Torquay Announces Appointment of Officers and Closing of Employee Private Placement

Torquay Oil Corp. (TSX VENTURE:TOC.A) (TSX VENTURE:TOC.B) ("Torquay" or the
"Company") is pleased to announce that Terry McCallum has been appointed
Executive Vice President and Sandy Denton has been appointed Vice President,
Exploration of the Company. Mr. McCallum was previously the Vice President,
Exploration and Chief Operating Officer ("COO") of the Company and will continue
in the role of COO. Mr. Denton was previously the Exploration Manager of Torquay
since incorporation. 


The Company is also pleased to announce that it has hired Kevin Fox as Chief
Geophysicist and in connection therewith has completed a non-brokered private
placement (the "Private Placement") to Mr. Fox of 149,533 Class A Shares at a
price of $1.07 per share, for gross proceeds of $160,000.31, to be used for
general corporate purposes. The Class A Shares issued under the Private
Placement are subject to a hold period until January 16, 2012. 


Torquay is a uniquely positioned, oil focused, junior exploration company formed
to generate and develop its own prospects, acquire oil-weighted properties and
participate with joint venture partners in oil exploration and development in
the Western Canadian Sedimentary Basin. The Company's Class A Shares and Class B
Shares trade on the Exchange under the symbols TOC.A and TOC.B, respectively. 


Advisory

Certain information in this news release, including the expected use of proceeds
from the Private Placement may constitute forward-looking statements under
applicable securities laws and necessarily involve substantial known and unknown
risks and uncertainties.


The forward-looking statements contained in this document are made as at the
date of this news release and Torquay does not undertake any obligation to
update publicly or to revise any of the included forward-looking statements,
whether as a result of new information, future events or otherwise, except as
may be required by applicable securities laws.