11 Feb 2005material agreement▲ GoodMajor
Toreador raised roughly $32 million in an underwritten public stock offering with Morgan Keegan at $22.85 per share, its first major equity raise since the Madison Oil merger.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 Feb 2005capital raising announcement● Neutral
An investor exercised a small warrant for 3,200 shares at $8.20 each.
What it means for a shareholder
3,200 new shares at $8.20 to raise about $26,240. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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25 Jan 2005material agreement termination▲ Good
The last of the $7.5 million convertible notes converted to equity, extinguishing the 2004 note issue entirely.
21 Jan 2005capital raising announcement● Neutral
A further $3 million of the notes converted into about 366,000 shares.
20 Jan 2005capital raising announcement● Neutral
Another $2 million of the convertible notes converted into roughly 244,000 shares.
19 Jan 2005capital raising announcement● Neutral
A noteholder converted $2.5 million of the 2004 convertible notes into about 305,000 Toreador shares.
3 Jan 2005debt financing● Neutral
Toreador's US subsidiaries separately lined up a $25 million credit facility with Texas Capital Bank, secured by their remaining US oil and gas leases.
29 Dec 2004debt financing● NeutralMajor
Toreador's French subsidiary lined up a $15 million revolving credit facility with French bank Natexis Banques Populaires, pending French government approval, to fund hydrocarbon field development.
19 Oct 2004drilling progress report● Neutral
Toreador announced plans to spud the Calgan-1 exploratory well onshore southern Turkey, a prospect estimated to hold 5-10 million barrels.
24 Sept 2004drilling progress report▲ Good
Toreador raised its 2004 capital spending budget to $16.0 million as exploration activity picked up across Turkey, France and Romania.
4 Aug 2004drilling progress report▲ Good
Toreador reported improved second-quarter 2004 results.
23 July 2004production update● Neutral
Toreador closed a $7.5 million private placement of 7.85% convertible subordinated notes.
13 July 2004drilling progress report● NeutralMajor
Toreador spudded the Ayazli-1 exploratory well offshore Turkey - the opening well of what would become its South Akcakoca Sub-basin gas play, the company's defining project for the rest of the decade.
15 June 2004drilling progress report▲ Good
The Charmottes-109 development well in France was shut in as a confirmed oil producer, awaiting completion work before it could be brought fully online.
4 June 2004drilling progress report● NeutralMajor
Toreador farmed out part of its Black Sea (Turkey) acreage to Stratic Energy Corporation, bringing in a new exploration partner ahead of drilling.
20 May 2004drilling progress report▲ Good
Toreador announced its 2004 annual meeting and disclosed it had been granted additional exploration acreage offshore Turkey.
13 May 2004drilling progress report▲ Good
Toreador reported first-quarter 2004 results, boosted by proceeds from January's US asset sale.
1 Apr 2004production update● Neutral
Toreador previewed its 2004 operating plans for investors ahead of an industry conference, covering upcoming activity in Turkey, France and Romania.
31 Mar 2004drilling progress report▲ Good
Toreador reported full-year 2003 results: EPS rose to $0.20 and revenue climbed 17% over 2002 as its newly acquired Turkey, France and Romania assets began contributing.
28 Jan 2004asset acquisition disposition▲ GoodMajor
Toreador sold its US mineral and royalty assets to Black Stone Acquisitions Partners for $45 million cash, funding its pivot away from domestic production toward international exploration.
26 Sept 2003auditor change● Neutral
Toreador dismissed Ernst & Young and retained Hein + Associates as its independent accountant.
8 Jan 2002business combination▲ GoodMajor
The Toreador-Madison Oil merger closed: Madison shareholders received 3.1 million Toreador shares, and Madison's Turkey, France and Romania exploration assets became the core of Toreador's business going forward.
9 Oct 2001business combination▲ GoodMajor
Toreador agreed to merge with Madison Oil Company, creating a combined international E&P company worth roughly $100 million with proved reserves of 15.3 million barrels of oil equivalent - Toreador's first move into Turkey, France and Romania.
7 May 2001asset acquisition disposition● Neutral
Toreador bought oil and gas working interests in Meade County, Kansas from Fremont Exploration for $4.2 million, funded with cash and a bank loan.
2 Oct 2000asset acquisition disposition▲ GoodMajor
Toreador's acquisition subsidiary merged with Texona Petroleum, issuing 1.1 million Toreador shares for Texona's interests in nearly 1,000 wells across 12 states.
5 June 2000listing compliance notice▼ BadMajor
TOREADOR RESOURCES CORP deregistered its securities, ending its obligation to file reports with the SEC.