Printer Friendly

TOREADOR ROYALTY ANNOUNCES NATURAL GAS ACQUISITIONS

 DALLAS, July 29 /PRNewswire/ -- Toreador Royalty (NASDAQ-NMS: TRGL) announced today that in three separate transactions it had acquired gas reserves totaling 505 million cubic feet (Mmcf) for a consideration of $418,000.
 The company acquired varying working interests in seven natural gas wells located in the Springer Basin and Buffalo Valley fields, Chaves County, New Mexico, with proved developed producing reserves estimated by company engineers at 225 Mmcf of gas. These properties also have substantial additional reserves behind pipe.
 Toreador has also entered into a letter of intent to acquire producing royalty and working interest reserves estimated at 175 Mmcf in nine Oklahoma gas wells. This transaction is scheduled to be completed in mid-August. In addition, the company acquired working interest reserves estimated at 105 Mmcf in a single gas well in Hansford County, Texas.
 These acquisitions combined with 805 Mmcf of gas acquired in March bring total gas reserves acquired thus far in 1993 to 1,310 Mmcf representing a 115 percent increase in Toreador's natural gas reserves which were reported as 1,137 Mmcf at year end 1992.
 Toreador owns in excess of 530,000 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.
 -0- 7/29/93
 /CONTACT: Peter R. Vig, chairman of Toreador Royalty Corporation, 214-220-2141/
 (TRGL)


CO: Toreador Royalty Corporation ST: Texas IN: OIL SU: TNM

MP -- NY067 -- 7229 07/29/93 13:10 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 29, 1993
Words:263
Previous Article:CRSS DECLARES REGULAR FOURTH QUARTER DIVIDEND
Next Article:AIR EXPRESS INTERNATIONAL REPORTS SECOND QUARTER RESULTS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters