Toreador Reports Significant Improvement in First Quarter 2006 Operating Results

-- Income available to common shares up 20% from first quarter of 2005

-- EBITDAX(1) up 92% from the same period last year

-- Total revenues up 53% from last year

($ millions, except where noted) Q1 Q1 CHANGE CHANGE
2006 2005 ($) (%)
------ ------ ------- -------
Revenue $9.8 $6.4 3.4 53%
Operating income 0.8 1.2 (0.4) -33%
EBITDAX(1) 4.8 2.5 2.3 92%
Income available to common shares 1.2 1.0 0.2 20%
Basic income per share ($/share) $0.08 $0.08 - 0%
Diluted income per share ($/share) $0.08 $0.08 - 0%
Production (MBOE) 176 149 27 18%

Toreador Resources Corporation (NASDAQ: TRGL) today announcedfinancial results for the first quarter of 2006.

For the first quarter of 2006, Toreador reported income availableto common shares of $1.2 million, or $0.08 per diluted share, comparedto $1.0 million in the first quarter of 2005, or $0.08 per dilutedshare. Diluted weighted average shares outstanding in the firstquarter of 2006 were 16.3 million, compared to 14.1 million dilutedweighted average shares outstanding in the first quarter of 2005.

Earnings before interest, taxes, depreciation, amortization andexploration expense (EBITDAX)(1) was $4.8 million in the three monthsended March 31, 2006 compared to $2.5 million for the same period lastyear. Total revenues for the three months ended March 31, 2006 were$9.8 million, compared to $6.4 million for the same period in 2005.

Operating income in the first quarter of 2006 was $0.8 million,compared to $1.2 million in the first quarter of 2005. A non-cash losscontingency of $1.5 million was recorded on an insurance receivablerelated to the previously announced re-drilling of two wells in theAyazli structure. This is a required reserve in the event that theinsurance carrier does not pay the full amount of claims. However,management believes the full amount will ultimately be recovered.

"Operating results for this quarter improved significantlycompared to last year," said G. Thomas Graves III, President and ChiefExecutive Officer of Toreador, "as we begin to see some positiveeffects from our planned production growth this year. During thequarter we had good success with the drill bit in Turkey and will soonbegin an exploration well in Hungary. During the course of the year wewill have active exploration programs in all of our core portfolioholdings while we simultaneously bring on new production from Romania,Hungary and Turkey. We are at the beginning of a period of fundamentalchange in our reserve base and production profile as we concentrate onexecuting our growth plans."

In the first quarter of 2006, Toreador's oil and gas productionwas approximately 176 thousand barrels of oil equivalent (MBOE)compared to 149 MBOE during the same period last year. The averagerealized price on a BOE basis in the first quarter of 2006 was $55.11per BOE compared to $42.59 per BOE in the first quarter of 2005. Theaverage realized price of oil in the first quarter of 2006 was $57.42per barrel compared to $43.49 per barrel in the first quarter of 2005.The average realized price of natural gas in the quarter ended March31, 2006 was $6.12 per thousand cubic feet (Mcf), compared to $6.17per Mcf for the same period last year.

OPERATIONAL UPDATE

Turkey

Offshore Turkey in the Black Sea, the Akkaya-2 development welltested 6.2 million cubic feet per day of dry gas through a 32/64"choke at a flowing wellhead pressure of 1,077 psi. The production testwas from two zones totaling approximately 16 meters (53 feet) out of21 meters (69 feet) of net pay in the well.

The Akkaya-3 development well encountered approximately 23 meters(75 feet) of net pay in 3 zones from 843 meters (2,166 feet) to 1,212meters (3,977 feet) true vertical depth, in line with expectations,and will be tested as soon as operations on the Akkaya-2 well arefinished. The Akkaya-3 was drilled to a bottom hole locationapproximately 1,150 meters (3, 774 feet) east of the Akkaya-1A well.

The Bayhanli-1 exploratory well was spudded during the second weekin April, and is expected to reach total depth in the next two tothree weeks. The well is testing a prospect to the east of the DoguAyazli structure located along the same thrust fault trend in theSouth Akcakoca Sub-basin project area.

CONFERENCE CALL

A conference call to discuss first quarter 2006 results andoperational activities will be held today at 8:30 am Central, 9:30 amEastern time.

Active participants who wish to ask questions during theconference call should dial toll free 866-272-9941 (international dial1-617-213-8895), passcode 27986478 approximately 10 minutes before thescheduled call time to access the call.

Those who wish to listen only 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), passcode50155785 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.

(1) Explanation and Reconciliation of Non-GAAP Financial Measures

Earnings before interest, taxes, depreciation, amortization andexploration expense (EBITDAX) is a non-GAAP measure presented becauseof its acceptance as an indicator of an oil and gas exploration andproduction company's ability to internally fund exploration anddevelopment activities and to service or incur additional debt.EBITDAX should not be considered in isolation or as a substitute foroperating income prepared in accordance with generally acceptedaccounting principles. Table 1 below reconciles EBITDAX with incomefrom continuing operations as derived from the company's financialinformation.
Table 1: Reconciliation of EBITDAX to Income from continuing
operations

Three months ended
March 31,
($ thousands) 2006 2005
-------------------
Income from continuing operations $1,284 $1,553

Income tax provision 377 62
Interest expense 1,265 (69)
Interest and other income (940) (245)
Foreign currency exchange gains (630) (13)
Gain on sale of assets (471) -
Equity in earnings of unconsolidated
subsidiaries (96) (89)
Depletion, depreciation and amortization 1,471 917
Exploration and acquisition cost 1,053 374
Loss contingency on insurance receivable 1,500 -
-------------------
EBITDAX $4,813 $2,490
===================

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,actual recoveries of insurance proceeds, the ability of Toreador toobtain additional capital, and other risks and uncertainties describedin the company's filings with the Securities and Exchange Commission.The historical results achieved by Toreador are not necessarilyindicative of its future prospects. The company undertakes noobligation to publicly update or revise any forward-lookingstatements, whether as a result of new information, future events orotherwise.
TOREADOR RESOURCES CORPORATION
(in thousands, except per share amounts)

Three Months Ended
March 31,
------------------
SELECTED FINANCIAL RESULTS 2006 2005
------------------

Oil and natural gas sales revenues $9,769 $6,414

Costs and expenses:
Lease operating 2,435 2,120
Exploration and acquisition 1,053 374
Depreciation, depletion, and amortization 1,471 917
Loss contingency on insurance receivable 1,500 -
General and administrative 2,521 1,804
------------------
Total costs and expenses 8,980 5,215
------------------
Operating income 789 1,199
Other income (expense):
Equity in earnings of unconsolided investments 96 89
Gain on sale of assets 471 -
Foreign currency gain 630 13
Interest and other income 940 245
Interest expense (1,265) 69
------------------
Total other income 872 416
Provision for income taxes 377 62
------------------
Income from continuing operations 1,284 1,553
Income from discontinued operations, net of tax - 10
------------------
Net income 1,284 1,563
Dividends on preferred shares 41 563
------------------
Income available to common shares $1,243 $1,000
==================

Basic earnings per share $0.08 $0.08
==================
Diluted earnings per share $0.08 $0.08
==================

Weighted average shares outstanding:
Basic 15,507 12,801
Diluted 16,338 14,142

SELECTED OPERATING RESULTS
Production
Oil production (MBbl) 156 128
Natural gas production (MMcf) 118 125
Equivalent production (MBOE) 176 149

Prices
Average oil price per Bbl $57.42 $43.49
Average natural gas price per Mcf 6.12 6.17
Average equivalent price per BOE 55.11 42.59

March 31, December 31,
2006 2005
------------------
SELECTED BALANCE SHEET INFORMATION
Cash and cash equivalents $78,264 $92,507
Total assets 265,165 263,180
Long-term liabilities 104,278 104,739
Stockholders' equity 136,787 134,244