Troy Energy Corp. Announces Completion of Technical Report and Resumption of Trading

Troy Energy Corp. (NEX BOARD:TEG.H)(the "Corporation" or "Troy") announces that
it has received a technical report from independent consultants, AJM Petroleum
Consultants ("AJM"), in respect of the properties under Guatemala license A-2-92
(the "License"), which are the subject of Troy's recently announced Reactivation
Transaction with Coban Petroleum Ltd. ("Coban"), pursuant to which Coban has
agreed to assign to Troy all of its interests in respect of the License and the
224,000 hectares in respect of which it applies (for details regarding this
Reactivation Transaction, including consideration payable and the working
interests of Troy, Coban and the other interested parties, both before and after
payout, please refer to Troy's press release dated April 21, 2010, a copy of
which is re-produced as Schedule "A" to this release for ease of reference). A
copy of the report by AJM has been filed and is publicly available under Troy's
corporate profile at www.sedar.com.


Troy also announces that it has submitted its preliminary filing materials to
the TSX Venture Exchange in respect of the Reactivation Transaction and that
trading in its shares will recommence on the NEX at the opening of markets on
Thursday, June 3, 2010. Troy management intends to commence the process of
marketing its previously announced offering for minimum aggregate gross proceeds
of $6,000,000 (the "Financing"), which is expected to close concurrently with
the completion of the Reactivation Transaction. 


Completion of the Reactivation Transaction remains subject to a number of
conditions, including, but not limited to: TSX-V approval of the reactivation of
the Corporation as a Tier 2 Oil & Gas Issuer; receipt of all required third
party consents; completion of the Financing; receipt of a title opinion in
respect of the License and the License Lands; and reinstatement of the License
by the Government of Guatemala. 


Forward Looking Statements

Except for statements of historical fact relating to the Corporation, certain
information contained herein constitutes forward-looking statements.
Forward-looking statements are based on the opinions and estimates of management
at the date the statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or results to
differ materially from those projected in the forward-looking statements. The
Corporation undertakes no obligation to update forward-looking statements if
circumstances or management's estimates or opinions should change. The reader is
cautioned not to place undue reliance on forward-looking statements.


SCHEDULE "A" 

TROY ENERGY CORP.

Vancouver, B.C., Canada 

April 21, 2010 

NEX Symbol: TEG.H

NEWS RELEASE 

TROY ENERGY CORP. ANNOUNCES REACTIVATION TRANSACTION - ASSIGNMENT OF COBAN
PETROLEUM INTERESTS IN GUATEMALEN OIL AND GAS PROPERTIES


Troy Energy Corp. (the "Corporation" or "Troy") announces that is has entered
into a binding letter agreement (the "Reactivation Agreement") with Coban
Petroleum Ltd. ("Coban"), a private Alberta corporation, pursuant to which Coban
has agreed to assign all of its interests in respect of Guatemala license A-2-92
(the "License"), an oil and gas license covering approximately 224,000 hectares
in the Coban region of Guatemala (such lands are referred to as the "License
Lands"). Coban's interest in the License arises under a farmout agreement (the
"Farmout Agreement") (which relates to a 75% interest in the License) and a
purchase and sale agreement (the "Purchase Agreement") (which relates to the
remaining 25% interest in the License). Under the Reactivation Agreement, Coban
has agreed to assign each of the Farmout Agreement and the Purchase Agreement to
Troy, and Troy has agreed that, until payout, it will assume all of Coban's
obligations and liabilities of under or pursuant to the foregoing agreements
(including: (i) costs and payables in respect of the reinstatement of the
License, which is currently in default, in the aggregate amount of up to
approximately US$2,300,000; and (ii) payment US$350,000 as consideration under
the Purchase Agreement for a 25% interest in the License) and will bear all
costs of drilling and completing (or abandoning) two wells that are contemplated
under the Farmout Agreement, subject to the maximum budgeted expenditures of
such wells (being US$2.5 million in the case of the first test well and US$2.0
million in the case of the second test well). As consideration for this
assignment, Coban will earn a 25% working interest in a 160 acre spacing unit of
the License Lands containing the first test well upon the occurrence of the
earlier of: (a) after payout of the first test well; and (b) expenditures
incurred in respect of the first test well exceeding US$2.5 million. In
addition, Coban will earn a 25% working interest in the balance of the License
Lands upon the occurrence of the earlier of: (a) after payout of the second test
well; and (b) expenditures incurred in respect of the second test well exceeding
US$2.0 million. Troy will also grant a 2% gross over-riding royalty to Coban or
as Coban may otherwise direct on all production of hydrocarbons from Coban's
and/or Troy's portion of the License Lands, commencing after payout.


The Reactivation Agreement calls for the completion of a private placement for
minimum aggregate gross proceeds of $6,000,000 (the "Financing"). The Financing
is expected to close concurrently with the closing of the proposed transaction.
The proceeds from the Financing will be used for the purposes of reinstating the
License (approximately US$2.3 million), the first test well (approximately
US$2.5 million) and the purchase of the 25% interest under the Purchase
Agreement (US$350,000) and for general working capital purposes.


The A-2-92 Licence area is approximately 224,000 hectares in the South Peten
Basin in central Guatemala. It is Limestone rich in organic carbon as well as
Jurassic aged sediment. It has had seismic work and one exploration oil well
drilled. That well was on production, producing approximately 150,000 BOE (Oil
API is approximately 32) on the San Diego Structure. The foregoing production
figure is derived from production reports and tests provided from the farmor
under the Farmout Agreement. The well was last produced in July 1988. Political
unrest in the region prompted the shut-in of the well and a cessation of all
development activities. There are roads and pipe lines through the Licence area.


It is expected that upon completion of this transaction, Mr. James Rundell,
current President and Chief Operating Officer of Coban, will be appointed as
Chief Operating Officer of Troy. Mr. Rundell brings over 30 years of experience
working in the oil and gas industry in Canada, Russia and the USA, including
having served as a Director and President of a public oil and gas company. 


The Corporation will be filing materials with the TSX Venture Exchange (the
"TSX-V") requesting reactivation as a Tier 2 Oil & Gas Issuer on the TSX-V.
Completion of this transaction is subject to a number of conditions, including,
but not limited to: satisfaction of the tier maintenance requirements of the
TSX-V; TSX-V approval of the reactivation of the Corporation as a Tier 2 Oil &
Gas Issuer; receipt of all required third party consents; completion of the
Financing; a satisfactory due diligence review by Troy; receipt of a report
completed in accordance with National Instrument 51-101 - Standards of
Disclosure for Oil and Gas Activities ("NI 51-101"); receipt of a title opinion
in respect of the License and the License Lands; confirmation from the
Government of Guatemala regarding the reinstatement of the License; and the
approval of the board of directors of both Troy and Coban. The proposed
transaction is not a "non-arm's length transaction" and, as such, shareholder
approval is not required. 


It is expected that trading in the Corporation's common shares will remain
halted until such time as the TSX-V has had an opportunity to review the
following items: (i) a copy of the Reactivation Agreement; (ii) Personal
Information Forms for any new Insiders; and (iii) a geological report prepared
in accordance with NI 51-101.


Further announcements will be made once the terms of the Financing are
established and upon completion and filing of the technical report prepared in
accordance with NI 51-101.


Forward Looking Statements

Except for statements of historical fact relating to the Corporation, certain
information contained herein constitutes forward-looking statements.
Forward-looking statements are based on the opinions and estimates of management
at the date the statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or results to
differ materially from those projected in the forward-looking statements. The
Corporation undertakes no obligation to update forward-looking statements if
circumstances or management's estimates or opinions should change. The reader is
cautioned not to place undue reliance on forward-looking statements.


BOEs may be misleading, particularly if used in isolation. A BOE conversion
ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead. This conversion factor is an industry accepted norm
and is not based on either energy content or current prices.


FOR FURTHER INFORMATION, PLEASE CONTACT:

James Owen, Troy Energy Corp.
President and Chief Executive Officer
Phone: (604) 684-9201
Fax: (604) 684-9877 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of the release.
Troy Energy (TSXV:TEG.H)
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