PARIS - (Business Wire) Toreador Resources Corporation (NASDAQ:TRGL) today announced that it is undertaking a review of a full range of strategic alternatives available to the Company to enhance shareholder value. Toreador has formed a special board committee ("Strategic Committee"), led by Vice Chairman Julien Balkany, which includes five of the independent directors of the Company, to work with management to conduct the review. The Board of Directors has retained RBC Capital Markets as its financial advisor. RBC Capital Markets will assist the Strategic Committee to consider and evaluate a range of options during the months ahead, including, but not limited to, equity/debt offerings, a credit facility, substantial equity investments, and/or various corporate transactions. Toreador will also include as part of the effort a review of possible partnerships in the Paris Basin Oil Shale, the Company's primary growth platform.
There is no assurance that this process will result in any changes to the Company's current business plans or lead to any specific action or transaction. While the process is underway, the Company does not intend or expect to disclose any developments regarding the process until, if ever, a specific transaction is approved or the Board determines to terminate the process.
Craig McKenzie, President and CEO of Toreador, said, "Toreador has delivered positive and transformational change over the last nine months, reducing debt, lowering cost, and most recently exiting Turkey and Hungary to focus on the conventional exploration of our French acreage. We have also been extremely active in planning our ‘proof of concept’ phase for the unconventional exploitation of the Paris Basin Oil Shale. We welcome the assistance of RBC Capital Markets to advise the Company in unlocking the undervalued potential of the oil shale and in evaluating all options to enhance shareholder value."
ABOUT TOREADOR
Toreador Resources Corporation is an independent international energy company engaged in the acquisition, development, exploration and production of crude oil. The company holds interests in developed and undeveloped oil properties in France. More information about Toreador may be found at the company's web site, www.toreador.net.
ABOUT RBC CAPITAL MARKETS
RBC Capital Markets is the corporate and investment banking arm of RBC and is consistently ranked among the top 20 global investment banks. With over 3,000 employees, RBC Capital Markets is active globally in fixed income, foreign exchange, infrastructure finance, metals, mining and energy. Working with clients through operations in Asia and Australasia the UK and Europe and in every major North American city, RBC Capital Markets provides capital markets products and services from 75 offices in 15 countries. For more information, please visit www.rbccm.com.
Forward-Looking Statements
Except for the historical information contained herein, the matters set forth in this news release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Toreador intends that all such statements be subject to the "safe-harbor" provisions of those Acts. Many important risks, factors and conditions may cause Toreador's actual results to differ materially from those discussed in any such forward-looking statement. These risks include, but are not limited to, estimates of reserves, estimates of production, future commodity prices, exchange rates, interest rates, geological and political risks, drilling risks, product demand, transportation restrictions, actual recoveries of insurance proceeds, the ability of Toreador to obtain additional capital, and other risks and uncertainties described in the company's filings with the Securities and Exchange Commission. The historical results achieved by Toreador are not necessarily indicative of its future prospects. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Toreador Resources Corporation
Shirley Z. Anderson, 469-364-8531
sanderson@toreador.net
or
RBC Capital Markets
Chris Holmes, +44 20 7002 2789
chris.holmes@rbccm.com
