Toreador waits for renewals in France; shale exploration not expected to be disrupted

Source: Toreador Resources

As already fully disclosed, Toreador Resources (NASDAQ:TRGL) (Paris:TOR) filed an application with French authorities on December 11, 2008 to request the extension of the validity of the Châteaurenard concession and of the Saint-Firmin-des-Bois concession for an additional period of 25 years in relation to the Company’s conventional oil producing operations

Following the standard review period requiring a decision on the renewal of such concessions within a period of approximately two years from the date of the applications, Toreador has been informed by the French authorities that the decrees relating to the renewal of the Châteaurenard Concession and of the Saint-Firmin-des-Bois Concession are currently in the process of being executed in order to be published in the French Journal Officiel during January 2011. 

Although the decrees were not published prior to January 1, 2011, Toreador, on the basis of information provided by French authorities, understands that the Châteaurenard Concession and the Saint-Firmin-des-Bois concession will shortly be renewed retroactively as of January 1, 2011 and Toreador will continue to operate under such concessions. As a result, Toreador does not anticipate any disruption to operations on either concession. 

The renewal of these conventional oil concessions is not related in any way to Toreador's exploration permits, on which Hess and Toreador agreed to carry soon Shale exploration work under the investment agreement dated May 10, 2010. 

Toreador Resources Corporation is an independent international energy company engaged in the acquisition, development, exploration and production of natural gas and crude oil. The company holds interests in developed and undeveloped oil properties in France.

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