Toreador Comments on Recent Developments in France
July 06 2011 - 2:00AM
Business Wire
Regulatory News:
Toreador Resources Corporation (NASDAQ:TRGL) (Paris:TOR) today
commented on the recent French law, voted on June 30, 2011, banning
the use of hydraulic fracturing for oil and gas extraction.
Craig McKenzie, President and CEO of Toreador, said, "As a
longstanding operator in France, we have demonstrated our expertise
and ability to conduct our Paris Basin operations in full respect
of the environment and local residents where we operate.
Notwithstanding the new law, we believe the oil resource potential
of the Paris Basin can create jobs, provide local economic
development, generate substantial revenues for the State and
benefit all stakeholders. We reaffirm our commitment to define and
develop this basin to reach its potential for all stakeholders, in
compliance with French legislation and through cooperation with
French authorities."
Added McKenzie, " It is important to note that our plan to
evaluate our exploration licenses does not call for hydraulic
fracturing. We will not conduct hydraulic fracturing operations
within any of our permit areas. We will make full disclosures and
representations to the French regulatory authorities as may be
required”.
Concluded McKenzie, “As we recently outlined at our annual
shareholder’s meeting, the company has been able to significantly
advance its assessment of traditional exploration and development
opportunities across its entire Paris Basin portfolio. It is our
goal to bring these plans forward and to take the operational and
strategic steps to create long-term value for our
shareholders.”
ABOUT TOREADOR
Toreador Resources Corporation is an independent international
energy company engaged in the acquisition, development, exploration
and production of crude oil. The company holds interests in
developed and undeveloped oil properties in France. More
information about Toreador may be found at the company's web site,
http://www.toreador.net.
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