Toreador lays plans for more Black Sea drilling

Toreador Resources Corp. has completed drilling and logging operations on the Ayazli No. 3 well in the South Akcakoca sub-basin in the Black Sea.

Toreador Resources Corp. has completed drilling and logging operations on the Ayazli No. 3 well in the South Akcakoca sub-basin in the Black Sea.

The well was drilled to a measured depth of 1,335 m, with gas shows indicated on the mud log over multiple intervals between 725 m and 1,070 m. Logs indicate gas potential in six intervals. Ayazli No. 3 was directionally drilled to a bottom hole location 1,100 m southwest of Ayazli No. 1.

Preparations are now underway for drilling operations on the Ayazli No. 2 well, which will be directionally drilled from the same surface location. When Ayazli No. 2 is complete, both the No. 2 and No. 3 wells will be tested in sequence. Based on the current drilling schedule, testing should begin in late July.

Toreador and partners TPAO and Stratic Energy Corp. agreed to exercise their option with their drilling contractor to drill five additional wells immediately following work on Ayazli No. 1 and No. 2. The partners anticipate that an aggregate of eight wells will be drilled with the Romanian-owned jackup rigPrometheus in the South Akcakoca sub-basin project this year.

Additional wells could be drilled if the partnership is successful in its negotiations for a second rig that would be able to begin work in the area during 2005.

Toreador operates the Western Black Sea permit area and owns 36.75% working interest. TPAO owns 51% interest in the project, and Stratic owns a 12.25%.

07/06/05

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