Toreador Third Quarter 2006 Earnings Double from Same Period Last Year

Business Wire, Nov 9, 2006

DALLAS -- Toreador Resources Corporation (NASDAQ:TRGL):

* Income available to common shares up 110% compared to third quarter of 2005

* Third quarter operating income up 93% from third quarter of 2005

* Akcakoca-3 well spudded offshore Turkey in the Black Sea

* First two Romanian exploration wells to begin drilling in next few days

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Toreador Resources Corporation (NASDAQ:TRGL) today announced financial results for the third quarter of 2006, and provided an operational update.

Third Quarter Results

For the third quarter of 2006, Toreador reported income available to common shares of $2.1 million, or $0.13 per diluted share, compared to $1.0 million in the third quarter of 2005, or $0.07 per diluted share. Diluted weighted average shares outstanding in the third quarter of 2006 were 16.7 million, compared to 15.5 million diluted weighted average shares outstanding in the third quarter of 2005.

Operating income in the third quarter of 2006 was $3.3 million, compared to $1.7 million in same period last year. Revenue increased to $10.7 million for the three months ended September 30, 2006 compared to $8.8 million for the same period last year.

Earnings before interest, taxes, depreciation, amortization and exploration expense (EBITDAX)(a) was $5.7 million in the three months ended September 30, 2006 compared to $5.3 million for the same period last year.

"We enjoyed another strong quarter of financial performance," said G. Thomas Graves III, President and Chief Executive Officer of Toreador, "as we prepared for a busy exploration and development schedule this fall and winter. Realized oil prices were excellent in Europe and we began to receive significant contributions from our Fauresti rehabilitation project in Romania. At the end of the third quarter this year, we had improved our production rate to approximately 2,600 BOE per day compared to approximately 1,700 BOE per day at the end of the third quarter last year."

Continued Graves, "Construction of the infrastructure for our project offshore Turkey is making good progress towards our goal of first production by the end of the year. The Southern Cross has begun drilling the Akcakoca-3 and we are preparing to drill our first exploration well in Romania in the next few days."

In the third quarter of 2006, Toreador's oil and natural gas production was approximately 194 thousand barrels of oil equivalent (MBOE) compared to 159 MBOE during the same period last year. The average realized price on a BOE basis in the third quarter of 2006 was $54.71 per BOE compared to $55.39 per BOE in the third quarter of 2005. The average realized price of oil in the third quarter of 2006 was $64.91 per barrel compared to $56.42 per barrel in the third quarter of 2005. The average realized price of natural gas in the quarter ended September 30, 2006 was $4.48 per thousand cubic feet (Mcf), compared to $8.20 per Mcf for the same period last year.

Nine Months Results

Financial results for the first nine months of 2006 include increases in operating income of 83%, EBITDAX(a) of 45%, and income available to common shares of 99% compared to the first nine months of 2005. Revenues increased 38% on production growth of 16% in the first nine months of 2006 compared to the same period in the prior year.

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For the first nine months of 2006, Toreador's oil and gas production was approximately 535 MBOE compared to 462 MBOE for the first nine months of 2005. The average realized price in the first nine months of 2006 was $57.05 per BOE compared to $48.21 per BOE for the first nine months of 2005. The average realized price of oil in the first nine months of 2006 was $62.38 compared to $49.20 for the same period a year ago. The average realized price of natural gas for the nine months ended September 30, 2006 was $5.31 per MCF compared to $7.04 per MCF for the nine months ended September 30, 2005.

Toreador agrees to settlement offer for portions of SASB project insurance claim; other claims to be vigorously pursued

Toreador as operator for the joint venture in the South Akcakoca Sub-Basin natural gas project has agreed to accept a settlement offer of $8.8 million for previously disclosed insurance claims related to weather-related construction losses. The offer reflects nearly all of the $9 million face value of the affected insurance policies. An additional $17.5 million in claims for replacement wells submitted to the insurance underwriting syndicate is still being vigorously pursued by the joint venture. Toreador has a 36.75% interest in the joint venture, and the company's share of the $8.8 million settlement is approximately $3.2 million.

December 31, 2005 Restatement

Due to the previously announced need to restate the audited consolidated financial statements for the twelve months ended December 31, 2005, we have not included selected balance sheet information for December 31, 2005 and September 30, 2006 in this release.

Operational Update

Construction activities continue progress offshore Turkey in the Black Sea