Toreador: Deck Installation Complete in South Akcakoca Sub-Basin Project

Akcakoca Sub-Basin
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Toreador Resources says that deck installation is complete and tie-back operations are underway on the third and final production platform in the first phase of development in the South Akcakoca Sub-basin (SASB) project. Toreador also provides an update on the proved, probable and possible reserves in the SASB project and identified additional exploration potential in the project area as well as in areas to the east of the SASB. In the SASB project area, LaRoche Petroleum Consultants, Ltd. provided an update as of June 30, 2007 to the estimate of proved, probable and possible natural gas reserves as well as exploration potential in the SASB and other areas immediately to the east. The 2007 estimates include reserves attributable to the thirteen successful wells drilled in the SASB area from 2004 through the first half of 2007, and include updated exploration potential from the SASB area as well as blocks to the east in the joint venture's exploration permit area.

On a gross basis, proved reserves increased to 72 BCF in this year's study from the 46 BCF in last year's SASB study dated June 30, 2006. Probable reserves increased to 39 BCF from 14 BCF at mid-year 2006, and possible reserves increased to 25 BCF from the 6 BCF in last year's estimate. The total estimated proved, probable and possible reserves in the SASB increased to 136 BCF from 66 BCF in last year's study.

To Toreador's 36.75% interest, the 2007 study estimates proved reserves to be approximately 27 BCF, probable reserves to be approximately 14 BCF, and possible reserves to be 9 BCF. The total proved, probable and possible reserves to Toreador's interest add up to approximately 50 BCF.

Unrisked exploration potential in this year's study was calculated to be 692 BCF in the high case, the middle case estimated to be 381 BCF, and 174 BCF in the low end case. In last year's study, the exploration potential ranged from 432 BCF to 35 BCF with the middle case 127 BCF.

To Toreador's 36.75% interest, the 2007 high, middle and low estimates correspond to 254 BCF, 140 BCF and 64 BCF, respectively. The corresponding 2006 estimates were 159 BCF, 47 BCF and 13 BCF, respectively.

LaRoche arrived at these estimates using the results from thirteen successful wells and two dry holes drilled since September 2004, as well as data from 2D and 3D seismic surveys conducted in the South Akcakoca Sub-basin and the two sub-basins immediately to the east, designated by Toreador as the Alapli Sub-basin and the Eregli Sub-basin.

The "Proved," "Probable," and "Possible" categories were calculated using standard methodologies for U.S. reserves reporting. In the "Unrisked Exploration Potential" category, prospects that exhibit similar seismic anomalies that have characterized the reserves discovered so far were considered to be gas-bearing. The estimates of unrisked exploration potential reserves were derived by statistical modeling of reservoir extent and thickness, affected by the reservoir depth. Other prospect characteristics were assumed to be consistent with the results from drilling in the SASB area. The potential reserves calculated using this method were not risk adjusted for the probability of success.

Toreador has a 36.75% interest in the SASB project. TPAO (the Turkish national oil company) has a 51% interest and is the operator. The remaining 12.25% is held by Stratic Energy.

Ayazli deck successfully lifted onto tripod; installation and tie-back operations underway

In the Ayazli Field, the production deck was successfully lifted onto the previously installed tripod and is currently being secured. Installation and tie-back operations are underway with the goal of bringing on production from the Ayazli-2A and -3A wells in October. When the Ayazli platform is brought online, the operator will make adjustments to optimize production from all three platforms in the system with expected production to be approximately 50 MMCFD.

Table: Natural gas reserves estimates in Western Black Sea permit area
As of June 30, 2007
                                       Reserves Estimates (Bcf)
Reserves Category                 High Case    Middle Case   Low Case
   Proved                                 72             72         72
   Probable                               39             39         39
   Possible                               25             25         25
   Unrisked Exploration Potential        692            381        174
Total                                    828            517        310
   Toreador 36.75% Interest              304            190        114
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