Black Stone Acquisition Partners I, L.P. Agrees to Buy Toreador Resources' U.S. Mineral and Royalty Assets for $45 Million.

Energy Editors/Business Editors

HOUSTON--(BUSINESS WIRE)--Dec. 19, 2003

Acquisition Adds Significant Reserves and Production

in Core Areas for Black Stone

Black Stone Acquisition Partners I, L.P (BSAPI) announces it has entered into an agreement to buy all of the U.S. producing and non-producing mineral and royalty assets of Toreador Resources Corporation (Nasdaq:TRGL)(TSX:TRX) and TORMIN Inc. for approximately $45 million effective Jan. 1, 2004.

The properties are located in nine states -- primarily in Mississippi, Texas, Alabama, California and Louisiana -- comprising approximately 2.6 million gross acres, or 1.4 million net acres, and include royalty and overriding royalty interests in approximately 4,000 wells with net daily production of approximately 675 barrels per day on an oil equivalent basis. The transaction has been approved by the boards of directors of both companies and is expected to close in January 2004.

"This acquisition is a major step forward for Black Stone," said Thomas L. Carter Jr., president. "We like the Toreador and TORMIN minerals for their geographic diversity, solid production base and acreage position. This acquisition fits very well into our existing portfolio of assets and continues to provide our investors and limited partners the returns on investment and opportunities for the business plan we have established."

BSAPI is an institutionally supported private equity fund formed in 2002 for the purpose of acquiring mineral and royalty assets. An affiliate of Black Stone Minerals Company, L.P. serves as the General Partner and holds an approximate 43 percent interest as a Limited Partner in BSAPI. This transaction is the second acquisition of mineral and royalty assets for BSAPI following an acquisition from Ocean Energy in late 2002. Black Stone and its limited partners are one of the largest privately owned mineral companies in the United States. Black Stone and BSAPI now own mineral holdings in excess of 6.5 million net mineral and royalty acres in virtually every significant onshore exploration basin in the lower 48 states, with interests in approximately 14,000 wells producing in excess of 2 million barrels of oil equivalent per year.

Toreador Resources Corporation is an independent international energy company engaged in the acquisition, development, exploration and production of natural gas, crude oil and other income-producing minerals. The company holds interests in developed and undeveloped oil and gas properties in France, Romania, Turkey and Trinidad, West Indies. In the United States, Toreador primarily owns perpetual oil and gas mineral and royalty assets in eight states and working interests in five states. More information about Toreador may be found at the company's Web site, www.toreador.net.

Safe-Harbor Statement -- 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. The company intends that all such statements be subject to the "safe-harbor" provisions of those Acts. Many important risks, factors and conditions may cause the company'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, the ability of Toreador to obtain additional or alternative capital, and other risks and uncertainties described in the company's filings with the Securities and Exchange Commission (SEC). The historical results achieved by the company 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.

Cautionary Notes to Investors -- The Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. Investors are urged to also consider closely the disclosure in Toreador's Form 10-K for the fiscal year ended Dec. 31, 2002, available from the company by calling 214-559-3933 or 800-966-2141. This form also can be obtained from the SEC at www.sec.gov.