Toreador announced an increase to the Company's reserves estimates in France and provided an operations update on the La Garenne conventional exploration well.
2009 Reserves Estimates
The December 31, 2009 1P (proved) reserves estimate of 5.8 mmbbl represents a 27% increase over the December 31, 2008 SEC-reported reserves of 4.9 mmbbl after deducting total 2009 production of 328.4 mbbl, according to a GCA audit. Year over year, 2P (proved plus probable) reserves increased 8%, from 8.4 mmbbl to 9.1 mmbbl and 3P (proved plus probable plus possible) reserves increased 63% from 8.8 mmbbl to 14.3 mmbbl. The Company considers the increase of reserves is attributable to a better performance of the Company's main field, the Neocomian Complex, together with an increase in the oil price used to calculate the 2009 reserves estimates as compared to 2008.
For clarity, the unconventional Paris Basin shale oil resource play is in the planning stages and has not been reviewed; therefore, it is not accounted for the estimates above.
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