Toreador's Calgan-2 Well Encounters Oil Shows

Toreador Resources and its partner Stratic Energy Corporation report that the Calgan-2 exploratory well in south central Turkey has encountered oil shows. Additional work on the well is being suspended for technical reasons until early 2005. Toreador plans to resume operations on the Calgan-2 well after conducting a thorough analysis of the technical data. The company is studying alternatives to determine the most effective methodology to further test the reservoir's potential.

Electric logging, conducted after the well reached a total depth of 3,881 feet, along with cores and samples, indicated the presence of oil in the well's primary objective, the Karabogaz limestone formation. Spudded November 10, the Calgan-2 well was drilled at a cost of less than $1.0 million. Toreador is operator and holds a 75% working interest in Calgan-2. Stratic has a 25% working interest in the well.
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