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TOREADOR ROYALTY ANNOUNCES THIRD QUARTER 1992 RESULTS

 TOREADOR ROYALTY ANNOUNCES THIRD QUARTER 1992 RESULTS
 DALLAS, Nov. 11 /PRNewswire/ -- Toreador Royalty Corporation


(NASDAQ: TRGL) reported a net income of $23,569 for the third quarter of 1992 equal to $0.01 per share as compared with net income of $8,067 in the same period of 1991, equal to breakeven on a per share basis. The third quarter of 1991 included a gain of $66,055 from the sale of securities while there were no securities sales in 1992.
 Reflecting acquisitions over the past year as well as additional well completions on the company's minerals, Toreador's oil and gas sales were $316,437 in the third quarter, an increase of 53 percent as compared with the $206,333 of a year ago. Lease bonuses and rentals were $29,921 in the current quarter, down from $68,541 a year ago when several leases were taken on the Pitchfork Ranch. Total costs and expenses were $349,266 in the current quarter, down from $361,654 in 1991, including general and administrative expenses of $190,633 vs. $202,946 a year ago.
 Discretionary cash flow, defined as net income or loss plus non-cash charges, was $99,687 in the current year as compared with $77,562 in 1991 which included the above mentioned $66,055 from the sale of securities.
 Peter Vig, Toreador's chairman, stated that the company should benefit in the fourth quarter from its 15 percent royalty interest in the Corlena 2-64 Proctor well, Hartley County, Texas, which is currently being completed, two recent small acquisitions, and higher gas prices.
 Toreador owns in excess of 500,000 net mineral acres located primarily in the Texas Panhandle and Northwest Texas. In addition, the company owns working or royalty interests in Texas, New Mexico, Oklahoma, Arkansas and Louisiana. Toreador's Common Stock is traded in the NASDAQ market under the symbol "TRGL."
 TOREADOR ROYALTY CORPORATION AND SUBSIDIARY
 CONSOLIDATED STATEMENT OF OPERATIONS
 (Unaudited)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 REVENUES
 Oil and gas sales $ 316,437 $ 206,333 $ 778,564 $ 727,374
 Lease bonus and rentals 29,921 68,541 80,679 162,000
 Interest and other 21,655 97,247 103,759 279,790
 Total revenues 368,013 372,121 963,002 1,169,164
 COSTS AND EXPENSES
 Lease operating expense 65,934 51,184 154,774 170,345
 Dry holes and abandonments 437 152 12,875 20,108
 Depreciation, depletion
 and amortization 76,118 69,495 203,942 209,396
 Geological and geophysical 16,144 37,877 48,236 77,615
 General and
 administrative 190,633 202,946 587,813 657,164
 Total costs and expenses 349,266 361,654 1,007,640 1,134,628
 INCOME (LOSS) BEFORE
 FEDERAL INCOME TAXES 18,747 10,467 (44,638) 34,536
 FEDERAL INCOME TAX
 (PROVISION) BENEFIT 4,822 (2,400) 4,822 (5,000)
 NET INCOME (LOSS) $ 23,569 $ 8,067 $ (39,816)$ 29,536
 NET INCOME (LOSS) PER
 AVERAGE NUMBER OF COMMON
 SHARES OUTSTANDING $ 0.01 $ 0.00 $ (0.01)$ 0.01
 WEIGHTED AVERAGE SHARES
 OUTSTANDING 4,528,356 4,768,000 4,528,356 4,764,222
 TOREADOR ROYALTY CORPORATION AND SUBSIDIARY
 CONSOLIDATED BALANCE SHEET
 Sept. 30, Dec. 31,
 1992 1991
 (Unaudited)
 ASSETS
 CURRENT ASSETS
 Cash & cash equivalents $1,304,328 $1,464,770
 Marketable securities, at cost 126,258 126,258
 Accounts receivable 130,114 91,587
 Prepaid federal income tax 5,047 --
 Prepaid expenses and deposits 13,798 13,798
 Total current assets 1,579,545 1,696,413
 Properties and equipment, successful efforts
 method of accounting, less accumulated
 depreciation, depletion and amortization
 of $1,111,565 and $907,683, in 1992 and 1991,
 respectively 2,204,430 2,128,102
 Other assets 67,830 67,830
 Total assets $3,851,805 $3,892,345
 LIABILITIES AND STOCKHOLDERS' EQUITY
 CURRENT LIABILITIES
 Accounts payable and accrued liabilities $ 94,148 $ 92,613
 Federal income taxes payable -- 4,775
 Total current liabilities 94,148 97,388
 STOCKHOLDERS' EQUITY
 Common Stock, $.15625 par value;
 10,000,000 shares authorized,
 4,540,000 shares issued 709,375 709,375
 Capital in excess of par value 1,070,740 1,070,740
 Retained earnings 1,994,286 2,033,481
 Deferred compensation -- (1,895)
 3,774,401 3,811,701
 Less 5,700 shares of common stock
 in treasury, at cost (16,744) (16,744)
 Total stockholders' equity 3,757,657 3,794,957
 $3,851,805 $3,892,345
 TOREADOR ROYALTY CORPORATION AND SUBSIDIARY
 CONSOLIDATED STATEMENT OF CASH FLOWS
 (Unaudited)
 For the Three Months Ended
 Sept. 30,
 1992 1991
 Cash flow used in
 operating activities:
 Net income (loss) $ 23,569 $ 8,067
 Adjustments to reconcile
 net income (loss) to net
 cash provided by operating
 activities:
 Depletion, depreciation,
 and amortization 76,118 69,495
 Dry holes and abandonments 437 152
 Compensation expense from
 issuance of treasury stock, net -- 10,824
 Gain on sale of marketable
 securities -- (66,055)
 Gain on sale of oil and gas
 properties and equipment (3,218) --
 Decrease (Increase) in accounts
 receivable (12,404) 31,676
 Increase in prepaid federal income
 taxes (4,822) (3,100)
 Increase in prepaid expenses and
 deposits -- (317)
 Increase (Decrease) in accounts
 payable and accrued liabilities 18,599 (6,682)
 Decrease in federal income tax
 payable -- (14,267)
 Net cash provided by operating
 activities 98,279 29,793
 Cash flows used in investing activities:
 Additions to property and equipment, net (145,568) 7,475
 Sales of marketable securities -- 66,055
 Net cash used for investing
 activities (145,568) 73,530
 Net Increase (Decrease) in cash and
 cash equivalents (47,289) 103,323
 Cash and cash equivalents, beginning
 of period 1,351,617 1,377,522
 Cash and cash equivalents, end of period $1,304,328 $ 1,480,845
 Supplemental schedule of cash flow
 information
 Cash paid during the period for:
 Income taxes $ -- $ 11,297
 Interest expense $ -- $ --
 For the Nine Months Ended
 Sept. 30,
 1992 1991
 Cash flows used in
 operating activities:
 Net income (loss) $ (39,816) $ 29,536
 Adjustments to reconcile
 net income (loss) to net
 cash provided by operating
 activities:
 Depletion, depreciation,
 and amortization 203,942 209,396
 Dry holes and abandonments 12,875 20,108
 Compensation expense from
 issuance of treasury stock, net 1,895 64,416
 Gain on sale of marketable
 securities -- (138,443)
 Gain on sale of oil and gas
 properties and equipment (4,218) (6,069)
 Decrease (Increase) in accounts
 receivable (38,527) 6,678
 Increase in prepaid federal income
 taxes (5,047) (3,100)
 Increase in prepaid expenses and
 deposits -- (1,892)
 Increase (Decrease) in accounts
 payable and accrued liabilities 1,535 (61,476)
 Decrease in federal income tax
 payable (4,775) (11,667)
 Net cash provided by operating
 activities 127,864 107,487
 Cash flows used in investing activities:
 Additions to property and equipment, net (288,306) (84,414)
 Sales of marketable securities -- 138,443
 Net cash used for investing
 activities (288,306) 54,029
 Net Increase (Decrease) in cash and
 cash equivalents (160,442) 161,516
 Cash and cash equivalents, beginning
 of period 1,464,770 1,319,329
 Cash and cash equivalents, end of period $1,304,328 $ 1,480,845
 Supplemental schedule of cash flow
 information
 Cash paid during the period for:
 Income taxes $ 5,000 $ 11,297
 Interest expense $ -- $ --
 -0- 11/11/92
 /CONTACT: Peter R. Vig, chairman, or James S. Blair, vice president of Toreador Royalty Corporation, 214-220-2141/
 (TRGL) CO: Toreador Royalty Corporation ST: Texas IN: OIL SU: ERN


PS -- NY034 -- 9723 11/11/92 12:09 EST
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