Torquay Completes Plan of Arrangement

CALGARY, ALBERTA--(Marketwire - Dec. 21, 2012) -

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

Torquay Oil Corp. (TSX VENTURE:TOC.A)(TSX VENTURE:TOC.B) ("Torquay") is pleased to announce that it has completed the previously announced plan of arrangement with CanEra Energy Corp. (the "Purchaser"), whereby the Purchaser acquired all of the issued and outstanding Class A Shares and Class B Shares of Torquay for cash consideration of $0.16 per Class A Share and $1.60 per Class B Share for aggregate consideration of approximately $21 million, which includes the assumption by the Purchaser of Torquay's anticipated net debt of approximately $11.0 million (the "Arrangement"). The Arrangement received the approval of over 93% of the Class A Shares and Class B Shares voted at the meeting and the approval of the Alberta Court of Queen's Bench. The Class A Shares and the Class B Shares are expected to be delisted from the TSX Venture Exchange at the close of trading today.

FORWARD LOOKING STATEMENTS:

This news release contains forward-looking statements. More particularly, this news release contains statements concerning the timing of delisting of the Class A Shares and Class B Shares from the TSX Venture Exchange. 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. The forward-looking statements contained in this press 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.

FOR FURTHER INFORMATION PLEASE CONTACT:
CanEra Energy Corp.
J. Paul Charron
President and Chief Executive Officer
(403) 718-6282


CanEra Energy Corp.
800, 202 - 6th Avenue SW
Calgary, Alberta T2P 2R9