Torquay Issues Correction to Net Present Value of Reserves

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") earlier today issued a press release with an error in the table of
Net Present Value of Reserves as of December 31, 2010. The corrected Net Present
Value of Reserves can be found in the table below.


Net Present Value of Reserves

Below is a table showing the Company's net present value of future net revenue
attributable to reserves using forecast prices and costs. The prices used were
McDaniel Forecast Prices as at January 1, 2011. The estimated future net
revenues are presented before deducting future estimated site restoration costs,
and are reduced for estimated future abandonment costs and future capital costs
associated with non-producing, undeveloped and probable additional reserves.
Estimated values disclosed do not necessarily represent fair market value.


Summary of Future Net Revenue Before Income Taxes $(000's)



Discounted at:                                  0%          5%         10%
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Total Proved                               23,730      20,098      17,416 
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Total Probable                             19,381      14,356      11,256 
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Total Proved Plus Probable                 43,111      34,455      28,672 
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This news release contains forward-looking statements and forward-looking
information (collectively "forward looking information") within the meaning of
applicable securities laws. In particular, forward looking information in this
news release includes, but is not limited to statements with respect to the
value of future net revenue attributable to the Company's reserves. The
forward-looking information is based on certain key expectations and assumptions
made by Torquay, including but not limited to expectations and assumptions
concerning future commodity prices and operating costs, as well as reserve and
resource volumes. 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.