Toreador Resources Corp.

Transaction Type
Sellers
Marketers
Basin
South Akcakoca Sub-Basin
Post Date
Estimated Price
0MM
Description

Toreador Resources Corp., Paris, (Nasdaq: TRGL) has retained Stellar Energy Advisors to sell certain interests in the South Akcakoca Sub-Basin in Turkey. The assets include a 10% interest in the basin in addition to onshore production, 2.916 million net acres of exploration licenses currently held, and 1.085 million net acres pending approvals. Toreador is currently selling a 26.75% interest in the basin to Petrol Ofisis for US$55 million. The non-core asset sales are part of a strategic plan to turnaround the company, according to Toreador chief executive Craig McKenzie. "Toreador is conducting the sale of noncore assets. Proceeds will be used to pay down debt. Our 2009 capital program has been cut to cover minimum commitments while the sale processes move forward and we more fully assess the growth potential of our assets in France and Hungary." Contact Dave Fassom, 44-0-20-7493-1977.