2009-10-28-2009-10-01

To buy subsidiary with 38 exploration permits in Turkey, gaining 1.58 MMBOE proved.

Tiway Oil AS has acquired subsidiary Toreador Turkey Ltd. from Toreador Resources Corp., Paris, (Nasdaq: TRGL) for US$10.6 million. Private Norway-based Toreador Turkey's assets include 22 oil and gas wells in 38 exploration permits covering 3.96 million gross acres (2.66 million net) in seven petroleum districts. Net production as of year-end 2008 was 992 barrels of oil equivalent per day. Proved reserves as of year-end 2008 were 1.58 million barrels of oil equivalent. Toreador plans to focus on its core French assets. Toreador reports exploration success payments dependent upon certain future commercial discoveries as provided in the agreement, up to a maximum aggregate consideration of US$40 million; and quarterly 10% pre-tax net profit interest payments if a field goes into production that was discovered by an exploration well drilled within four years of closing on certain of the licenses then still held by Tiway. Toreador plans to focus on its core French assets. Together with the sale of its Hungarian assets for US$5.8 million, the deals result in Toreador gaining approximately $21.2 million, which will be recorded in the third quarter. The deal closed Oct. 7. King & Spalding was legal advisor to Tiway.