The start of something big?Let's get this board up and running!
Torquay Oil Corp. ("Torquay" or the "Corporation") is pleased to announce that it has completed its initial public offering for gross proceeds of $14,000,000 (the "Offering"). A total of 14,000 units (representing the maximum offering) at a price of $1,000 per unit were sold, each unit consisting of 400 Class A Shares at a price of
.25 per share and 90 Class B Shares at a price of $10 per share, which were issued on a "flow-through" basis under the
Income Tax Act (Canada).
The Class A Shares and Class B Shares have been conditionally approved for listing on the TSX Venture Exchange and are expected to commence trading next week (Tuesday, April 13, 2010) under the stock symbols TOC.A and TOC.B, respectively.
The Corporation was formed to participate in oil and gas exploration, development and production in the Western Canadian Sedimentary Basin, with a focus in southeast Saskatchewan and southwest Manitoba. Torquay has entered into a farm-in agreement with a major industry participant in respect of up to 115 sections of land in the Lake Alma area of southeast Saskatchewan. The Corporation has contracted two drilling rigs and intends to commence the drilling of its first two wells on these lands immediately following break-up.
The Corporation's management team is led by Brent McKercher, President and C.E.O., Terry McCallum, Vice President, Exploration and C.O.O., Darwin Little, Vice President, Finance and C.F.O., Steve Irish, Vice President, Land and Angus Jenkins, Vice President, Operations.
About the principles:
Brent McKercher
President, Chief Executive Officer and Director
Mr. McKercher is a professional geologist (P.Geol.) with over 20 years of exploration, development, acquisition and divestiture experience in the western Canadian oil and gas business. Most recently Mr. McKercher was a founding shareholder, Director and the President and Chief Executive Officer of Glamis Resources Ltd. ("Glamis"), a TSXV-listed oil and gas company since it was incorporated in 2005 until it was reorganized as Legacy Oil + Gas Inc. ("Legacy") in July 2009. Prior to Glamis, Mr. McKercher was a founding shareholder in 2002 of Rock Creek Resources Ltd., a TSXV-listed oil and gas company, where he held the position of Exploration Manager until it was sold to Great Plains Exploration Ltd. in July 2005. Prior thereto, Mr. McKercher was a Senior Geologist with Star Oil and Gas Ltd. from 1999 to 2002, Director of Geology with Ridel Resources Ltd. from 1998 to 1999, a Senior Geologist with Baytex Energy Ltd. from 1996 to 1998, a Senior Geologist with Corexcanna Ltd. from 1994 to 1996 and Regional Exploration and Development Manager, Inuvialuit Petroleum Company from 1988 to 1994. Mr. McKercher graduated with a B.Sc. (Advanced) degree in Geology from the University of Saskatchewan in 1985 and is an active member of SPG, AAPG, APEGGA and APEGS.
Terry R. McCallum
Vice President, Exploration, Chief Operating Officer and Director
Mr. McCallum is a professional geologist (P.Geol.) with over 12 years of exploration and development experience in the western Canadian oil and gas business. Most recently, Mr. McCallum was a founding shareholder and the Vice President, Exploration of Glamis Resources from 2005 until its reorganization into Legacy in July 2009. Prior to Glamis, Mr. McCallum was the Exploration Manager and Co-Owner of Markedon Energy Ltd., a private oil and gas company with operations in Alberta. Mr. McCallum made a significant discovery for Markedon Energy in 2003. Markedon Energy Ltd. was sold, along with its minority interest partner, to Esprit Energy Trust in August 2005 for $101 million. Prior thereto, Mr. McCallum worked as an independent consulting geologist from 2000 to 2001 and as an Exploration Geologist with Draig Energy Ltd. from 1998 to 2001. In 2000, Mr. McCallum founded Newgrange Energy Inc. ("Newgrange"), a private oil and gas company with various working interest and royalty production in Alberta. Mr. McCallum is the President of Newgrange and, collectively with his spouse, owns all of the outstanding shares. Mr. McCallum currently sits on the board of directors of two private oil and gas companies with activities focussed in Alberta. Mr. McCallum graduated with a B.Sc. (Advanced) degree in Geology from the University of Saskatchewan in 1998 and is an active member of CSPG, AAPG, APEGGA and APEGS