Toreador announced that on February 6, 2009, it successfully spudded the Balotaszallas-E-1 ("THL Ba-E-1") well, which is located in the Tompa Block in Hungary. The THL Ba-E-1 well, in which Toreador holds a 25% working interest, is planned to be drilled to a total vertical depth of approximately 12,500 feet and is expected to take approximately 90 days to drill. Toreador is the operator of the Tompa Block.
Craig McKenzie, interim CEO of Toreador, said, "I am pleased to report that we have begun our exploration program in Hungary, which is a core area of focus outside of France. Given we will drill this well with no cash outlay, it is consistent with our strategy to continue pursuing significant growth opportunities for the Company without adversely affecting our balance sheet."
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