Torquay Oil Corp. Provides Operations and Corporate Update

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 provide the following update on its operating and
corporate activities in the fourth quarter.


Operations

Torquay is currently producing approximately 520 boepd (97% light oil). 

At Midale, Saskatchewan the Company has completed the tie-in of its first 100%
working interest well targeting the Midale "Marly" and "Vuggy" zones. This well
has been averaging approximately 53 (net) bopd over the last 10 weeks. Torquay
has identified an additional eight development locations on this property.


At Alameda, Saskatchewan Torquay has tied-in the first Midale development well
to its 74.9% working interest battery. This Midale producer has averaged 17 bopd
(net) over the last two weeks. An additional 13 development locations have been
identified on this property.


Torquay's first 100% working interest Queensdale, Saskatchewan well was drilled
into the Alida formation and has averaged 145 (net) boepd over the last 12
weeks. The Company is currently testing its second Alida well at Queensdale and
expects to have the well tied-in to its battery in approximately seven days.


On the exploration side, Torquay remains committed to unlocking the hydrocarbon
potential at Lake Alma, Saskatchewan where the Company holds an interest in over
55,000 net acres of land with no expiry issues until March 2016. Management
continues to explore various alternatives which will allow the Company to
economically produce oil from the Bakken and Ratcliffe formations in this area.


Torquay is also pleased to announce that its operating line of credit has been
increased to $12,000,000 from $10,000,000 of which approximately $8,000,000 is
expected to be drawn by year end.


Management Changes

The Company announces that effective December 5, 2011, Terry R. McCallum and J.
Brent McKercher will exchange roles, with Mr. McCallum assuming the positions of
President and Chief Executive Officer and Mr. McKercher assuming the roles of
Executive Vice President and Chief Operating Officer. As well, the Company
announces that Angus H. Jenkins, Vice President, Operations and Stephen D.
Irish, Vice President, Land have left the Company. Torquay thanks Mr. Jenkins
and Mr. Irish for their efforts over the last 18 months.


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 48,626,582 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, drilling and completion plans,
capital expenditures 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.