Toreador Reports First-Quarter 2005 Results & Updates Operational Activities; Operating Income Increases by $1.8 Million vs. Year-Ago Quarter

Business Wire, May 12, 2005

Toreador is operator and holds a 36.75% working interest in this acreage.

Turkey -- Onshore

In the onshore Sinop area northeast of Ankara on the Black Sea coast, Toreador has begun the re-entry of the Boyabat-2 well. The company estimates this re-entry could identify 60-80 Bcf of potential natural gas reserves. If successful, Toreador expects to offset the re-entry with a development well during the second half of 2005. Toreador operates and holds a 100% working interest in six Sinop permits which cover approximately 720,000 acres.

Toreador has farmed out a 50% interest in its 844,000-acre Thrace Black Sea permit to HEMA Endustri A.S., ("HEMA") a major Turkish industrial company. HEMA will pay 100% of the first $1.5 million of the geophysical and exploration costs on this acreage in order to earn its 50% non-operated working interest. Toreador is operator and owns the remaining 50% working interest in this permit.

France

In the Charmottes Field in the Paris Basin, Toreador has set casing and production tubing on the Charmottes-110 horizontal well, the second of two back-to-back horizontal wells drilled in 2005, which encountered oil shows over 1,978 feet while drilling. On preliminary testing, the well flowed at a rate of 2,264 barrels of oil per day (BOPD) on a 3/4 inch choke. Further testing is now underway on the Charmottes-110 and -108 wells. Initial oil sales are expected to begin in July at a combined restricted rate of 600 BOPD utilizing temporary production facilities. An evaluation of the sustained production capacity for the two wells will be conducted prior to being connected to Toreador's recently expanded permanent production facilities.

Toreador has previously reported that an additional two to four horizontal wells could be drilled in the field. As a result of the success of the Charmottes-108 and -110 wells, construction is underway on a drilling pad located on the southeast flank of the field that will accommodate six wells. Initially, Toreador intends to drill at least one vertical well from the pad in the second half of 2005 to exploit reserves now classified as "probable" in the Donnmarie formation. The company plans to drill two new horizontal wells from the pad in late 2005.

During the second half of 2005, Toreador is slated to drill at least four exploratory wells on its 183,000-acre Courtenay permit. The company has completed a surface geochemical study that has provided supplemental geophysical and subsurface data enabling Toreador to identify four well locations. Toreador estimates the cost of each Courtenay well will be $250,000-300,000. The initial objective on the Courtenay permit will be the Neocomian formation that produces in the company's four field Neocomian Field Complex. These four fields have cumulatively produced over 30 million barrels of oil and are the longest sustained production in the Paris Basin. At a depth of approximately 1,800 to 2,000 feet, initial Neocomian production ranges from 150-200 BOPD. Per well proved reserves average 300,000 barrels of oil.