Torrential Energy Ltd.
TSX VENTURE : TNL

Torrential Energy Ltd.

July 30, 2009 09:46 ET

Torrential Energy Ltd. Announces Restructuring and Change of Officers and Directors

CALGARY, ALBERTA--(Marketwire - July 30, 2009) - Torrential Energy Ltd. ("Torrential" or "Corporation") (TSX VENTURE:TNL) announces a corporate restructuring which will enable the Corporation to maintain its tier maintenance listing requirements and prepare it for future growth for its shareholders.

Torrential currently has 14,627,501 shares outstanding and proposes to complete a three (3) to one (1) share consolidation subject to shareholder approval at a Special and Annual General Meeting, with the date to be determined, at the offices of Torrential.

Upon approval of the consolidation Mr. Tim T. Galbreath, President & CEO and Director, Mr. Alan D. Jack, Director, Mr. Craig W. Albert, Vice President and CFO, and Grant Zawalsky, Corporate Secretary will resign from Torrential Energy Ltd. Mr. Galbreath and Mr. Albert will continue to assist the Corporation in an advisory capacity through the transition period.

Subsequent to the resignation of the aforementioned officers and directors, Mr. Dennis Feuchuk will be appointed to the role of President & CEO while remaining as Chairman of the Board and Director. Mr. Don Van Tetering will remain as a Director and is appointed Vice President of Operations. Mr. Don Cameron is appointed as a Director and Vice President of Exploration. Mr Roy Evans is appointed Vice President and CFO. Mr. Leland Corbett is appointed Corporate Secretary. Election of the new Torrential Board of Directors will be held at the aforementioned meeting, date and time.

Pursuant to a non-brokered private placement, subscribers will subscribe for common shares in Torrential Energy Ltd at a price of $0.05 per common share post consolidation for aggregate gross proceeds of a minimum of $100,000 and a maximum of $300,000.

The proceeds of the private placement will be used for general corporate purposes. No part of the proceeds will be used to fund the following acquisition.

Torrential has entered into a Letter of Intent in a non-arms length transaction to acquire an oil and gas asset in Alberta for a purchase price of $81,000 effective April 1, 2009 from a private company in exchange for approximately 1,620,000 common shares issued at $0.05 per common share post consolidation. The property is currently producing 10 BOE per day. Production is weighted 60% to medium gravity crude and the balance of production is natural gas.

Completion of the private placement, asset acquisition and share consolidation is subject to conditions and approvals including, but not limited to, the approval of the TSXV.

Torrential shareholders will also be requested to approve a name change of the corporation. The proposed name is to be Base Oil & Gas Ltd. and will be traded on the TSX Venture Exchange under the symbol "BOG" upon approval by the shareholders.

The independent members of the Board of Directors of Torrential have approved this restructuring at a meeting held on July 29, 2009.

Torrential shares will remain halted until the TSX Venture Exchange has receipt of required documentation.

About Torrential

Torrential is an emerging Calgary-based oil and natural gas exploration and development company. Torrential's common shares trade on the TSX Venture Exchange under the symbol TNL.

ADVISORY: Certain information in this press release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expects" and similar expressions. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with obtaining applicable regulatory approvals, including the approval of the TSX Venture Exchange. Readers are cautioned that the foregoing list of factors is not exhaustive.

Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

The forward-looking statements contained in this news release are made as of the date of this news release, and Torrential does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.

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