5 Mar 2012listing compliance notice▼ BadMajor
TOREADOR RESOURCES CORP terminated the registration of a class of securities, ending its reporting obligation for them.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 Feb 2012listing compliance notice● NeutralMajor
TOREADOR RESOURCES CORP's exchange filed to remove a class of its securities from listing.
13 Feb 2012business combination● NeutralMajor
With IRS and tax-opinion conditions cleared, the ZaZa Energy merger closed days later - ending Toreador's run as an independent public company after more than a decade of Turkey, France and Hungary exploration.
10 Aug 2011business combination● NeutralMajor
Toreador agreed to merge with privately held ZaZa Energy, LLC to form a new jointly owned public company, ZaZa Energy Corporation, with Toreador shareholders converting their shares 1-for-1 into the new entity.
23 May 2011material agreement▼ Bad
Toreador and Hess extended the Paris Basin Phase 1 completion deadline by 18 months, a sign the shale-oil drilling program was running behind schedule.
2 Feb 2011production update● NeutralMajor
Toreador and Hess prepared to spud the first wells of a Paris Basin shale-oil "proof of concept" program, targeting the Liassic play in the first half of 2011.
13 May 2010auditor change● Neutral
Toreador replaced Grant Thornton with Ernst & Young as auditor, citing its relocation from Dallas to Paris.
10 May 2010asset acquisition disposition▲ GoodMajor
Toreador struck a major deal with Hess Corporation: Hess would pay $15 million upfront and could invest up to $120 million for a 50% stake in Toreador's Paris Basin shale-oil permits, with up to $130 million of success fees to Toreador - its next big bet after Turkey.
11 Feb 2010material agreement▲ GoodMajor
Toreador raised roughly $29 million selling 3.45 million shares at $8.50 through RBC Capital Markets and Thomas Weisel Partners, largely to fund the debt exchange.
3 Feb 2010capital raising announcement▼ BadMajor
Toreador exchanged $22.2 million of its 2005 convertible notes for $31.6 million of new, higher-rate (8%/7%) convertible notes plus $9.4 million cash to noteholders - an expensive restructuring that increased face debt to push out the obligation.
9 Oct 2009asset acquisition disposition▲ GoodMajor
The sale of Toreador Turkey Ltd to Tiway Oil closed for $10.6 million cash plus up to $40 million of future success payments, booking a $21.2 million gain and ending Toreador's Turkey chapter - the country where its whole growth story had played out.
6 Oct 2009asset acquisition disposition● NeutralMajor
Toreador agreed to sell its Hungary subsidiary to Austria's RAG for about $5.4 million plus contingent payments, and separately agreed to sell its remaining Turkey entity (Toreador Turkey Ltd) to Tiway Oil - exiting both countries.
9 Mar 2009asset acquisition disposition▲ GoodMajor
The reduced $55 million Petrol Ofisi sale closed; Toreador used the proceeds to fully repay its IFC loan ($30 million principal plus $5.9 million in fees).
26 Feb 2009listing compliance notice▼ BadMajor
TOREADOR RESOURCES CORP deregistered its securities, ending its obligation to file reports with the SEC.
9 Feb 2009drilling progress report● Neutral
Toreador spudded the Balotaszallas-E-1 well on its Tompa Block in Hungary, a 25%-working-interest well drilled at no cash cost to the company.
4 Feb 2009material agreement▼ BadMajor
As the financial crisis hit, Toreador renegotiated the Petrol Ofisi sale price down from $80.25 million to $55 million for the same 26.75% South Akcakoca interest.
30 Jan 2009security holder rights change● NeutralMajor
Toreador's board redeemed its 2008 shareholder-rights ("poison pill") plan as part of a settlement with activist investor Nanes Balkany Partners, which had been pushing for governance changes.
23 Sept 2008material agreement▲ GoodMajor
Toreador signed the definitive agreement to sell the 26.75% South Akcakoca interest to Petrol Ofisi for $80.25 million.
14 Aug 2008material agreement▲ GoodMajor
Toreador agreed in principle to sell a 26.75% interest in its South Akcakoca gas project to Turkish fuel distributor Petrol Ofisi for $80.25 million, monetizing part of its Turkey discovery while retaining a 10% stake.
2 Jan 2008capital raising announcement● Neutral
Several preferred shareholders converted their holdings to common stock at $4.00 per share.
2 Nov 2007production update▲ GoodMajor
The Bati Eskikale-1 well discovered gas and flow-tested at 8.8 million cubic feet per day, the 14th successful well extending the South Akcakoca gas trend.
28 Sept 2007production update▲ GoodMajor
Reserve estimates for the South Akcakoca Sub-basin gas project rose to 136 billion cubic feet with a further 692 Bcf of exploration potential identified, confirming the Turkey discovery as a major asset.
20 Sept 2007production update▲ GoodMajor
Production began from the Dogu Ayazli platform in the South Akcakoca gas project, and Toreador approved a roughly $120 million second-phase development budget - even as a separate Thrace Basin exploration well came up dry and was plugged and abandoned.
6 Aug 2007material agreement▲ GoodMajor
Toreador agreed to sell its last remaining US oil and gas properties to RTF Realty for $19.1 million, completing its exit from the domestic business it started with; RTF's advisors on the deal were Toreador's own former CEO and CFO.
27 Apr 2007capital raising announcement▲ Good
Investors from the March private placement exercised warrants for $5.4 million in additional proceeds.
27 Apr 2007material agreement termination● Neutral
Toreador repaid and terminated its Texas Capital Bank credit facility for its remaining US legacy properties, with no prepayment penalty.
26 Mar 2007capital raising announcement▲ Good
The $45 million private placement closed, with investors also receiving exercisable warrants at $16.60 per share.
22 Mar 2007capital raising announcement▲ GoodMajor
Toreador agreed to raise $45 million selling 2.7 million shares at a discounted $16.60 to six institutional investors, plus warrants for another 489,000 shares.
5 Mar 2007debt financing● Neutral
Toreador filed the security documents (mortgages and pledges) implementing December's $25 million IFC loan facility.
4 Jan 2007security holder rights change▲ GoodMajor
Toreador and its Turkey, Romania, France and Hungary subsidiaries entered a major new loan facility with the International Finance Corporation (World Bank Group), diversifying its lender base beyond its French and US bank facilities.