Toreador Increases 2004 Capital Spending Budget, Updates Operational Activities; Management Makes Presentation at IPAA Oil & Gas Investment Symposium April 21

Business Wire,  April 19, 2004  

• E-mail
• Print
• Link

Toreador plans to drill three to five exploratory wells on its 183,000-acre Courtenay permit. The company's initial geological and geophysical analysis indicates the Neocomian producing trend continues onto this permit. Several wells drilled on the permit by other operators in the 1970s and 1980s tested oil in the Cretaceous and Jurassic formations. Toreador operates and is 100% owner of the Courtenay permit.

In addition, Toreador has a 100% interest in the Aufferville and Nemours permits for an initial four-year exploration period. The company anticipates drilling in these areas in 2005.

Romania

Toreador plans to begin rehabilitation work on the 1,325-acre Fauresti Block with the re-entry of four to eight wells during the second half of 2004. The block is productive from the Dogger formation at depths of about 8,000 feet. The Fauresti Field license produced approximately 15.5 million barrels of oil equivalent before the government oil company suspended operations in 1999. The company also plans to reprocess seismic information on the Fauresti Block and acquire and evaluate geological and geophysical data on the Viperesti and Moinesti blocks.

Toreador is 100% owner and operator of these Romanian concessions.

United States

Toreador has acquired a 10% working interest in a Hosston sands prospect in southern Mississippi. The first exploratory well on the prospect, which is expected to be spudded during the second half of 2004, will target the Hosston sands at a depth of about 14,500 feet. The prospect's reserve potential is 12-16 billion cubic feet of natural gas to the company's interest. Toreador's investment in the prospect is indicative of its strategy to participate in select domestic exploratory wells and pursue nonoperated working-interest acquisition opportunities.

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 and gas properties in France, Romania, Turkey and Trinidad, West Indies. In the United States, Toreador owns working interests primarily in five states. More information about Toreador may be found at the company's web site, www.toreador.net.

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. The company intends that all such statements be subject to the "safe-harbor" provisions of those Acts. Many important risks, factors and conditions may cause the company'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, 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 (SEC). The historical results achieved by the company 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.