Funds Managed by Libra Advisors, LLC Acquire Subscription Receipts of Torquay
Oil Corp. for Investment Purposes

TORONTO, July 13 /CNW/ - Libra Advisors, LLC ("Libra") announced today that Libra Fund, L.P. and Libra Offshore Master Fund, L.P. (the "Funds") acquired 1,905,000 Subscription Receipts of Torquay Oil Corp. ("Torquay") at a price of $1.05 per subscription receipt in connection with Torquay's private placement. Each subscription receipt is comprised of one Class A common share and one-half of one warrant. Each warrant entitles the holder to purchase one Class A common share in the capital of Torquay at a price of $1.40 for a period of 12 months following the closing date. The securities issued pursuant to the private placement will be subject to trade restrictions expiring on the earlier of November 6, 2010 and the day on which a receipt is issued by the securities regulators for the short form prospectus.

As a result of the acquisition, the Funds now hold 1,905,000 common shares representing approximately 15.49% of the outstanding Class A common shares of Torquay, and 952,500 warrants of Torquay that, if exercised, would result in the Funds holding approximately 21.56% of the outstanding Class A common shares of Torquay.

The Funds acquired the subscription receipts for investment purposes and may, from time to time, acquire additional securities of Torquay or dispose of such securities as they may deem appropriate.

Libra is the investment advisor to Libra Fund, L.P. and Libra Offshore Master Fund, L.P. with principal offices at 909 Third Avenue, 29th Floor, New York, NY 10022.

SOURCE LIBRA ADVISORS, LLC

For further information: For further information: please contact Mr. Ranjan Tandon, Managing Member, at (212) 350-5125

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