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

Torquay Oil Corp.

February 23, 2012 18:37 ET

Torquay Announces Proposed Private Placement

CALGARY, ALBERTA--(Marketwire - Feb. 23, 2012) -

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")

In connection with the appointment of Phil Besler as Vice President, Operations, the Company intends to complete a non-brokered private placement (the "Private Placement") of 100,000 Class A Shares to Mr. Besler at a price of $0.27 per share for gross proceeds of $27,000. The proceeds will be used for general corporate purposes. Closing of the Private Placement is subject to the approval of the TSX Venture Exchange.

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 48,109,448 Class A Shares and 1,260,000 Class B Shares outstanding.

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. Terry McCallum
    President & Chief Executive Officer
    403 233 2444 ext. 32
    403 262 6991 (FAX)
    terry@torquayoil.com

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