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Toreador Resources was formerly the Toreador Royalty Corporation. A reputable, old-line mineral and royalty company, Toreador Royalty was incorporated and listed on the National Market System and the London Stock Exchange in 1951.
Initial properties were derived from one of Texas’ great cattle ranches, the Matador Land & Cattle Company, founded in 1882 by Scottish investors who had assembled about one million acres of land in the Texas Panhandle and West Texas. When this property was sold in 1951, Toreador Royalty was formed and assigned 50% of the mineral rights under the ranch acreage. Later, the company acquired an additional 25% of the mineral rights under several original ranch properties.
In 1997, new management with extensive backgrounds in international oil & gas exploration acquired a 10% stake in Toreador and by late 1998 had expanded that position, along with fellow board members, to more than 40% of the common shares outstanding.
In 2000, management changed the company’s name to Toreador Resources Corporation to more accurately reflect its commitment to build a diverse portfolio of natural-resource assets.
The acquisition of Madison Oil Company in late 2001 provided Toreador with valuable overseas properties including onshore oil production in France and Turkey as well as exploration permits offshore Turkey totaling close to one million gross acres. The combination of the two companies’ management also reunited former colleagues with E & P experience in over 40 countries.
In 2003, Toreador entered Romania by being awarded two exploration permits totaling approximately 625,000 acres and a field rehabilitation project in return for future work commitments. First production in Romania occurred in June 2006 with the successful rehabilitation of the Fauresti Field, which produces natural gas and condensate.
In early 2004, Toreador sold its U.S. mineral and royalty assets. The sale empowered the company to take advantage of higher-potential exploration opportunities abroad that create greater long-term value for investors. The company retained a minor U.S. presence with working interests in some 900 wells. In September of 2004, Toreador as operator successfully drilled the first ever commercial gas discovery offshore Turkey in the Black Sea, in an area designated as the South Akcakoca Sub-basin.
From 2005 through 2007, Toreador continued to develop the South Akcakoca Sub-basin natural gas project, drilling 13 out of 15 successful delineation and development wells and developing the infrastructure that resulted in first gas sales in May 2007. The second phase of development in the project area is due to begin in 2008 with gas sales expected in 2009.
In June of 2005, Toreador entered Hungary through the purchase of the assets of Pogo Hungary, Ltd., which included an exploration license of over 764,000 acres. Two wells were successfully re-entered in 2007 in the Tompa block and two wells in the Szolnok block (which were part of the acquisition) will be put on production once a gas sales contract is secured.
Toreador continues to have active exploration programs in Hungary, Romania, France and Turkey.
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