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

April 28, 2011 14:23 ET

Torquay Issues Correction to Net Present Value of Reserves

CALGARY, ALBERTA--(Marketwire - April 28, 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") earlier today issued a press release with an error in the table of Net Present Value of Reserves as of December 31, 2010. The corrected Net Present Value of Reserves can be found in the table below.

Net Present Value of Reserves

Below is a table showing the Company's net present value of future net revenue attributable to reserves using forecast prices and costs. The prices used were McDaniel Forecast Prices as at January 1, 2011. The estimated future net revenues are presented before deducting future estimated site restoration costs, and are reduced for estimated future abandonment costs and future capital costs associated with non-producing, undeveloped and probable additional reserves. Estimated values disclosed do not necessarily represent fair market value.

Summary of Future Net Revenue Before Income Taxes $(000's)

Discounted at:0%5%10%
Total Proved23,73020,09817,416
Total Probable19,38114,35611,256
Total Proved Plus Probable43,11134,45528,672

This news release contains forward-looking statements and forward-looking information (collectively "forward looking information") within the meaning of applicable securities laws. In particular, forward looking information in this news release includes, but is not limited to statements with respect to the value of future net revenue attributable to the Company's reserves. The forward-looking information is based on certain key expectations and assumptions made by Torquay, including but not limited to expectations and assumptions concerning future commodity prices and operating costs, as well as reserve and resource volumes. Although Torquay believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Torquay can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, results from operations will not meet with expectations and risks associated with the oil and gas industry generally. Additional information on the foregoing risks and other factors that could affect Torquay' operations and financial results are included in Torquay's annual information form and other reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). The forward-looking statements contained in this news release are made as of the date hereof and Torquay undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so 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
    brent@torquayoil.com

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