Toreador Raises $45M in Private Placement

Toreador Resources Corp. announced the closing on March 23 of the $45-million private placement of equity previously referenced in the a company announcement dated March 22. In the transaction, the company issued 2,710,843 shares of common stock to four institutional investors, providing the company with $45 million of gross proceeds at closing. The company also granted the investors options to purchase an additional $8.1 million aggregate amount of common stock within the next 30-day period. Net proceeds from the placement will be used to help fund the company's 2007 exploration and development activities. Merrill Lynch & Co. acted as exclusive placement agent for the transaction.

The common stock offered in the private placement and the common stock to be issued pursuant to any exercise of the 30 day purchase options have not been registered under the Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from the registration requirements. Toreador has agreed to file a registration statement within 60 days of closing and use its best efforts to have the registration statement declared effective within 150 days of closing to allow the resale of the shares of common stock issued and issuable upon any exercise of the 30 day purchase options.

Toreador Resources Corporation is an independent international energy company engaged in the acquisition, development, exploration and production of natural gas, crude oil and other income-producing minerals. The company holds interests in developed and undeveloped oil and gas properties in France, Turkey, Romania and Hungary.