Toreador Receives Commitments for $25 Million Private Placement of Equity

Toreador Resources says that it has received written commitments from institutional investors for a private placement of approximately 806,450 shares of common stock, at a per share price equal to an approximate 9.4% discount to the per share closing price on the Nasdaq National Market System on Friday, September 9, 2005 (the pricing date). The shares are to be sold at a discount since the issuance of the shares will not be registered under the Securities Act of 1933, as amended (the "Securities Act"). The private placement is expected to close and fund on or about September 15, 2005. When all the commitments close, the gross proceeds are expected to be approximately $25 million. The net proceeds from the offering will be used for general corporate purposes, including funding a portion of the company's exploration and development activities during 2005.

The common stock offered and to be sold in the private placement has not been registered under the Securities Act or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from the registration requirements. Toreador has agreed to file a registration statement within 60 days of closing and use commercially reasonable efforts to have the registration statement declared effective within 120 days of closing to allow the resale of these shares of common stock.
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