Toreador Resources to Begin Production at Fauresti Field in Romania
Toreador Resources will begin producing natural gas on June 30 in Romania from its Fauresti Field rehabilitation project at an expected rate, based on extensive pre-production testing, of approximately 6 million cubic feet of gas and 30 barrels of condensate per day. The initial production is from five wells that were re-entered in late 2005 and early 2006 and re-completed as natural gas producers.
The Fauresti Field was discovered in 1970 and has produced an aggregate volume of 7.6 million barrels of oil and 46 billion cubic feet of natural gas. Toreador was awarded the rehabilitation permit in late 2003 and began its re-entry program in late 2005. The company has three more wells to re-enter to complete its eleven well program. Of the eight wells re-entered to date five have been re-completed as gas producers and one as an injection well. New field wells may be added at a later date.
The company also announced the results from its initial exploration program on the Viperesti permit which is located in the foothills of the Carpathian Mountains in the southeast part of the country. Geological and reprocessing and reinterpretation of primarily 1992 vintage geophysical data has enabled the company's technical team, based in both Dallas and Bucharest to delineate ten prospects in the multiple producing trends that are present in the area. After reviewing analogous production on adjacent permits, the company estimates that the prospects identified thus far have a the potential for recoverable reserves ranging from 12 to 105 MMBOE each. Toreador has previously announced a capital budget for 2006 that provided funds for three exploratory wells on this permit in the second half of the year. The first of these exploratory wells will be spudded in September of this year. Toreador is operator and owns 100% of the Viperesti permit.
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