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Torquay Completes $13.3 Million Bought Deal Financing

CALGARY, ALBERTA–(Marketwire – June 1, 2011) –

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Torquay Oil Corp. (TSXV:TOC-A.V) (TSXV:TOC-B.V) (“Torquay” or the “Company”) is pleased to announce that it has closed its previously announced bought deal financing for gross proceeds of $13,262,500 (the “Offering”). Pursuant to the Offering, Torquay issued 4,150,000 Class A Shares at a price of $1.75 per share and 3,000,000 Class A Shares issued on a “flow-through” basis under the Income Tax Act (Canada) (the “Flow-Through Shares”) by way of a short form prospectus. The Offering was co-led by GMP Securities L.P. and Canaccord Genuity Corp. and included Jennings Capital Inc. and Acumen Capital Finance Partners Limited.

The proceeds from the Offering will be used to fund the Company’s 2011 capital program in southeast Saskatchewan. Proceeds from the sale of the Flow-Through Shares will be used to incur eligible qualifying expenditures which will be renounced in favour of purchasers for the 2011 taxation year.

The Class A Shares and Flow-Through Shares issued pursuant to the Offering have been listed and posted for trading on the TSX Venture Exchange today.

FORWARD LOOKING STATEMENTS:

This news release contains forward-looking statements and forward-looking information. In particular, forward looking information in this news release includes, but is not limited the intended use of proceeds from the Offering. The forward-looking information is based on certain key expectations and assumptions made by Torquay, including expectations and assumptions concerning prevailing commodity prices, exchange rates, interest rates, applicable royalty rates and tax laws; future well production rates and estimates of operating costs; reserve and resource volumes; the state of the economy and the exploration and production business; business prospects and opportunities; the availability and cost of financing, labour and services; the impact of increasing competition; ability to market oil and natural gas successfully and the ability of the Company to access capital. 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.

This news release is not for dissemination or distribution in the United States, to United States news wire services or to United States Persons.

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.

Contacts

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

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

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