Toreador Resources has agreed to the revised terms for the sale of a 26.75% interest in the South Akcakoca Sub-Basin project and associated licenses located in the Black Sea, offshore Turkey, to Petrol Ofisi for $55 million.
Following the closing, which is expected before the end of March 2009, Toreador will retain a 10% interest in the South Akcakoca Sub-Basin project and associated licenses (SASB).
According to the company, the assignment of interest has already been approved by the ministry of energy and natural resources of Turkey, and Toreador is currently seeking a waiver of pre-emptive rights held by its partners in SASB.
Craig McKenzie, interim CEO of Toreador Resources, said: “As we will lay out in more detail in the coming weeks, we are taking actions to recapitalize the company in the near-term and focus our operations on our core areas of France and Hungary.”
Earlier in the second week of January 2009, Toreador Resources Corporation and Petrol Ofisi jointly announced that with regard to the previously announced proposed sale of Toreador’s Black Sea asset to Petrol Ofisi, both parties agreed to a deadline for further discussions.
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, Turkey, Romania and Hungary.
