Regulatory News:
Toreador Resources Corporation (NASDAQ: TRGL) (Paris: TOR) today
announced the following operational update:
Toreador confirmed that final preparations are underway to implement a
comprehensive "proof of concept” drilling program that targets the Paris
Basin Liassic resource play. Toreador reaffirmed the details as follows:
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Preparations for Phase 1 began last summer and the mobilization of the
drilling rig is expected within weeks. Construction of the first
drilling pad is resuming a normal pace after enduring poor weather
conditions in December and January. The Eurorig class land-drilling
rig, the KCA Deutag T-208, will be used for the entire program and is
in compliance with the latest European regulations. Site and drilling
operations will be carried out under the supervision of Toreador’s
partner, Hess Oil France SAS.
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The initial two wells will be drilled during the first and second
quarters of 2011 to total depths of approximately 3,000 meters. The
wells will be drilled vertically to acquire new data via conventional
cores and electric wireline logs. The first well will be drilled in
close proximity to a previous well, which encountered two layers
within the Liassic shale section and flowed oil. The Liassic section
in each well is expected to be encountered at an approximate depth of
2,300 meters.
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Plans for Phase 1 wells three through six will be finalized in the
second quarter 2011 and will be drilled over the balance of the year.
Concession Renewals
As discussed in Toreador’s operational update issued on January 3, 2011,
Toreador is still awaiting the execution and publication of the decrees
relating to the renewal of the Châteaurenard Concession and of the
Saint-Firmin-des-Bois Concession. On the basis of the prior information
provided by French authorities Toreador continues to believe that the
concessions will be renewed retroactively to January 1, 2011, and
continue to operate on such concessions.
The renewal of these conventional oil concessions is not related in any
way to Toreador's exploration permits, on which Hess and Toreador agreed
to carry out shale exploration work under the investment agreement dated
May 10, 2010.
ABOUT TOREADOR
Toreador Resources Corporation is an independent international energy
company engaged in the acquisition, development, exploration and
production of natural gas and crude oil. The company holds interests in
developed and undeveloped oil properties in France. The company’s
website, www.toreador.net,
provides more information about Toreador.
Safe-Harbor Statement – Except for the
historical information contained herein, the matters set forth in this
news release are "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended. Toreador intends
that all such statements be subject to the "safe-harbor" provisions of
those Acts. Many important risks, factors and conditions may cause
Toreador's actual results to differ materially from those discussed in
any such forward-looking statement. These risks include, but are not
limited to, estimates of reserves, estimates of production, future
commodity prices, exchange rates, interest rates, geological and
political risks, drilling risks, product demand, transportation
restrictions, actual recoveries of insurance proceeds, the ability of
Toreador to obtain additional capital, and other risks and uncertainties
described in the company's filings with the Securities and Exchange
Commission. The historical results achieved by Toreador are not
necessarily indicative of its future prospects. The company undertakes
no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.
