Torquay Oil Corp. Drills 3rd Successful Well at Queensdale, Saskatchewan

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Torquay Oil Corp. (TSX VENTURE:TOC.A) (TSX VENTURE:TOC.B) ("Torquay" or the
"Company") is pleased to provide the following update on its operating and
corporate activities.


Operations 

Torquay has drilled a third successful 100% working interest well at Queensdale,
SK. The latest well, targeting the Alida zone, was placed on production on
January 31, 2012 at an initial production rate of approximately 150 bbls/d. This
well is expected to follow a normal decline rate for the area. Torquay is
planning to shoot a 3D seismic program at Queensdale before spring breakup to
delineate additional drilling prospects.


Torquay will focus its capital towards its lower cost Mississippian targets in
southeast Saskatchewan throughout 2012. These conventional Mississippian wells
typically offer a higher recycle rate and a lower capital cost than the deeper
targets. Torquay remains committed to unlocking the value at Lake Alma. As
production and cash flow increases, a portion of funds will be allocated to
continue advancing the area forward. Torquay currently has several different
light oil plays on its contiguous 90 section block, the majority of which has
been earned until March 2016.


Torquay is currently producing approximately 605 boe/d (97% light oil).

Management Changes 

Torquay is pleased to announce that Phil Besler has recently been hired as Vice
President, Operations. Mr. Besler brings to Torquay over 34 years of drilling
and completions experience in Canada and the northern US, most recently as
Manager, Drilling and Completions for Legacy Oil+Gas Inc. Mr. Besler's vast
range of drilling and completion experience covers all play types which Torquay
is currently pursuing, in both conventional and unconventional reservoirs.


Mr. Besler holds a Bachelor of Applied Science in Mechanical Engineering from
the University of Waterloo. He is a member of APEGGA.


Financial 

Torquay exited 2011 with approximately 505 boe/d of production (97% light oil).
The Company had net debt of approximately $7.5 million at year end on an
available operating line of credit of $11.5 million. Torquay also has access to
an acquisition and development demand loan of $2.5 million which is currently
undrawn.


In addition, Torquay has re-purchased an aggregate of 666,667 Class A Shares for
$0.25 per share from two former officers pursuant to the terms of a voluntary
share escrow agreement entered into in conjunction with the Company's initial
public offering.


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 48,109,448 Class A Shares and 1,260,000 Class B Shares
outstanding.


FORWARD LOOKING STATEMENTS: 

This news release contains forward-looking statements and forward-looking
information (collectively "forward looking information") within the meaning of
applicable securities laws. Forward-looking information typically use words such
as "anticipate", "believe", "project", "expect", "goal", "plan", "intend" or
similar words suggesting future outcomes, statements that actions, events or
conditions "may", "would", "could" or "will" be taken or occur in the future. In
particular, forward looking information in this news release includes, but is
not limited to: statements with respect to, expected decline rates, the planned
3D seismic program, future cash flows and the expected results from operations.
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; expected results of operating techniques;
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. The term "boe" may be misleading, particularly if used in
isolation. A boe conversion of 6 Mcf: 1 bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not
necessarily represent a value equivalency at the wellhead.