Toreador has agreed to revised terms for the sale to Petrol Ofisi of a 26.75% interest in the South Akcakoca Sub-Basin project and associated licenses (“SASB”) located in the Black Sea offshore Turkey in the amount of US $55 million. Following the closing, which is expected before the end of March 2009, Toreador will retain a 10% interest in the SASB.
Mr. Craig McKenzie, interim CEO of Toreador, said, "As we will lay out in more detail in the coming weeks, we are taking actions to recapitalize the company in the very near-term and focus our operations on our core areas of France and Hungary. We are pressing forward in Turkey where the revised agreement with Petrol Ofisi and pending closing of that deal will be an important milestone in the restructuring of the corporation for the improved benefit of our shareholders."
The assignment of interest has already been approved by the Ministry of Energy and Natural Resources of Turkey, and Toreador is currently seeking a waiver of pre-emptive rights held by its partners in the SASB.
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