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Toreador Initiates Natural Gas Production in Romania and Provides Operational Update.


DALLAS -- Toreador Resources Corporation (Nasdaq:TRGL):

--Initial production rate approximately 6 MMCFG and 30 BBLS BBLS Barrels
BBLS Bachelor of Business and Legal Studies (University College Dublin, Ireland)
BBLS Be Back Later Sometime
BBLS Binary Bent-Lifted Sequence
BBLS Bare Base Life Support
 of condensate condensate, matter in the form of a gas of atoms, molecules, or elementary particles that have been so chilled that their motion is virtually halted and as a consequence they lose their separate identities and merge into a single entity.  per day set to start on Romanian Fauresti Permit

--Romanian exploratory drilling program on Viperesti permit to begin in September. Three wells scheduled for 2006 with reserve potential per prospect of 12 to 105 million barrels of oil equivalent ("MMBOE MMBOE Million Barrels of Oil Equivalent (energy and petroleum industry) ")

--Installation of 1st Black Sea production tripod underway on the Akkaya structure in the South Akcakoca Sub-Basin

--Construction of the gas processing plant to support the South Akcakoca Sub Basin and production from adjacent area began on June 26, 2006

--Update on the Ken D - #1 well in Hungary and related activity on the Szolnok and Tompa Exploration permits

Toreador Resources Corporation (Nasdaq:TRGL) today announced that it will begin producing natural gas on June 30 in Romania from its Fauresti Field rehabilitation rehabilitation: see physical therapy.  project at an expected rate, based on extensive pre-production testing, of approximately 6 million cubic feet of gas and 30 barrels of condensate per day. The initial production is from five wells that were re-entered in late 2005 and early 2006 and re-completed as natural gas producers.

Romania

The Fauresti Field was discovered in 1970 and has produced an aggregate volume of 7.6 million barrels of oil and 46 billion cubic feet of natural gas. Toreador was awarded the rehabilitation permit in late 2003 and began its re-entry RE-ENTRY, estates. The resuming or retaking possession of land which the party lately had.
     2. Ground rent deeds and leases frequently contain a clause authorizing the landlord to reenter on the non-payment of rent, or the breach of some covenant, when the
 program in late 2005. The company has three more wells to re-enter re·en·ter also re-en·ter  
v. re·en·tered, re·en·ter·ing, re·en·ters

v.tr.
1. To enter or come in to again.

2. To record again on a list or ledger.

v.intr.
 to complete its eleven well program. Of the eight wells re-entered to date five have been re-completed as gas producers and one as an injection well. New field wells may be added at a later date.

The company also announced today the results from its initial exploration program on the Viperesti permit which is located in the foothills of the Carpathian Mountains Carpathian Mountains

Mountain system, eastern Europe. It extends along the Slovakia-Poland border and southward through Ukraine and eastern Romania about 900 mi (1,450 km). Its highest peak, Gerlachovka (in Slovakia), rises 8,711 ft (2,655 m).
 in the southeast part of the country. Geological and reprocessing Reprocessing may refer to:
  • Nuclear reprocessing
  • Recycling
 and reinterpretation re·in·ter·pret  
tr.v. re·in·ter·pret·ed, re·in·ter·pret·ing, re·in·ter·prets
To interpret again or anew.



re
 of primarily 1992 vintage geophysical ge·o·phys·ics  
n. (used with a sing. verb)
The physics of the earth and its environment, including the physics of fields such as meteorology, oceanography, and seismology.
 data has enabled the company's technical team, based in both Dallas and Bucharest to delineate ten prospects in the multiple producing trends that are present in the area. After reviewing analogous production on adjacent permits, the company estimates that the prospects identified thus far have a the potential for recoverable reserves ranging from 12 to 105 MMBOE each. Toreador has previously announced a capital budget for 2006 that provided funds for three exploratory wells on this permit in the second half of the year. The first of these exploratory wells will be spudded in September of this year. Toreador is operator and owns 100% of the Viperesti permit.

Turkey

Toreador and its partners, TPAO TPAO Türkiye Petrolleri Anonim Ortakligi (Turkish Petroleum Corporation)  (the Turkish national oil company) and Stratic Energy Corporation, have begun installation of the first production tripod in its South Akcakoca Sub-basin project offshore Turkey in the Black Sea. The installation will be completed within one week barring any adverse weather conditions. The tripod, which is the first in a series of three Phase I production facilities, will be located on the Akkaya structure. The "Saturn" jackup, which is being used to set the tripod in place, will tie back the Akkaya wells to the tripod before the rig is released.

In related news, Toreador disclosed that the Bayhanli-1 well tested 7.2 million cubic feet of gas per day from 14.5 meters (48 feet) of perforations through a 32/64" choke (jargon) choke - To fail to process input or, more generally, to fail at any endeavor.

E.g. "NULs make System V's "lpr(1)" choke." See barf, gag.
 with a flowing 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.
 pressure of approximately 1,100 psi PSI - Portable Scheme Interpreter . As previously announced, the well was drilled on a new prospect to the east of the Dogu Ayazli structure along the same fault trend. The "Prometheus" jack-up rig, which was used to test the Bayhanli-1, is currently drilling the Kuzey Akkaya prospect in a new area to the north of the Akkaya structure. Upon completion, the Prometheus will move to a new location to drill the Dogu Ayazli #3 well.

The company also announced today GAMA Ga·ma   , Vasco da 1460?-1524.

Portuguese explorer and colonial administrator. The first European to sail to India (1497-1498), he opened the rich lands of the East to Portuguese trade and colonization.
 Power Systems Corporation, a well-respected construction company based in Turkey, has started construction on the mechanical portion of the onshore production facility for the South Akcakoca Sub-basin project, at a site that has been prepared near the town of Cayagzi on the Turkish coast. This is the last major construction contract to be awarded in the first phase of development. The company expects the plant to be operational by end October. The first phase will have a through put capacity of 75 MMCFD which can be expanded to 150 MMCFD to handle gas that could be added from areas adjacent to the South Akcakoca Sub Basin and is to be fully operational in early November and connected to the already completed onshore pipeline to the operator of the Turkish national gas grid, BOTAS.

Hungary

In Hungary, the Ken-D-1 exploration well successfully penetrated its Pannonian channel sand objective, which contained gas as expected. Analysis of the gas content indicated a mixture of carbon dioxide carbon dioxide, chemical compound, CO2, a colorless, odorless, tasteless gas that is about one and one-half times as dense as air under ordinary conditions of temperature and pressure.  and methane. The company, while disappointed that this well was not completed outside of the carbon dioxide "ring" that is prevalent in this immediate area, is confident that the project remains economical when the gas is co-mingled with the production from two previously drilled wells. The two wells were part of the Toreador acquisition of all of the assets of Pogo Producing, Inc. in the Republic of Hungary. Other options are available to the company in this one isolated area in the northeast corner of the Szolnok Block which might include a sale of all three wells to a neighboring neigh·bor  
n.
1. One who lives near or next to another.

2. A person, place, or thing adjacent to or located near another.

3. A fellow human.

4. Used as a form of familiar address.

v.
 producer. Discussions are underway with neighboring producers who now handle quantities of carbon dioxide. The value of the three well package is approximately $3.0 million. Consistent with Toreador's 2006 capital expenditure program, three more exploration wells will be drilled on the Tompa permit starting in August.

France

Beginning in October, Toreador will begin its previously announced exploration program on the Courtenay permit. The Company will drill the first of three wells. Further exploration and development will continue into the first quarter of 2007 depending on the results of the first three wells.

On the Neocomian permit development drilling will continue during the second half of 2006. The first of four planned wells will be spudded in September.

Toreador has completed negotiations on a twelve month contract on a drilling rig in France in order to fulfill its planned commitments in 2006 and 2007. More details will be provided after the execution of the final contract

Toreador expects to announce the results of its mid-year engineering reserve study by the end of July. The study will include company-wide proved and probable reserves along with possible and potential reserves for the South Akcakoca Sub-basin.

"The exploration and development plans set out for 2006 are moving along at a good pace," said G. Thomas Graves
This article is about Sir Thomas Graves, knight of the Order of Bath. For information on his cousin, The Lord Graves, see Thomas Graves, 1st Baron Graves.


Admiral Sir Thomas Graves KB RN (1747?–1814), admiral, third son of the Rev.
 III, Toreador President and Chief Executive Officer. "We are particularly pleased with the results of our first round of geological and geophysical work in Romania. The potential "upside Upside

The potential dollar amount by which the market or a stock could rise.

Notes:
This is basically an educated guess on how high a stock could go in the near future.
See also: Bull, Downside
" of our planned drilling on our Viperesti permit exceeds our initial expectations. The Turkish Black Sea drilling program has continued to yield strong results as the last pieces of the production infrastructure are put in place. Before the end of the year, we will begin the first production from Turkey's offshore Black Sea coast. It is exciting to be a part of what is truly a frontier play."

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, 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, 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.
COPYRIGHT 2006 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2006, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Comment:Toreador Initiates Natural Gas Production in Romania and Provides Operational Update.
Publication:Business Wire
Geographic Code:1USA
Date:Jun 27, 2006
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