Toreador Announces First Gas Sales from Turkish Black Sea.* Initial production rate from three wells on Akkaya platform approximately 20 million cubic feet of gas per day * Wellhead well·head n. 1. The source of a well or stream. 2. A principal source; a fountainhead. 3. The structure built over a well. wellhead Noun 1. price of approximately $8 per thousand cubic feet of gas * Full production estimated to be approximately 50 million cubic feet of gas per day from three platforms by third quarter DALLAS -- Toreador Resources Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : TRGL) and its joint venture partners TPAO TPAO Türkiye Petrolleri Anonim Ortakligi (Turkish Petroleum Corporation) (the Turkish national oil company) and Stratic Energy Corporation today announced that first gas sales from the South Akcakoca Sub-Basin project have begun. Initial production is from three wells on the Akkaya platform, the Akkaya-1a, -2 and -3 at a rate of approximately 20 million cubic feet of gas per day (MMCFD). The production rate from the three wells will be adjusted as the remaining two platforms in the first phase of production are brought online over the next few months. When all three platforms are on full production, estimated to be early in the third quarter, the projected flow rate will be approximately 50 MMCFD to the 100% interest. Toreador has 36.75% interest in the project, TPAO has 51% interest, and Stratic has 12.25% interest. Pricing for the gas is based on the BOTAS (Turkish national pipeline company) posted guaranteed industrial tariff tariff, tax on imported and, more rarely, exported goods. It is also called a customs duty. Tariffs may be distinguished from other taxes in that their predominant purpose is not financial but economic—not to increase a nation's revenue but to protect domestic which in May is approximately $8.90 per thousand cubic feet of gas (MCF MCF malignant catarrhal fever. ). After discounts, the wellhead price based on current pricing is estimated to be $8 per MCF. Pricing is adjusted monthly and will vary with the BOTAS posted price. Dedication of the production center occurred on Sunday Sunday: see Sabbath; week. , May 20th, and was officiated by Turkish Energy Minister Hilmi Guler and former Foreign Minister Yasar Yakis. The production is the first ever from the Turkish Black Sea and adds significantly to Turkish domestic production of natural gas. In other operational news, intermediate casing has been set at approximately 745 meters measured depth on the Lapos-2 exploratory well in Romania and the rig is currently drilling out of the casing shoe The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. . Projected total depth will be between 1,500 and 2,000 meters. The primary target for the well is a series of Sarmatian-age sands which are productive in the area. ABOUT TOREADOR 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, Hungary, Romania and Turkey. In the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Toreador primarily owns 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , 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 ge·ol·o·gy n. pl. ge·ol·o·gies 1. The scientific study of the origin, history, and structure of the earth. 2. The structure of a specific region of the earth's crust. 3. A book on geology. and political risks, drilling risks, product demand, transportation restriction, 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. |
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