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."
