Mr. Barry Olson reports

TORO OIL & GAS LTD. REPORTS FIRST QUARTER 2015 FINANCIAL AND OPERATING RESULTS

Toro Oil & Gas Ltd. has released its financial and operating results for the three months ended March 31, 2015. Selected financial and operational information is set out below and should be read in conjunction with Toro's March 31, 2015, interim financial statements and the related management's discussion and analysis, which are available for review on SEDAR or the company's website.

First-quarter financial and operational highlights:

• Average production of 561 barrels of oil equivalent per day of which 47 per cent represents oil and liquids compared with 234 barrels of oil equivalent per day of production in the first quarter of 2014. First-quarter 2015 production reflects a full quarter of production from Toro's Hamilton Lake property and taken together with other corporate production, represents over a threefold increase in production compared to the preceding fourth quarter;
• Closed three property acquisitions contributing 50 barrels of oil equivalent per day and 29 net sections of Viking light oil acreage bringing total Viking acreage to 122 net sections;
• Closed a $15-million bought deal public equity offering enabling the company to entirely eliminate its outstanding bank debt. Resulting surplus cash combined with a fully undrawn credit facility with National Bank provides Toro with over $30-million in liquidity;
• Generated $400,000 in operating cash flow, excluding cash flow from assets held for sale and prior to corporate overhead expenditures. Toro anticipates commencing an active drilling program on its Viking lands resulting in growing production and cash flow, lower costs (dollars per barrel of oil equivalent) and positive cash netbacks.

Operational update

During the quarter, Toro concentrated its activities in consolidating a growing Viking light oil production and land base, developing enhanced internal operational efficiencies and laying the groundwork to become drill ready in the field. Commodity prices during the quarter continued to languish and based on previous guidance by the company, capital programs in the midst of that commodity price weakness were curtailed. The company integrated the operations of three separate Viking light oil acquisitions which added 50 barrels of oil equivalent per day of production and 29 net sections for total consideration of $2.4-million making Toro one of the fastest-growing Viking acreage position companies in the Western Canadian sedimentary basin. Upon review of go-forward commodity prices, availability and rates for services and access to capital, Toro will provide its second-half 2015 guidance and capital programs over the course of the next few months. Maintaining financial flexibility with a pristine balance sheet continues to be a priority objective for Toro. With a cash position of nearly $6-million and an undrawn credit facility, the company's liquidity remains robust for a junior oil and gas company of this size.

                         FINANCIAL RESULTS

                                   Three months ended March 31, 
                                               2015       2014
Operational performance
Production volumes
Oil and NGLs (bbl/d)                            266        144
Natural gas (mcf/d)                           1,772        540
Oil equivalent (boe/d)                          561        234
Financial performance
Production revenue (000s)                  $  1,724   $  1,467
                                           ---------  ---------
Comprehensive income (loss) (000s)         $ (4,392)  $     40
                                           =========  =========
Per share -- basic and diluted             $  (0.08)  $   0.01
Realized sales prices
Oil and NGLs ($/bbl)                          51.97      95.76
Natural gas ($/mcf)                            3.02       4.68
Oil equivalent ($/boe)                        34.14      69.65
Netback ($/boe)
Realized sales price                          34.14      70.26
Royalties                                      4.70      13.15
Production expenses                           19.27      14.34
Transportation expenses                        2.55       1.90
                                           ---------  ---------
Operating netback ($/boe)                      7.62      40.87
General and administrative                    26.93      23.46
Interest and other income                      0.82       4.80
                                           ---------  ---------
Cash netback ($/boe)                         (18.49)     22.21

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