Toreador Resources Updates Trinidad Drilling Activity

Trinidad Exploration and Development, Ltd., in which Toreador holds a 16.33% interest, is currently drilling the Rapso-1 well on Trinidad's Southwest Peninsula Block, testing the sands in the Tertiary Morne L'Enfer, Forest and Cruse formations. Originally planned to reach a total depth of 8,600 feet, the Rapso-1 well, which was spudded in mid-September, is being drilled to a total depth of 9,600 feet to fully test the Lower Cruse formation.

Rapso-1 is the first of two high-potential onshore exploration wells to be drilled by TED on the block.

The Rapso-1 well will be followed by the drilling of the Calypso-1 well in the fourth quarter of 2002. It is estimated Calypso's proposed total depth of 9,500 feet will be reached seven weeks from spud date. The Calypso-1 well will test the same prospective sections as the Rapso-1.

In addition, offshore well locations are being evaluated in the Erin Bay area of the Southwest Peninsula Block. If the analysis is favorable, drilling is anticipated to commence either during the fourth quarter of 2002 or early 2003.

The Southwest Peninsula Block comprises 45,000 acres onshore and offshore southwest Trinidad. Current drilling operations are based on interpretation of a 150-square-kilometer 3D seismic survey acquired in 2001 over the Southwest Peninsula permit area. TED is operator of the license area and holds a 72.5% working interest in the block, with the remaining 27.5% interest held by the Petroleum Company of Trinidad & Tobago Ltd., the Trinidadian national oil company.


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