2009-08-13-2009-04-01-2009-04-01

Acquired 26.75% interest in 36.75% interest in South Akcakoca sub-basin gas project in the Turkish Black Sea, gaining 14.5 MMcfg/d.

Privately held, Istanbul, Turkey-based Petrol Ofisi has closed its acquisition of a 26.75% interest in the 36.75% interest in the South Akcakoca sub-basin gas project in the Black Sea held by Toreador Resources Corp., Dallas, (Nasdaq: TRGL) for US$55 million. The assets include the South Akcakoca project and eight contiguous exploration blocks in the Turkish Black Sea. Production as of the third quarter was approximately 14.5 million cubic feet of gas per day. Toreador will retain a 10% working interest in the joint venture. Toreador chief executive Craig McKenzie says, "We are very pleased with the result of this transaction and in our ability to eliminate a significant portion of the company's debt. Going forward, we will continue to aggressively work to achieve our strategic priorities for 2009, which include divesting noncore assets, the continued reduction of debt, maintaining financial discipline and improving our core operations." Toreador will use the proceeds to pay debt.