Toreador Resources Corporation today announced the following corporate update:
Recent Developments in France
France’s Ministry of Environment and Ministry of Energy recently announced their intention to conduct a study on the economical, social and environmental stakes relating to the development of shale gas and shale oil in France. A preliminary report is expected in April 2011 with a final report in June 2011. Toreador has not been notified of any impact this study might have on its unconventional oil exploration, but is monitoring developments and will provide any technical or scientific information it has on the Paris Basin shale oil resource to assist the French government with its study. Toreador and its partner, Hess Oil France SAS, are in discussions with the French government concerning the partnership’s previously announced drilling program in the Paris Basin. The company noted that it has drilled 37 oil wells (including 7 horizontal wells) in the Paris Basin over the last 16 years in full compliance with French legislation, in full respect of the environment, and has longstanding relations with national, regional, and local authorities.
Gaffney Cline & Associates (“GCA”) carried out an audit of the Company’s reserves as of December 31, 2010. This audit was carried out in accordance with United States Securities and Exchange Commission (“SEC”) Rule 4-10 of Regulation S-X under the Securities Exchange Act of 1934, with due regards for the amendments to that Rule, which were introduced in 2009 for reserves reporting effective throughout 2010. Notwithstanding the 2010 total production of approximately 320,000 barrels of oil, Toreador considers that its 2P reserves remain essentially flat year-on-year with 2009.
The decrees relating to the renewal of the Châteaurenard concession and of the Saint-Firmin-des-Bois concession, which together account for nearly all of Toreador’s existing oil reserves, received final French government approvals on February 1, 2011, and were published in the French Journal Officiel on February 3, 2011. The renewals extend the expiry date of both concessions to January 1, 2036.
Craig McKenzie, President and Chief Executive Officer, said, “Toreador has a longstanding history in France and has been one of the most active operators in the Paris Basin. We are deeply committed to operating in a manner that is sensitive of the environment and promotes economic development of local communities, including job creation, where we operate. All of our oil operations over the last sixteen years have been in accordance with French regulations, and we will continue to conduct our operations responsibly with full respect for the environment. Furthermore, we have no gas operations or shale gas projects. Toreador will be pleased to provide any technical or scientific information that the French government may request to safely develop a potential new oil resource that will bring economic benefits to France.”
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