requirements demanded by environmental
agencies, the impact of competitive products and pricing, the fact that
coalbed methane gas extraction and production is still partly experimental,
the price of oil and gas, and specific risks such as the Company's ability
to raise financing for acquisitions or operations, inability to hire qualified
employees in a timely manner, and the likelihood that no commercial quantities
of gas are found or recoverable. Readers should refer to risk disclosure
in our 8-K dated June 22, 2004.
--------------------------------------------------------------------------------
Contact:
Torrent Energy Corporation
Mark Gustafson, 604-639-3118
mg@torrentenergy.com
--------------------------------------------------------------------------------
Source: Torrent Energy
Corporation |
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