Toreador Resources Corporation (NASDAQ:TRGL) has announced that it has entered into a privately negotiated exchange agreement with an institutional investor. The agreement calls for the exchange of $22.2 million principal of its existing 5.00% Convertible Senior Notes which will be due 2025. The agreement will also include the funding of $9.4 million cash for $31.6 million principal of new 8.00%/7.00% Convertible Senior Notes due 2025, in addition to accrued and unpaid interest on the Existing Notes being exchanged. The transaction closed on February 1, 2010. Advisors for the exchange transaction were RBC Capital Markets and Thomas Weisel Partners LLC.
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Toreador Resources Corporation (Toreador) is an independent international energy company engaged in oil and natural gas exploration, development, production and acquisition activities. The Company is primarily focused on its core areas in France and Hungary. Toreador hold interests in permits granting it the right to explore and develop oil and natural gas properties in offshore and onshore Turkey, Hungary and France. As of December 31, 2008, it held interests in approximately 5.9 million gross acres and approximately 4.2 million net acres, of which 99.4% is undeveloped. As of December 31, 2008, its estimated net proved reserves were 7.6 million barrels of oil equivalent (MMBOE). Its operations are concentrated in the Paris Basin in France and in south central onshore Turkey and offshore Turkey in the Black Sea. During the year ended December 31, 2008, the Company farmed out all of its working interest in Romania.
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