Toreador to Participate in Romanian Licensing Round

Toreador may expand its Romanian acreage holdings later this year in a bid round for 37 blocks offered by the government for future development, including secondary recovery. The company is analyzing the blocks' potential and, depending on its findings, could participate in the bid round to be held during the second half of 2003. It is anticipated the Romanian government will award blocks by year-end.

In early 2003 the Romanian government awarded Toreador the 324,000-acre Viperesti Block in exchange for a staged work commitment. Toreador is 100% owner and operator of the block. During a five-year exploration period, Toreador plans to acquire and assimilate geological and geophysical data, analyze seismic information and re-enter one of several previously drilled wells on the block. Subsequently, Toreador could drill one or more exploration wells.