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

Torquay Oil Corp.

August 31, 2011 15:55 ET

Torquay Announces Option Grant

CALGARY, ALBERTA--(Marketwire - Aug. 31, 2011) -

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"), Torquay announced today that it has granted an aggregate of 1,422,100 stock options to directors, officers, employees and consultants of the Corporation, of which 766,100 stock options were granted to directors and officers, in accordance with Torquay's incentive stock option plan. All of the options are exercisable at $1.44 per share, vest in equal tranches of one-third on each of the first, second and third anniversaries of the date of grant and expire after five years.

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.

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