Toreador Resources sells South Akcakoca interest

Toreador Resources has completed the sale of a 26.75% interest in the South Akcakoca sub-basin project and associated licenses in the Black Sea to Petrol Ofisi for $55 million.

Offshore staff

DALLAS -- Toreador Resources has completed the sale of a 26.75% interest in the South Akcakoca sub-basin project and associated licenses in the Black Sea to Petrol Ofisi for $55 million.

"We are very pleased with the result of this transaction and in our ability to eliminate a significant portion of the Company's debt," says Craig McKenzie, Toreador CEO. "Going forward, we will continue to aggressively work to achieve our strategic priorities for 2009, which include divesting non-core assets, the continued reduction of debt, maintaining financial discipline, and improving our core operations. Through these proactive steps, we are repositioning Toreador to deliver enhanced value for all shareholders."

03/03/2009

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