NEW YORK, NEW YORK--(Marketwire - Jan. 14, 2011) - Elliott Associates, L.P. ("Elliott Associates"), The Liverpool Limited Partnership ("Liverpool") and Elliott International, L.P. ("Elliott International" and, collectively with Elliott Associates and Liverpool, the "Offeror") announced today that Liverpool and Elliott International acquired 3,400,000 Class A Shares ("Class A Shares") of Torquay Oil Corp. ("Torquay") on the TSX Venture Exchange on November 24, 2010 at a price of $1.30 per share.

As a result of the acquisition and taking into account Class A Shares already held, the Offeror held 3,640,800 Class A Shares, representing approximately 15.3% of the total outstanding Class A Shares (on the basis that an aggregate of 23,740,572 Class A Shares were outstanding).

Since November 24, 2010 the Offeror has acquired a further 818,600 Class A Shares and now holds an aggregate of 4,459,400 Class A Shares.

The acquisitions by Elliott International and Liverpool were made in the ordinary course of their investment activities. The Offeror may or may not purchase or sell securities of Torquay in the future on the open market or in private transactions, depending on market conditions and other factors material to the Offeror's investment decision.

For more information or to obtain a copy of the early warning report filed in respect of this press release, please see contact information.

Contact Information: Elliot Greenberg
Elliott Management Corporation
712 Fifth Avenue, 35th Floor
New York, New York, USA 10019
(212) 974-6000