Toreador Resources announced that the Ministry of Ecology, Energy, Sustainable Development and the Sea in France has granted first-stage approval to the transfer by Toreador to Hess of 50% of Toreador's working interests in its wholly owned and non-wholly owned exploration permits in the Paris Basin, France. An application for the grant to Hess of title in the permits is expected to be filed with the government shortly.
As previously announced, Toreador and Hess signed a definitive agreement on May 10, 2010, under which Hess may become co-holder of Toreador's exploration permits in the Paris Basin, which represent approximately 1 million gross acres (of which 680,000 acres awarded and 360,000 acres pending).
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