2009-10-28-2009-10-01-2009-09-30

Bought Hungary subsidiary with 1 exploration license, gaining 159,000 BOE proved.

Private Austrian energy company Rohöl-Aufsuchungs Aktiensgesellschaft (RAG) has acquired Toreador Hungary Ltd. from Toreador Resources Corp., Paris, (Nasdaq: TRGL)for US$5.8 million. RAG will also pay an additional US$2.9 million in post-transaction completions costs related to certain assets of Toreador Hungary. Toreador Hungary has one gas well in one exploration license covering 764,237 gross acres (126,764 net) in the Szolnok and Tompa blocks. Proved reserves as of year-end 2008 were 159,000 barrels of oil equivalent. This deal results in a net loss for Toreador of approximately US$3.7 million, which will be reflected on Toreador's balance sheet for the third quarter. Toreador president and chief executive Craig McKenzie says, "I am very pleased to announce these landmark transactions (including the sale of its Turkey assets) as a complete monetization of our Turkish and Hungarian assets. By exiting Turkey and Hungary, we have rationalized our asset portfolio, have reduced our capital exposure while preserving our ability to benefit from future success, and have strengthened our financial position to better reflect the company's renewed capabilities." The company plans to use the proceeds to further develop its French acreage and to plan its proof-of-concept phase for the unconventional exploitation of the Paris Basin oil shale.