Torquay Oil Corp.
TSX VENTURE : TOC.A
TSX VENTURE : TOC.B

Torquay Oil Corp.

September 15, 2011 22:12 ET

Torquay Announces Appointment of Officers and Closing of Employee Private Placement

CALGARY, ALBERTA--(Marketwire - Sept. 15, 2011) - Torquay Oil Corp. (TSX VENTURE:TOC.A) (TSX VENTURE:TOC.B) ("Torquay" or the "Company") is pleased to announce that Terry McCallum has been appointed Executive Vice President and Sandy Denton has been appointed Vice President, Exploration of the Company. Mr. McCallum was previously the Vice President, Exploration and Chief Operating Officer ("COO") of the Company and will continue in the role of COO. Mr. Denton was previously the Exploration Manager of Torquay since incorporation.

The Company is also pleased to announce that it has hired Kevin Fox as Chief Geophysicist and in connection therewith has completed a non-brokered private placement (the "Private Placement") to Mr. Fox of 149,533 Class A Shares at a price of $1.07 per share, for gross proceeds of $160,000.31, to be used for general corporate purposes. The Class A Shares issued under the Private Placement are subject to a hold period until January 16, 2012.

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 Exchange under the symbols TOC.A and TOC.B, respectively.

Advisory

Certain information in this news release, including the expected use of proceeds from the Private Placement may constitute forward-looking statements under applicable securities laws and necessarily involve substantial known and unknown risks and uncertainties.

The forward-looking statements contained in this document are made as at the date of this news release and Torquay 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 may be required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Torquay Oil Corp.
    Mr. Brent McKercher
    President & Chief Executive Officer
    403 233 2444 ext. 30
    403 262 6991 (FAX)
    brent@torquayoil.com

    Torquay Oil Corp.
    Mr. Darwin Little
    Vice President, Finance & Chief Financial Officer
    403 233 2444 ext. 31
    403 262 6991 (FAX)
    darwin@torquayoil.com