Toreador Resources closes $45 million asset sale - January 18, 2004

Providing coverage of Alaska and northern Canada's oil and gas industryJanuary 2004

Vol. 9, No. 3

Week of January 18, 2004

Toreador Resources closes $45 million asset sale

Petroleum News

Toreador Resources Corp. has closed the sale of its U.S. mineral and royalty assets for $45 million. The company is now focusing on its international holdings, notably in France, Turkey and Romania.

The new owner is Black Stone Acquisitions Partners I L.P. of Houston. The properties include about 2.6 million gross acres (1.4 million net) along with various royalty interests in roughly 4,000 wells. The wells are scattered across nine states, with most of them in Alabama, California, Louisiana, Mississippi and Texas.

Toreador expects to record a pretax gain on the sale of about $28 million. The Dallas-based Toreador still has some U.S. assets, mostly non-operated working interests in about 900 wells.

Black Stone is part of a group of partners that now hold interests in about 14,000 wells producing more than 2 million barrels of oil equivalent annually.

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