Torquay Oil Corp.

March 02, 2010 18:55 ET

Torquay Oil Corp. Files Preliminary Prospectus

CALGARY, ALBERTA--(Marketwire - March 2, 2010) -


Torquay Oil Corp. is pleased to announce that it has filed a preliminary prospectus with the securities regulatory authorities in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario for a proposed initial public offering (the "Offering") of a minimum of 10,000 units (the "Units") and a maximum of 12,000 Units at an issue price of $1,000 per Unit, for gross proceeds of a minimum of $10 million and a maximum of $12 million. Each Unit is comprised of 400 Class A Shares and 90 Class B Shares, which shall be issued on a flow-through basis under the Income Tax Act (Canada).

The syndicate of agents for the Offering is co-led by GMP Securities L.P., Genuity Capital Markets and Macquarie Capital Markets Canada Ltd. and includes Acumen Capital Finance Partners Limited.

This press release is not a solicitation to buy Units. The Units will only be offered for sale by prospectus and only in those jurisdictions where such sales may lawfully be made. There will not be any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.

The preliminary prospectus containing important information relating to the offering of the Units has been filed with securities commissions in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario. The preliminary prospectus is still subject to completion or amendment. A copy of Torquay's preliminary prospectus will be available on the SEDAR website at and additional copies may be obtained from members of the syndicate of agents, c/o GMP Securities L.P. by email: or by contacting GMP Securities L.P., Attn: Syndication Department: 300, 145 King Street West, Toronto, ON M5H 1J8 Telephone: 1-888-301-3244.

About Torquay Oil Corp.

The Corporation was formed to participate in oil and gas exploration, development and production in the Western Canadian Sedimentary Basin, with a focus in southeast Saskatchewan and southwest Manitoba. Torquay has entered into a farm-in agreement with a major industry participant in respect of up to 115 sections of land in the Lake Alma area of southeast Saskatchewan.

The Corporation's management team is led by J. Brent McKercher, President and C.E.O., Terry McCallum, Vice President, Exploration and C.O.O., Darwin Little, Vice President, Finance and C.F.O. and Steve Irish, Vice President, Land. Torquay's Board of Directors is comprised of Harley Winger, Chairman of the Board, Al Emes, Mike Seth, Brent McKercher and Terry McCallum.

Forward-Looking Statements Advisory

This press release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Torquay, including, without limitation, those listed under the headings "Forward-Looking Statements" and "Risk Factors" in Torquay's preliminary prospectus. Forward-looking information in this press release includes, but is not limited to, information concerning the proposed public offering. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking information. Accordingly, prospective investors should not place undue reliance on these forward-looking statements. These forward-looking statements are made as of the date of this release and, other than as required by applicable securities laws, Torquay does not assume any obligation to update or revise them to reflect new events or circumstances.

United States Advisory

The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws and may not be offered or sold in the United States or to United States persons absent registration or any applicable exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Contact Information

  • Torquay Oil Corp.
    Brent McKercher
    President & Chief Executive Officer
    (403) 718-3869