Toreador Closes Transaction with Tiway Oil

Toreador Resources has completed its sale of Toreador Turkey Ltd. to Tiway Oil, a private Norwegian energy company, as announced on October 1, 2009, for a total consideration of US $10.6 million paid at closing plus exploration success payments of up to $40 million plus contingent future net profit payments. The transaction results in a financial gain of approximately $21.2 million, which will be recorded in the third quarter of 2009.