Toreador provides operational update

Toreador Resources Corporation provided an operational update.

Drilling operations begun on Hungarian exploration well; joint venture agreement completed for deep gas play

Toreador says that drilling operations have begun on the Tik-1 exploration well in the company’s Szolnok block in Hungary. The well is planned to reach a total depth of over 2,250 meters and is testing the hydrocarbon potential of the Pannonian, Miocene and pre-Miocene formations. Operations are expected to take four to six weeks to complete.

An approximately 150 square kilometer 3-D seismic survey is also underway on the Szolnok block. The survey is being acquired to develop leads into prospects along a structural high between two sub-basins on the southern edge of the Szolnok block. It is anticipated that field operations will take approximately six weeks.

As previously announced, the Tik-1 well and the 3-D seismic survey are part of a $10 million exploration program (including an additional exploration well to be drilled later) in Toreador’s Szolnok exploration block. In return for funding the program, four joint venture partners will earn an aggregate 75% working interest in the block. Toreador is being carried for its 25% working interest and is the operator.