$10 million dollar budget
Torquay budgets $10-million for 2012 capital spending
2012-03-02 16:08 ET - News Release
Shares issued 48,776,115
TOC.A Close 2012-03-01 C$ 0.33
Mr. Terry McCallum reports
TORQUAY ANNOUNCES 2012 BUDGET AND CLOSING OF EMPLOYEE PRIVATE PLACEMENT
Torquay Oil Corp.'s board of directors has approved a 2012 capital budget of approximately $10-million, which will be focused on further development of the company's successful light oil drilling program in the Queensdale and Midale areas of southeast Saskatchewan and the further delineation of its Bakken play at Lake Alma, Sask. Torquay is currently producing approximately 605 barrels of oil equivalent per day (97 per cent light oil).
In addition, Torquay has completed its previously announced non-brokered private placement to Phil Besler, the company's vice-president, operations, of 100,000 Class A shares at a price of 27 cents per share for gross proceeds of $27,000, to be used for general corporate purposes. The Class A shares issued under the private placement are subject to a hold period expiring July 2, 2012. The private placement remains subject to final approval of the TSX Venture Exchange.
Mr. Besler has also been granted an option to buy 80,000 shares pursuant to the company's incentive stock option plan at an exercise price of 33 cents per share. The option will vest in equal tranches over three years and will expire after five years.
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