Toreador Reports Quarterly, Full-year Financials

Toreador Resources Corporation announced its unaudited fourth quarter and full year 2009 financial results.

  • Total revenue for 2009 was $19.2 million; total costs and expenses were $35.4 million.
  • Loss from discontinued operations was $10.1 million; net loss available to common shares was $25.4 million.
  • Production for year was 328 mboe.
  • Capital expenditures for 2009 totaled $7.1 million.
  • Year-end cash and cash equivalents balance was $8.7 million.
  • Repurchase of $25.7 million of our 5.00% Convertible Senior Notes for $21.3 million.
  • A current ratio of 0.34 to 1; debt to equity ratio of 8.90 to 1.
  • Process to identify a partner for unconventional assets progressing.

Craig McKenzie, President and CEO of Toreador, said, "Toreador's fourth quarter and full-year financial results reflect a turn-around year for the company. A year ago we undertook a set of governance, financial, and operational initiatives to improve performance for the benefit of our shareholders. Today I am pleased to report that we have a much-improved balance sheet where our debt has been reduced to a sustainable level, a streamlined operating and cost structure, and an asset portfolio that is singularly focused on oil exploration and production in France. The French assets include a stable, low-decline conventional base, which had a 27% increase in 1P reserves after deducting 2009 production and has further growth potential that we intend to pursue in 2010. We believe the unconventional shale oil potential in the Paris Basin is a growth opportunity for the company. With our acreage holding of 750,000 acres, applications for additional acreage pending, and a partnering process that is progressing, we believe we are on track to drill in the second half of this year to commence the proof of concept phase for this resource."