CALGARY - TORC Oil & Gas Ltd. ('TORC' or the 'Company') (TSX: TOG) is pleased to announce its financial and operating results for the three and six months ended June 30, 2020.

The associated management's discussion and analysis ('MD&A') and unaudited interim financial statements as at and for the three and six months ended June 30, 2020 can be found at www.sedar.com and www.torcoil.com.

PRESIDENT'S MESSAGE

During the first quarter, the World Health Organization declared COVID-19 to be a global pandemic. TORC's top priority remains the health and safety of the Company's employees, contractors, partners, service providers and the communities in which we operate. Accordingly, throughout the first and second quarters, the Company implemented measures to protect the well-being of all stakeholders and follow guidance of public health officials, while maintaining safe operations and business continuity.

To combat the spread of COVID-19, global responses to the pandemic caused a significant decline in economic activity, resulting in a substantial decrease in global crude oil demand and unprecedented volatility to oil prices. With the continued volatility in commodity prices and TORC's focus on efficient operations, the Company identified and implemented various measures to preserve shareholder value, and maintain financial flexibility and a strong position.

TORC's proactive responses to these events demonstrated the focus on the long-term objectives of delivering disciplined growth while displaying the resilience and flexibility of the Company's business strategy and asset base. Under some very difficult circumstances over the past several months, TORC's employees, consultants and contract operators performed exceptionally to protect all stakeholders' interests.

Contact:

Brett Herman

Tel: (403) 930-4120

Forward Looking Statements

This press release contains forward looking statements and forward looking information (collectively 'forward looking information') within the meaning of applicable securities laws relating to the Company's plans, strategy, business model, focus, objectives and other aspects of TORC's anticipated future operations and financial, operating and drilling and development plans and results, including, expected future production and potential production curtailment, production mix, reserves, drilling inventory, net debt, cash flow and free cash flow, financial flexibility and liquidity, capital costs, operating netbacks, operational efficiencies, decline rate and decline profile, product mix, capital expenditure program, capital efficiencies, commodity prices, royalties, tax pools and future growth. In addition, and without limiting the generality of the foregoing, this press release contains forward looking information regarding: the focus and allocation of TORC's 2019 capital budget, anticipated average and exit production rates, available free cash flow, management's view of the characteristics and quality of the Company's assets and the opportunities available to the Company, COVID-19 response plans, future capital efficiencies and operating costs, expectations regarding the renewal of TORC's credit facility. TORC's dividend policy and plans, and other matters ancillary or incidental to the foregoing.

Forward looking information typically uses words such as 'anticipate', 'believe', 'project', 'target', 'guidance', 'expect', 'goal', 'plan', 'intend' or similar words suggesting future outcomes, statements that actions, events or conditions 'may', 'would', 'could' or 'will' be taken or occur in the future. The forward looking information is based on certain key expectations and assumptions made by TORC's management, including expectations concerning the impact (and the duration thereof) that the COVID-19 pandemic will have on the demand for crude oil, NGLs and natural gas, our supply chain, including our ability to obtain the equipment and services we require, and our operations, prevailing commodity prices, exchange rates, interest rates, applicable royalty rates and tax laws; capital efficiencies; decline rates; future production rates and estimates of operating costs; performance of existing and future wells; reserve and resource volumes; anticipated timing and results of capital expenditures; the success obtained in drilling new wells; the sufficiency of budgeted capital expenditures in carrying out planned activities; the timing, location and extent of future drilling operations; the state of the economy and the exploration and production business; results of operations; performance; business prospects and opportunities; the availability and cost of financing, labour and services; the impact of increasing competition; ability to market oil and natural gas successfully and TORC's ability to access capital

Statements relating to 'reserves' are also deemed to be forward looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and that the reserves can be profitably produced in the future.

Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward looking information because TORC can give no assurance that they will prove to be correct. Since forward looking information addresses future events and conditions, by its very nature they involve inherent risks and uncertainties. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward looking information will transpire or occur, or if any of them do so, what benefits that the Company will derive there from. Management has included the above summary of assumptions and risks related to forward looking information provided in this press release in order to provide securityholders with a more complete perspective on TORC's future operations and such information may not be appropriate for other purposes.

Readers are cautioned that the foregoing lists of factors are not exhaustive. Additional information on these and other factors that could affect TORC's operations or financial results are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).

These forward looking statements are made as of the date of this press release and TORC disclaims any intent or obligation to update publicly any forward looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

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