Still in the Works: Toreador Extends Discussions for Black Sea Asset Sale

Toreador and Petrol Ofisi jointly announced that, following discussions on Friday, January 9th, 2009 with regard to the previously announced proposed sale of Toreador’s Black Sea asset to Petrol Ofisi, both parties agreed to a deadline for further discussions of Monday, January 19th, 2009. There can be no assurance that any agreement will be reached on completing the sale.