Torquay Announces Exercise of Over-Allotment Option

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
FOR DISSEMINATION IN THE UNITED STATES


Torquay Oil Corp. (TSX VENTURE:TOC.A) (TSX VENTURE:TOC.B) ("Torquay" or the
"Company") is pleased to announce the partial exercise of the over-allotment
option (the "Over-Allotment Option") granted to the underwriters in connection
with its bought deal financing that closed on June 1, 2011 (the "Offering").
Torquay issued an additional 220,200 Class A Shares at a price of $1.75 per
share for additional gross proceeds of $385,350. The proceeds from the exercise
of the Over-Allotment Option together with the proceeds raised from the Offering
resulted in total gross proceeds to the Company of $13,647,850. The Offering was
co-led by GMP Securities L.P. and Canaccord Genuity Corp. and included Jennings
Capital Inc. and Acumen Capital Finance Partners Limited.


The additional proceeds raised pursuant to the Over-Allotment Option will be
used to help fund the Company's 2011 capital program in southeast Saskatchewan. 


The Class A Shares issued pursuant to the Over-Allotment Option have been listed
and posted for trading on the TSX Venture Exchange. 


FORWARD LOOKING STATEMENTS: 

This news release contains forward-looking statements and forward-looking
information. In particular, forward looking information in this news release
includes the intended use of proceeds from the Over-Allotment Option. The
forward-looking information is based on certain key expectations and assumptions
made by Torquay, including expectations and assumptions concerning prevailing
commodity prices, exchange rates, interest rates, applicable royalty rates and
tax laws; future well production rates and estimates of operating costs; reserve
and resource volumes; the state of the economy and the exploration and
production business; business prospects and opportunities; the availability and
cost of financing, labour and services; the impact of increasing competition;
ability to market oil and natural gas successfully and the ability of the
Company to access capital. Although Torquay believes that the expectations and
assumptions on which the forward-looking statements are based are reasonable,
undue reliance should not be placed on the forward-looking statements because
Torquay can give no assurance that they will prove to be correct. Since
forward-looking statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual results could
differ materially from those currently anticipated due to a number of factors
and risks. These include, but are not limited to, results from operations will
not meet with expectations and risks associated with the oil and gas industry
generally. Additional information on the foregoing risks and other factors that
could affect Torquay' operations and financial results are included in Torquay's
annual information form and other reports on file with Canadian securities
regulatory authorities and may be accessed through the SEDAR website
(www.sedar.com). The forward-looking statements contained in this news release
are made as of the date hereof and Torquay undertakes no obligation to update
publicly or revise any forward-looking statements or information, whether as a
result of new information, future events or otherwise, unless so required by
applicable securities laws.