Torquay Completes $13.3 Million Bought Deal Financing

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 that it has closed its previously announced
bought deal financing for gross proceeds of $13,262,500 (the "Offering").
Pursuant to the Offering, Torquay issued 4,150,000 Class A Shares at a price of
$1.75 per share and 3,000,000 Class A Shares issued on a "flow-through" basis
under the Income Tax Act (Canada) (the "Flow-Through Shares") by way of a short
form prospectus. 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 proceeds from the Offering will be used to fund the Company's 2011 capital
program in southeast Saskatchewan. Proceeds from the sale of the Flow-Through
Shares will be used to incur eligible qualifying expenditures which will be
renounced in favour of purchasers for the 2011 taxation year.


The Class A Shares and Flow-Through Shares issued pursuant to the Offering have
been listed and posted for trading on the TSX Venture Exchange today.   


FORWARD LOOKING STATEMENTS: 

This news release contains forward-looking statements and forward-looking
information. In particular, forward looking information in this news release
includes, but is not limited the intended use of proceeds from the Offering. 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. 


This news release is not for dissemination or distribution in the United States,
to United States news wire services or to United States Persons.