TOC.A Torquay Oil Corp Class A

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") is pleased to provide an update on its operating activities in
southeast Saskatchewan.


Highlights



--  Closed a property acquisition in southeast Saskatchewan for a total
    purchase price of $4,724,000.00: Added 50 bopd and P+P reserves of
    approximately 456,000 barrels of light oil. 
--  Acquired a partner's working interest in the Lake Alma area. 
--  Defined over 40 conventional, Mississippian, light oil drilling
    locations (2 year inventory). 
--  Currently producing approximately 510 boepd. 
--  Implementing our 3rd Generation fracture program at Lake Alma to further
    improve long term deliverability of the Bakken discovery. 



Lake Alma, SE Saskatchewan 

The exploratory Lake Alma Bakken horizontal well at 13-9-2-17W2 was placed on
production December 4, 2010 at an initial production rate of 80 bopd with
associated gas of 85 mcf/d. The Company has recently completed an individual
frac stage evaluation and determined that only 6 stages are contributing oil.
Average production from the well over the last 30 days was 45 bopd. The Company
is optimizing the well to enhance oil production from an additional 4 stages.
Management is using these encouraging results to further enhance the Company's
frac program with respect to the type of frac fluid, liner design, feed rates
and sand concentrations.


Torquay has received well licenses for two wells which are expected to be
drilled after spring breakup. One well (0.6 net) has been identified on 3D
seismic and will target the Ratcliffe formation after oil was encountered in
that zone while drilling the 13-9-2-17W2 Bakken well. The second well (1.0 net)
is a development well targeting the Bakken and is located one mile west of our
producing Bakken discovery well at 13-19-1-17W2.


Torquay has acquired the entire working interest ownership of an industry
partner in the Lake Alma lands. Torquay now holds 57,640 gross acres (55,080 net
acres) in a contiguous block of land at Lake Alma. The Company believes that the
Lake Alma land block will provide a large inventory of development and
exploratory drilling locations targeting the Ratcliffe, Bakken, Birdbear, Red
River and Yeoman formations over the next 5 years.


Torquay has completed the permitting phase of a 230 square kilometer 3D seismic
program covering the western portion of the Lake Alma land block. This seismic
is expected to be shot during summer 2011. The Company currently has access to
220 square kilometers of 3D seismic data over the eastern Lake Alma land block.
This new shoot will give Torquay complete 3D coverage over the entire land
block.


Torquay's sixth Bakken well, drilled off the northwest corner of the Lake Alma
land block in January 2011, earned a 100% working interest in an additional 3.75
sections of land prospective for both Bakken and Ratcliffe zones. This well was
determined to be uneconomic and will be abandoned.


Viewfield, SE Saskatchewan 

During Q1, 2011 Torquay completed a 3D seismic survey over Company lands held at
Viewfield. The Viewfield 3D has increased the Company's drilling inventory at
Viewfield to 12 locations. The Company has recently drilled and completed two
new Frobisher wells which were brought on production in late March. The Company
plans to drill an additional four wells after breakup. Torquay is also
undertaking a battery expansion at Viewfield to handle the increased volumes
from existing and future production.


Midale, SE Saskatchewan 

Torquay purchased a 300 acre parcel in the Midale area of SE Saskatchewan where
it has identified up to eight, low risk, drilling locations. The Company is
proceeding to license the wells over spring break-up and plans to drill the
first well in Q3, 2011. Midale is approximately 10 miles south of Torquay's
Viewfield core area, allowing for operating synergies.


Willmar, SE Saskatchewan 

A 33 square kilometer 3D seismic program was completed at Willmar in January,
2011. Based on Torquay's interpretation of the seismic, several anomalies have
been identified. The Company has drilled a vertical well targeting the
Frobisher-Alida Beds, which has been completed and is currently being evaluated.
A second well is planned to be drilled immediately following spring breakup.
Torquay now holds approximately six contiguous sections (3,840 acres) through
freehold leasing and seismic option agreements in the Willmar area.


Additional Property Acquisitions, SE Saskatchewan 

Torquay has recently acquired producing properties in the Alameda, Union Jack
and Queensdale areas of southeast Saskatchewan. These properties are currently
producing 70 bopd gross (50 bopd net). A total of 4,375 gross acres (3,480 net)
have been acquired. Torquay has identified eight, low risk, drilling locations
targeting light oil in the Midale and Alida formations as well as a number of
workover and recompletion candidates. The acquired properties add Proved
Developed reserves of 147,200 bbls for the Alameda and Union Jack properties
(based on an evaluation by McDaniel & Associates Consultants Ltd. effective,
December 31, 2010) and 13,000 bbls for the Queensdale property (based on an
internal evaluation effective, March 1, 2011) and Total Proved plus Probable
reserves of 456,800 bbls.


Financial 

Torquay's operating line of credit has been increased from $3.0 million to $9.65
million. No amount has been drawn on the line of credit at this time. Torquay
has a capital expenditure program of $40.0 million planned for 2011. The capital
expenditure program may be increased for 2011 based on opportunities currently
available to the Company.


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 35,299,572 Class A Shares and 1,260,000 Class B Shares
outstanding.


FORWARD LOOKING STATEMENTS: 

This news release contains forward-looking statements and forward-looking
information (collectively "forward looking information") within the meaning of
applicable securities laws. Forward-looking information typically use words such
as "anticipate", "believe", "project", "expect", "goal", "plan", "intend" or
similar words suggesting future outcomes, statements that actions, events or
conditions "may", "would", "could" or "will" be taken or occur in the future. In
particular, forward looking information in this news release includes, but is
not limited to: statements with respect to, drilling, completion, seismic and
facility plans, capital expenditures and the expected results from operations.
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. The term BOE may be misleading, particularly if used
in isolation. A BOE conversion of 6 Mcf: 1 bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not
necessarily represent a value equivalency at the wellhead.

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