Torquay Oil Corp. Announces Closing of Private Placement and Option Grant

THIS NEWS RELEASE IS NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES,
TO UNITED STATES NEWS WIRE SERVICES OR TO UNITED STATES PERSONS. 


Torquay Oil Corp. (TSX VENTURE:TOC.A) (TSX VENTURE:TOC.B) ("Torquay" or the
"Company") is pleased to announce that it has completed its previously announced
non-brokered private placement to Alex Verge, a director of the Company, of
450,000 Class A Shares at a price of $0.22 per share for gross proceeds of
$99,000.00, to be used for general corporate purposes. The Class A Shares issued
under the private placement are subject to a hold period expiring September 9,
2012. 


The Company also announces that it has granted an aggregate of 900,000 stock
options to directors, officers, employees and consultants of the Company
pursuant to Torquay's incentive stock option plan, of which 620,000 stock
options were granted to directors and officers. All of the options are
exercisable at a price of $0.22 per share, vest one-third on the first, second
and third anniversaries of the date of grant and expire five years from the date
of grant. 


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 TSX Venture Exchange under the symbols TOC.A and TOC.B. The
Company currently has 48,659,448 Class A Shares and 1,260,000 Class B Shares
outstanding.