Toreador Spuds First Well in Trinidad

Toreador Resources through its affiliate, Trinidad Exploration and Development, Ltd., has spudded the first of two high-potential onshore exploration wells on Trinidad's Southwest Peninsula Block. It is estimated that the primary and secondary objectives on both prospects could have combined gross potential reserves of approximately 70-90 million barrels of oil. Toreador's operations in Trinidad are conducted through its 16.33% shareholding in TED.

Toreador anticipates the well, Rapso-1, should reach a projected total depth of 8,600 feet in approximately six weeks and will be followed soon thereafter by the drilling of the Calypso-1 well, located about two miles to the east-southeast of Rapso. It is estimated Calypso's proposed total depth of 9,500 feet will be reached seven weeks from spud date. Both wells are expected to test sands in the Tertiary Morne L'Enfer, Forest and Cruse formations.

Two additional well locations are being evaluated in the Erin Bay area of the Southwest Peninsula Block. If the analysis is favorable, drilling of these two offshore wells would be anticipated during the fourth quarter of 2002 or early 2003.

The Southwest Peninsula Block comprises 45,000 acres onshore and offshore southwest Trinidad. Current drilling operations are based on interpretation of a 150-square-kilometer 3D seismic survey acquired in 2001 over the Southwest Peninsula permit area.