Toreador has been notified by Petrol Ofisi, the buyer of its 26.75% interest in the South Akcakoca Sub-basin project, that they believe that certain material adverse changes have occurred under the assignment agreement and that, therefore, a condition precedent to the closing of the transaction has not been fulfilled. They have also requested mutual discussions for resolution of the issues at a meeting to be held on January 9, 2009.
Toreador has notified them that their claims are unwarranted and not valid, but has agreed to the meeting to address each of their concerns, to provide support for Toreador's position and to seek resolution.
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