Regulatory News:
Toreador Resources Corporation (NASDAQ:TRGL) (Paris:TOR) today commented
on the recent French law, voted on June 30, 2011, banning the use of
hydraulic fracturing for oil and gas extraction.
Craig McKenzie, President and CEO of Toreador, said, "As a longstanding
operator in France, we have demonstrated our expertise and ability to
conduct our Paris Basin operations in full respect of the environment
and local residents where we operate. Notwithstanding the new law, we
believe the oil resource potential of the Paris Basin can create jobs,
provide local economic development, generate substantial revenues for
the State and benefit all stakeholders. We reaffirm our commitment to
define and develop this basin to reach its potential for all
stakeholders, in compliance with French legislation and through
cooperation with French authorities."
Added McKenzie, " It is important to note that our plan to evaluate our
exploration licenses does not call for hydraulic fracturing. We will not
conduct hydraulic fracturing operations within any of our permit areas.
We will make full disclosures and representations to the French
regulatory authorities as may be required”.
Concluded McKenzie, "As we recently outlined at our annual shareholder’s
meeting, the company has been able to significantly advance its
assessment of traditional exploration and development opportunities
across its entire Paris Basin portfolio. It is our goal to bring these
plans forward and to take the operational and strategic steps to create
long-term value for our shareholders.”
ABOUT TOREADOR
Toreador Resources Corporation is an independent international energy
company engaged in the acquisition, development, exploration and
production of crude oil. The company holds interests in developed and
undeveloped oil properties in France. More information about Toreador
may be found at the company's web site, http://www.toreador.net.
