Toreador to Issue $7.5 Million of Convertible Notes

Toreador Resources Corporation (Nasdaq:TRGL)(TSX:TRX) has entered into an agreement with certain institutional investors for a private offering of $7.5 million aggregate principal amount of Convertible Subordinated Notes due June 30, 2009. The agreement was executed on July 20, 2004, and it is anticipated that the sale will close today.

The notes will bear interest at the rate of 7.85% per annum. They will be convertible into shares of Toreador common stock at a conversion price of $8.20 per share of common stock. On July 20, 2004, the reported closing price per share of Toreador common stock on NASDAQ was $7.36.

Toreador intends to use the net proceeds of the offering to accelerate its oil development program in France's Paris Basin and for general corporate purposes. The company plans to issue an operational update and details of its proposed capital expenditure program for the remainder of 2004 following the release in August of its second-quarter 2004 financial results.

The notes and the shares of common stock issuable upon conversion of the notes have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy any of the notes or the shares of common stock issuable upon conversion of the notes, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. This news release is being issued pursuant to Rule 135c under the Securities Act.
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