Torquay Completes Plan of Arrangement

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") is pleased
to announce that it has completed the previously announced plan of arrangement
with CanEra Energy Corp. (the "Purchaser"), whereby the Purchaser acquired all
of the issued and outstanding Class A Shares and Class B Shares of Torquay for
cash consideration of $0.16 per Class A Share and $1.60 per Class B Share for
aggregate consideration of approximately $21 million, which includes the
assumption by the Purchaser of Torquay's anticipated net debt of approximately
$11.0 million (the "Arrangement"). The Arrangement received the approval of over
93% of the Class A Shares and Class B Shares voted at the meeting and the
approval of the Alberta Court of Queen's Bench. The Class A Shares and the Class
B Shares are expected to be delisted from the TSX Venture Exchange at the close
of trading today.


FORWARD LOOKING STATEMENTS: 

This news release contains forward-looking statements. More particularly, this
news release contains statements concerning the timing of delisting of the Class
A Shares and Class B Shares from the TSX Venture Exchange. 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. The forward-looking statements contained in this
press 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
CanEra Energy Corp.
J. Paul Charron
President and Chief Executive Officer
[phone]


CanEra Energy Corp.
800, 202 - 6th Avenue SW
Calgary, Alberta T2P 2R9