19.10.2005 12:30:00
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Toreador Provides Operational Update and Sets Date for Third Quarter Earnings Release
Turkey
The operating committee of the South Akcakoca sub-basin projectmet in Ankara, Turkey on October 11 and confirmed their commitment toachieving first production in the sub-basin by the second half of2006. Accordingly, Toreador as operator recently secured an option onthe "Saturn" jack-up rig, a sister-ship to the "Prometheus." TheSaturn is expected to be available in December to begin work. ThePrometheus and Saturn will complete the initial drilling program inthe South Akcakoca sub-basin, including the re-drilling of theAyazli-2 and -3 wells, and will then be utilized to set productionplatforms in the sub-basin. Toreador also signed a letter of intent tocontract the "Southern Cross" semi-submersible rig, owned by AtwoodOceanics, to drill exploration wells in the Eregli sub-basin anddeepwater wells in the South Akcakoca sub-basin beginning in April,2006. The company expects to obtain approval to enter into the finaldrilling contracts at the operating committee meeting scheduled onNovember 9 in Dallas. Specific well locations for the drilling programwill also be determined at the committee meeting.
In the South Akcakoca sub-basin, the Prometheus jack-up rig hasbeen moved to the Cayazli-1 location, and is expected to begindrilling the well later this week. The well location issouth-southeast from the Akkaya-1 delineation well and approximatelythree kilometers from shore. It is expected that the well will becompleted in the second half of November.
Construction has begun on the pipeline tying in the onshore SouthAkcakoca sub-basin production facility to the Turkish natural gasdelivery infrastructure. Recent photos from the construction projecthave been posted on the Toreador website, www.toreador.net.
Onshore Turkey, Toreador has re-entered the Calgan-2 well thisweek to drill a lateral drain along the top of the Sayitepi formation.Toreador is the operator and has 100% interest in this well.
The Company announced that it has relinquished the Sinop permitsonshore Turkey, and has been awarded three exploration permitsoffshore in the eastern Black Sea totaling 357,062 gross acres, andone permit onshore in southeast Turkey totaling 95,879 gross acres.Toreador is operator and has 100% interest in the new permits.Following the relinquishment of the Sinop permits and acquisition ofthe four new permits, Toreador has approximately 2.6 million grossacres in Turkey and 2.0 million net acres.
Romania
In the Fauresti Field rehabilitation permit, Toreador hassuccessfully completed four out of five re-entry wells to date, andhas begun re-entry operations on the Fauresti-180, the sixth well inthe program. The latest well to be tested, the Fauresti-164, produced1.75 million cubic feet of gas per day, 20 barrels of condensate and20 barrels of water through a 32/64-inch choke. A modular productionfacility which has the capacity to process seven to eight millioncubic feet of gas per day is under construction and expected to becompleted by year end. There are a total of 12 re-entry wells plannedfor the Fauresti rehabilitation program, which will continue through2006.
France
In the Paris basin, the Charmottes-6D well, which is being drilledto exploit the Donnemarie formation, is expected to reach total depthearly next week. Based on prior wells drilled into this formation,production is expected to be approximately 250 barrels of oil per dayif the well is successful.
Remedial operations on the Charmottes-108 and -110 horizontalwells are expected to begin later this month and the wells areexpected to be back on production by mid-November. The remedialoperations have taken longer than expected due to the high demand foroilfield equipment and services in France over the past few months.
In the Nemours exploration permit, drilling operations on the LaTonnelle-1 exploration well are ongoing. Lundin Petroleum is theoperator and Toreador holds a 50% interest in the well.
Earnings Release and Conference Call
Toreador will release its third quarter 2005 earnings on Thursday,November 10, 2005, before the market opens. There will be a conferencecall the same day at 3:00 p.m. Central, 4:00 p.m. Eastern, to discussthird quarter results and current operations.
Active participants who wish to ask questions during theconference call should dial toll free 800-591-6945 (international dial1-617-614-4911), passcode 82002502 approximately 10 minutes before thescheduled call time to access the call.
Those who wish only to listen to the live audio webcast may accessthe webcast via Toreador's Internet home page at www.toreador.net byselecting the "Investor Relations" link on the home page and thenselecting the "Conference Calls" link.
Those unable to participate in the live call may hear arebroadcast for up to twelve months after the conference call atwww.toreador.net by selecting the "Investor Relations" link on thehome page and then selecting the "Conference Calls" link or may dialtoll-free 888-286-8010 (international dial 1-617-801-6888), passcode27505150 to listen to a replay of the call. Phone replays will beavailable for 14 days after the call.
About Toreador
Toreador Resources Corporation is an independent internationalenergy company engaged in the acquisition, development, explorationand production of natural gas, crude oil and other income-producingminerals. The company holds interests in developed and undeveloped oiland gas properties in France, Hungary, Romania, Turkey and Trinidad.In the United States, Toreador primarily owns working interests infive states. More information about Toreador may be found at thecompany's web site, www.toreador.net.
Safe-Harbor Statement -- Except for the historical informationcontained herein, the matters set forth in this news release are"forward-looking statements" within the meaning of Section 27A of theSecurities Act of 1933, as amended, and Section 21E of the SecuritiesExchange Act of 1934, as amended. Toreador intends that all suchstatements be subject to the "safe-harbor" provisions of those Acts.Many important risks, factors and conditions may cause Toreador'sactual results to differ materially from those discussed in any suchforward-looking statement. These risks include, but are not limitedto, estimates of reserves, estimates of production, future commodityprices, exchange rates, interest rates, geological and politicalrisks, drilling risks, product demand, transportation restrictions,the ability of Toreador to obtain additional capital, and other risksand uncertainties described in the company's filings with theSecurities and Exchange Commission. The historical results achieved byToreador are not necessarily indicative of its future prospects. Thecompany undertakes no obligation to publicly update or revise anyforward-looking statements, whether as a result of new information,future events or otherwise.
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