Torquay Oil Corp. (TSX VENTURE:TOC.A) (TSX VENTURE:TOC.B) announce that it has filed its unaudited financial statements and related Management's Discussion and Analysis ("MD&A") as at and for the six months ended June 30, 2012.

Year to date revenue was $6,359,895, which is a 25% increase over the same period in 2011.

Production volume was up 31% year to date compared to the same period last year. The Corporation's quarterly production was also up 9% compared to Q2 2011. Average Q2 2012 production was reduced by approximately 90 boe/d due to an extended spring break-up at Queensdale.

Year to date netbacks have averaged $48.51 per boe for the first six months of 2012. Average year to date prices have declined $4.60 per boe as compared to the first six months of 2011. Prices remained volatile throughout the second quarter and have recovered substantially in the third quarter of 2012. One-time charges resulting in a net decrease in netbacks of $4.79 per boe year to date are not expected to reduce netbacks in future quarters.

Capital activity was reduced during the second quarter due to seasonal break-up and to maintain the balance sheet during this period of volatile commodity pricing.

Industry activity is moving towards applying the same fracture stimulation techniques that have been successfully used in the Bakken on other formations such as the Midale. The Midale Formation is well suited to this type of stimulation as it typically has low permeability and is sandwiched between two evaporite beds which help contain the fracture stimulation. Torquay has been monitoring successful stimulations in the Midale and is well positioned to apply this step change in technology on its lands at Alameda and Midale.

At Lake Alma, Saskatchewan, the Corporation holds over 57,000 net acres, the majority of which do not expire until March, 2016. Industry activity in North Dakota has become increasingly focused on the Three Forks Formation. The Three Forks is pervasive underneath Torquay's land block and is now productive within 35 km of its land position. The Corporation continues to evaluate the Bakken Formation along with the emerging Three Forks play.