Toreador Prices Public Offering

Toreador has priced an underwritten public offering of 3 million shares of common stock at a public offering price of $8.50 per share. The offering is expected to close on February 12, 2010, subject to customary closing conditions.

The net proceeds to Toreador from the offering will be approximately $23.5 million, after deducting underwriting discounts, commissions and estimated offering expenses. Toreador intends to use the net proceeds, together with cash on hand, to satisfy payment obligations arising from the holders’ exercise, if any, of their right on October 1, 2010 to require the Company to repurchase its 5.00% Convertible Senior Notes due 2025 and for general corporate purposes, which may include working capital, capital expenditures and acquisitions.