Torrential Energy Ltd.

Torrential Energy Ltd.

November 15, 2007 14:05 ET

Torrential Energy Ltd. Completes Initial Closing of TSX Venture Exchange Short Form Offering and Concurrent Private Placement

CALGARY, ALBERTA--(Marketwire - Nov. 15, 2007) - Torrential Energy Ltd. ("Torrential") (TSX VENTURE:TNL) is pleased to announce that it has completed the first closing of it's previously announced TSX Venture Exchange short form offering (the "Short Form Offering") and concurrent private placement (the "Concurrent Private Placement" and together with the Short Form Offering, the "Offering"). Under the Short Form Offering, Torrential issued: (i) 1,319,000 common shares ("Flow-Through Shares") of Torrential on a "flow-through" basis at a price of $0.40 per Flow-Through Share; and (ii) 4,147,050 units ("Units") of Torrential at a price of $0.30 per Unit, for aggregate gross proceeds of $1,771,715. Under the Concurrent Private Placement Torrential issued an additional 825,000 Flow-Through Shares and 35,000 Units on the same terms as the Short Form Offering for total gross proceeds under the Offering of $2,112,215. Each Unit is comprised of one common share (a "Common Share") of Torrential and one-half of one Common Share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder thereof to acquire an additional Common Share at a price of $0.45 per Common Share until November 15, 2008 (subject to earlier expiration in the event certain conditions are met). The securities issued under the Concurrent Private Placement or to purchasers under the Short Form Offering with an aggregate acquisition cost of more than $40,000 are subject to a hold period expiring March 16, 2008. Pursuant to the Short Form Offering, Flow-Through Shares and Units representing aggregate gross proceeds of $95,600.10 are subject to the hold period.

Leede Financial Markets Inc. (the "Agent") acted as agent under the Offering. As consideration for the Agent's services, the Agent received a commission of 8% of the aggregate gross proceeds from the Offering and was granted, together with its sub-agent, Common Share purchase warrants (the "Agent's Warrants") entitling the Agent and its sub-agent to purchase, at any time prior to November 15, 2008, an aggregate of 418,205 Common Shares (the "Agent's Shares") at an exercise price of $0.30 per Agent's Share and 214,400 Agent's Shares at an exercise price of $0.40 per Agent's Share.

The net proceeds of the Short Form Offering and Concurrent Private Placement will be used for the development of Torrential's oil and gas properties and for working capital purposes.

About Torrential

Torrential is an emerging Calgary-based oil and natural gas exploration and development company. Torrential's Common Shares trade on the TSXV under the symbol TNL.

For further information, please go to Torrential's website at www.torrentialenergy.

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 in this press release include, but are not limited to, statements with respect to the use of proceeds of the Offering. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with oil and gas production, marketing and transportation; loss of markets; volatility of commodity prices; currency and interest rate fluctuations; imprecision of reserve estimates; environmental risks; competition; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; inability to access sufficient capital from internal and external sources; changes in legislation, including but not limited to income tax, environmental laws and regulatory matters. 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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