~Drex~
12 years ago
CBOE Research Circular #RS12-098
DATE: February 21, 2012
TO: Permit Holders
RE: Toreador Resources Corporation ("TRGL")
Name, Stock and Option Symbol Change to
ZaZa Energy Corporation ("ZAZA")
Effective Date: February 22, 2012
FROM: Scott Speer
The NASDAQ has informed the CBOE that as a result of a reverse merger,
that on February 22, 2012, the name and stock symbol for Toreador
Resources Corporation ("TRGL") will change to ZaZa Energy Corporation
("ZAZA"). In order to reflect this name and underlying stock symbol
change, the TRGL option symbol will change to ZAZA effective for trading
on Wednesday, February 22, 2012.
GTC Order Conversion
On Tuesday, February 21, 2012, immediately after the CBOE close, the
system will convert or cancel all resting orders in the TRGL order book.
If your firm has requested, all booked orders (phone, wire, and
electronic) and all ORS orders residing outside the book (booth or crowd
routed) will be converted reflecting the adjustments. If your firm has
requested, all booked orders and ORS orders residing outside of the book
will be canceled. If your firm receives CXL drops, the CXL confirms
will print at your booth at 3:15 p.m. ORS CXLs will also be transmitted
electronically to your branches.
A report will be available at the Help Desk listing the orders that are
converted or canceled. If converted, this list will also show how the
new orders will be adjusted. This report will be available on request
anytime during the day prior to the night of the adjustment.
Questions regarding this memo can be addressed to Options Industry
Services at 1-888-OPTIONS (1-888-678-4667). CBOE contract adjustment
memos can also be accessed from CBOE.com at the following web address:
http://www.cboe.com/ContractAdjustments
Picassa
13 years ago
PARIS—U.S. oil company Toreador Resources Corp. has bet big on pumping millions of barrels of oil locked away in deep shale rock formations in northeastern France. But it could be some time before this oil sees the light of day.
Amid growing concern over the environmental impact of drilling for shale gas and oil, the French government is considering banning exploration in the country—a first in Europe.
"We have all our eggs in this one basket," said Toreador Chief Executive Officer Craig McKenzie. "It's unthinkable that all drilling could be banned."
Shale oil deposits are pockets of oil trapped in pores of sedimentary rock called shale. Miners use a process known as hydraulic fracturing—or fracking—in which water, sand and chemicals are pumped into the ground to crack open the rock and force the oil back to the surface.
In Europe shale oil and gas reserves remain relatively unexplored compared to the U.S.—where they are touted as an abundant source of cheap local energy. Poland is estimated to have large reserves of shale gas, while exploratory projects are taking place in the U.K. and Germany.
France is unique in that it potentially has some of the most abundant shale oil reserves in Europe, Mr. McKenzie said. "We looked at other basins in Eastern Europe and we didn't find any as promising as the Paris basin," just southeast of the French capital.
However, environmentalists have raised concerns about fracking, saying the chemicals used in the process could contaminate groundwater supplies. "It is clear that this technique is not acceptable," said environmentalist José Bové, who has lobbied against the practice, in an interview. "You can't just pump toxic material into the ground."
Mr. Bové cited a U.S. report published by senior House Democrats earlier this week that stated that the drilling fluids used to extract the shale oil and gas contained chemicals, some of which are possible human carcinogens. The oil and gas industry dismissed the report's findings, saying it relied on weak data.
The French government has ordered a scientific enquiry into the economic and social effects of shale gas and oil that is due to be presented in June. But with the 2012 French presidential elections looming, politicians are under pressure to act.
In May, the French Parliament will debate a fast-track law that proposes banning the exploration of shale oil and gas.
"France is currently the first country in Europe which is considering banning exploration of shale oil and gas," said Jean-Luc Romain, an energy analyst at CM CIC-Securities in Paris.
The country's "obsession with precaution is preventing all progress in expanding energy resources."
Toreador said it is respecting a government-imposed moratorium on unconventional drilling, which has been imposed until mid-june.
Toreador Resources' Mr. McKenzie said that there no evidence that mining for shale oil pollutes water reserves. "What is unfortunate is that there seems to be a parliamentary debate ahead of the results of the [scientific] studies," he said.
Toreador is prepared to be totally transparent on the chemicals it uses in water, which include soap and a type of disinfectant, Mr. McKenzie said.
Toreador recently sold its interests in operations in Eastern Europe and Turkey to focus its business on exploring oil sites around 100 kilometers southeast of Paris.
In 2008 Toreador acquired extra permits to explore the Paris basin. Two years later it entered a partnership with Hess Oil France SAS and planned preliminary exploration.
Toreador estimates that about 40 billion barrels of oil could reside in the part of the Paris basin it has access to.
Until late in 2010, all was going to plan. Then Mr. Bové—famed for destroying a McDonald's Corp. restaurant during a protest against globalization—turned his attention to shale oil and gas. Political opinion followed soon after.
Toreador's market capitalization has since has shriveled by about 50% to $182.4 million. Toreador has no immediate plans to leave France, but the company is looking "at all options," Mr. McKenzie said.
Nearly 80% of France's energy comes from nuclear power plants, according to the French energy ministry. "France needs to look into energy diversity," Mr. McKenzie said.
http://online.wsj.com/article/SB10001424052748703922504576273023015148798.html
Enterprising Investor
13 years ago
TRGL Agrees Interim Way Forward with French Government in Paris Basin Tight Rock Oil Program (2/14/11)
PARIS--(BUSINESS WIRE)--Regulatory News:
Toreador Resources Corporation (NASDAQ: TRGL) (Paris: TOR) today announced that its subsidiary Toreador Energy France and its partner, Hess Oil France SAS, (“Partners”) along with select other energy industry companies in France, met with France’s Ministry of Environment and the Ministry of Energy to discuss the government’s decision to instruct the General Council of Industry, Energy and Technology (CGIET) and the General Council on the Environment and Sustainable Development (CGEED) to undertake a study to determine the economic, social and environmental impact of both shale oil and shale gas development in France.
The Ministers provided Toreador and Hess an opportunity to present what the Partners believe are the material positive benefits that tight rock oil development in the Paris Basin would have both regionally and nationally in France. Marc Sengès, CFO of Toreador and President of Toreador Energy France, spoke on behalf of the Partners and made the following points:
There have been over 2,000 oil wells drilled in the Paris Basin. Toreador is a longstanding French operator and has produced over 5 million barrels of oil in 17 years while fully respecting the environment and the local communities where it operates.
The concept of hydraulic fracturing in the Paris Basin is not new and the technology itself has 50 years of data and experience supporting its safe application in oil fields around the world.
Our ‘proof of concept’ exploration program is aimed at determining the type of petroleum resources contained in the tight rock within the Liassic shale in the Paris Basin (depth of between 2,300 and 3,000 meters) as well as their economic potential.
The Paris Basin tight rock oil ‘proof of concept’ program already is providing numerous benefits to the country in the form of investment, job creation, and proceeds to the government. If recovery of the oil is proven to be commercially feasible, then the social benefits will increase with investment levels potentially reaching several billion dollars and job creation measured in the thousands.
Following a constructive discussion held with the Ministers during the meeting, Toreador and Hess have concluded the following:
The Partners will voluntarily delay their Paris Basin tight rock oil ‘proof of concept’ program until after the interim report is issued (mid-April 2011).
The first four vertical wells will not involve hydraulic fracturing and are similar in design to wells drilled over the last fifty years in the Paris Basin.
The Partners will assist the French Government in the CGIET-CGEED study by providing scientific data and practical experiences regarding oil development (gas is not a developable resource in the Paris Basin where the partners operate).
The Partners will host delegations to observe oil operations in the Paris Basin.
The Partners will determine the timing and sequencing of their hydraulic fracturing operations following the disclosure of the final results of the French Government’s study (before end of June 2011).
The Partners will initiate baseline environmental studies with third party French environmental experts that will be used to evaluate the quality of groundwater, surface water, surface soils, and air.
The Partners also will assess the potential noise and odor before site construction and before and after drilling operations. These studies will be made available to the French Government.
Craig McKenzie, President and Chief Executive Officer of Toreador, said, “We fully support the responsible approach the Ministry of Environment and the Ministry of Energy are undertaking with the CGIET-CGEED study. As a longstanding, established operator in France, Toreador welcomes higher standards to ensure all operations are prudent and compliant and deliver net economic and social benefits. Simply put, this is why we chose Hess Corporation as our partner.”
Added McKenzie, “It is important to bear in mind that our project represents a renaissance for the Paris Basin oil industry. What we are pursuing is not oil shale, which is essentially strip-mining, nor is it gas shale. We are focused on determining the commercial viability of recovering oil from tight rock within the Liassic shale in the Paris Basin (2,300 to 3,000 meters of depth). We note the joint Ministry press release issued on February 11, 2011 that Vermilion Energy Inc. is currently producing approximately 63 barrels of oil per day from two previously stimulated vertical wells in the Liassic shale. From the company’s past reports we understand one well was stimulated about a year ago and the other last fall. We view this as very positive data indeed, which supports the concept that the Liassic section can sustain oil production.”
http://www.businesswire.com/news/home/20110213005210/en/Toreador-Agrees-Interim-French-Government-Paris-Basin
manny t
14 years ago
That spike to 13 lately on news that TRGL is in talks with investors,was once again an opportunity to Short the stock.I didn't Short.
Price offering at 8.5.
Toreador Announces Pricing of Public Offering of Common Stock
businesswire
*
Companies:
o Toreador Resources Corp.
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Press Release Source: Toreador Resources Corporation On Tuesday February 9, 2010, 9:00 am
PARIS--(BUSINESS WIRE)--Toreador Resources Corporation (NASDAQ: TRGL - News) announced today that it has priced an underwritten public offering of 3 million shares of common stock at a public offering price of $8.50 per share. The offering is expected to close on February 12, 2010, subject to customary closing conditions.
The net proceeds to Toreador from the offering will be approximately $23.5 million, after deducting underwriting discounts, commissions and estimated offering expenses. Toreador intends to use the net proceeds, together with cash on hand, to satisfy payment obligations arising from the holders’ exercise, if any, of their right on October 1, 2010 to require the Company to repurchase its 5.00% Convertible Senior Notes due 2025 and for general corporate purposes, which may include working capital, capital expenditures and acquisitions.
RBC Capital Markets and Thomas Weisel Partners LLC are acting as joint book-running managers for the offering. The Company has granted the underwriters a 30-day option to purchase up to an additional 450,000 shares to cover over-allotments, if any.
This offering is being made only by means of a prospectus supplement and related prospectus. Copies of the prospectus supplement and accompanying prospectus relating to this offering may be obtained by contacting RBC Capital Markets Corporation, Three World Financial Center, 200 Vesey Street, 8th Floor, New York, NY 10281-8098, Attention: Equity Syndicate, (212) 428-6670 or Thomas Weisel Partners LLC, One Montgomery Street, San Francisco, CA 94104, Attention: Equity Syndicate, (415) 364-2720.
The shares are being offered pursuant to an effective shelf registration statement. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
redwing992006
14 years ago
TRGL ???
Dallas, TX, Company Preparing to Legally
"Steal" $2.8 Trillion in Oil from the French
American wildcatting firm has secured 40-billion-barrel oil discovery beneath Paris, France…
It's enough oil to feed U.S. demand for 5.2 years, according to Energy Information Administration…
Investors who get in before this oil comes to market could earn 1,820% gains… Here’s how…
--------------------------------------------------------------------------------
Dear Reader,
It could be the richest oil deposit in Western Europe.
But very few even know of its existence… yet.
Even leading oilmen in the U.S. have no idea.
Because… well… who ever thought of looking for oil beneath the Eiffel Tower?
Indeed, while Parisians sip coffee and nibble croissants in Montmarte… as tourists stroll through the Louvre, and walk along the Left Bank… there's an ocean of sweet crude oil bubbling directly beneath their feet.
The French Oil Ministry has confirmed more than 40 billion barrels.
It's enough to fuel total U.S. oil demand for 5.2 years, according to the Energy Information Administration.
Enough to fill more than 2.54 million Olympic-sized swimming pools…
And 27 times more oil than ExxonMobil produces annually…
Perhaps most amazingly, the rights to every drop of this oil now belong to one little company from Dallas, Texas!
When it begins bringing this mother lode to market later this year, the company stands to multiply its oil inventory as much as 5,632-fold.
No wonder Goldman Sachs and Barclays are quietly building positions in the stock before the big event.
And no wonder they're keeping this news to themselves – not telling a single one of their retail clients.
Over the next few minutes you'll discover all the details of this opportunity.
And you'll learn how you could turn a small speculation of $5,000 into $100,000 starting just a few days from now.
But you must act right away.
Let's get right to the details…
A Global Hunt for Oil Pays Off… BIG TIME
As many people know, American oilmen have been drilling in Texas for generations. They've scoured the entire state and pumped billions of barrels.
Competition for drilling rights is fierce, and returns hard to come by.
So a few years ago, one of the state's leading small oil companies made a bold decision.
The idea was to break out and send their geologists around the world in search of a truly game-changing discovery.
After months of exploration, they returned with some shocking news.
If the data were correct, they had discovered an extremely large accumulation of untapped crude oil…
Not in the Middle East…
Not in some Latin American dictatorship…
Not thousands of feet beneath hostile seas in the North Atlantic…
But locked in the geological formation running directly beneath the city of Paris, France…
The Forgotten Treasure beneath the City of Lights
Known as the Paris Basin, this layered formation juts thousands of feet into the earth. It forms an oblong bowl 310 miles long and 186 miles wide.
At the basin's surface you'll find vineyards producing the finest wines in the world, along with gourmet cheeses and other natural wonders. (Dom Perignon Champagne comes from a small town resting atop the basin.)
But beneath that gilded soil – with the Eiffel Tower near its epicenter – the geological team from Texas discovered huge crude oil deposits. (Most of it flowed through the formation’s Jurassic limestone layer – the darkest layer in the diagram below.)
Their estimates showed 30 million barrels, at least. But they needed more time, and money, to complete their surveys.
When a Small Company Risks Everything and Wins
So the company (we'll call it the "Tiny Texan") decided to take an enormous risk.
It sold off its U.S.-based operations. Every oilfield, well and piece of equipment went up for sale.
Then they took the millions in proceeds and poured them into the Paris project.
Shortly after doing so, the company confirmed the first 30 million barrels. (Just as quickly, it purchased the rights to that discovery from the French Oil Ministry.)
But what nobody knew at the time was just how big the discovery would become.
The geologists hadn't actually confirmed the physical limits of the accumulation.
Discovery Grows from $5.04 Billion… to $2.8 Trillion
So the company decided not to bring the oil to market – yet. The geologists continued surveying.
Their suspicions proved correct: There was indeed more than 30 million barrels in place.
As they followed the oil-flows outward, the estimated size of the reserve grew… to 72 million barrels… 350 million barrels… 1 billion barrels… 3 billion barrels… 12 billion barrels…
The data were breathtaking. And so were the potential revenues as they swelled from $5.04 billion… to $24.50 billion… $70 billion… $21 billion… $840 billion… and counting.
Keep in mind that the Tiny Texan had the cash to buy all the drilling rights thanks to the sell-off of its American assets years before.
And thank goodness it did.
Because now – after months of surveying – the company’s investment is finally ready to pay off.
Bottom line: This tiny, $100 million wildcatter from Dallas now sits atop 40 billion barrels of crude oil worth $2.8 trillion dollars.
How this Little Texas Company "Disappeared" from Wall Street's Radar Screen Five Years Ago Five years ago, the Tiny Texan oil company "cashed out" of all its U.S. holdings to explore and develop its massive discovery in France.
The day it sold its last American oil well, the company literally dropped off Wall Street's radar screen.
If you were a stock analyst tracking domestic oil companies' U.S. operations, the "Tiny Texan" ceased to "exist."
After years of prominent positioning in the domestic rig counts provided by Baker Hughes, the company's drilling activity suddenly stopped.
From that moment forward, even petroleum analysts following U.S. drilling trends lost track of the company.
And Wall Street completely lost track.
While that's still largely the case, the company has begun reappearing on the radar screens at a handful of major Wall Street institutions. They include Goldman Sachs, Barclays and Palo Alto Investors.
Beginning just days from now, they stand to pocket a fortune when the little Texas company finally starts the process that will bring its mother lode to market. (Still, they won't tell regular investors!)
For details on how you can join in the coming gains – up to 1,820% – please read on…
The company will begin bringing this mother lode to market just days from now.
When it does, the stock could skyrocket based on fundamentals alone (not to mention what'll happen once this story gets out to the mainstream American financial press).
Here's why…
Billions of Barrels… Not Priced into the Stock!
The Tiny Texan will switch on Oil Well #1, on the outskirts of Paris, tapping into the first estimated 30 million barrels.
This historic event could be enough to triple the company's oil inventory. And it'll certainly be enough to jolt the bottom line, and launch this story into the mainstream investing media.
The importance of getting in before the big event cannot be overstated.
But this is merely the beginning.
The Tiny Texan has an additional seven wells coming online right afterwards. They're located to the south of the city, too.
Combined, the first eight wells will tap into an estimated 65 million to 72 million barrels worth about $4.55 billion. That could be enough to drive the company's market cap up 4,550% from current levels around $100 million.
Even if the company found 40% of what it expects, it could be enough to send the stock soaring 1,820%.
And these projected gains are based only on this initial jolt to the fundamentals.
Wall Street hasn't calculated any of this oil into the stock's price yet. Nor has it calculated the remaining 39 billion-plus barrels into the price!
And that's exactly why a handful of major Wall Street institutions are quietly, slowly building positions in the company now…
Goldman Sachs, Barclays and Vanguard: All Buying this Stock with their Own Money… But Not Telling Investors
Goldman Sachs just bought 1.07 million shares for its house accounts.
Barclays bought 1.04 million shares with its own money.
Palo Alto investors bought nearly 2 million shares.
Yet none of these big firms will tell its retail clients about the opportunity.
They're not even rating the stock, or following it publicly. You simply won't hear about this opportunity from Wall Street.
When confronted with this fact, Goldman spokesman Robert Kenner replied:
"Goldman Sachs research division does not cover [the Tiny Texan] and we do not discuss plans regarding future analyst coverage. Also, we do not comment on companies that are individual holdings of the firm."
And why would they?
By keeping this opportunity from regular investors, they stand to keep the biggest gains to themselves. (Some things never change.)
But a few regular investors will indeed have the chance to profit from this situation.
And judging from similar cases, they could pocket even more than 1,820%...
Do You Really Think Oil Is Going to Stay THIS CHEAP? It’s no secret that oil just jumped to a new seven-and-a-half-month high.
But experts, including oilman T. Boone Pickens, think this is just the beginning.
According to Bespoke Investment Group: “If oil is able to break out above these short-term highs, there isn't much in the way of resistance until the $90 mark.”
Now the International Energy Agency is scuffling to stay ahead of the escalating supply-and-demand imbalance.
Earlier this year, the advisor to 28 of the world’s biggest oil consuming nations was forced to increase its global demand estimate for 2009 by an additional 120,000 barrels… per day.
Meanwhile, the biggest oil fields in the world – in Saudi Arabia, Mexico and Russia – have either reached maximum production or are declining rapidly.
According to the IEA, global reserves are sliding at an astonishing 6% every year.
But on the outskirts of Paris, France, a tiny oil company from Texas has discovered what could be the perfect solution.
It’s a massive reserve containing 40 billion barrels of crude oil – and it all belongs to this single company.
To find out how it could drive shares much higher just days from now, please read on…
Nothing Drives an Oil Stock Higher, Faster…
Nothing sends an oil stock soaring faster than a big discovery.
Earlier this year, TXCO Resources discovered oil in the Fort Trinidad Field of Texas. The stock jumped 86.9% in 15 days.
Likewise…
Edge Petroleum struck oil in the Fayetteville Shale of Arkansas. And the stock jumped 210% from March 18-20, 2009.
Arena Resources discovered oil in the San Andres Field in west Texas. The stock bolted 104.33% between February and June 2009.
Eden Energy found oil in Colorado's White River oilfield. The stock climbed 13,983% in nine months. (That would have turned $5,000 into $699,150.)
Perhaps the greatest example of them all was Standard Oil. The company struck oil in the Bolsa Chica fields of California and the stock climbed 125,900%. This discovery helped to make John D. Rockefeller a household name.
Now the Tiny Texan has discovered as much as 40 billion barrels worth an estimated $2.8 trillion.
Indeed, the long-term implications are staggering.
Because here's the thing…
The smaller the oil company – and the larger the discovery – the bigger the potential gains for investors.
Why Gains Could Go So Much Higher…
For example, Brazil's Petrobras Energia is a $15 billion company.
The Tiny Texan is about 1/100th the size, with a market cap of around $100 million.
Petrobras discovered 5 billion barrels of oil in its Tupi Field last year, and the stock soared 207%.
The relatively small Tiny Texan has discovered eight times more oil, and the stock has risen 15%.
Just looking at the discoveries, you would expect the Texan to climb eight times higher – about 1,656%.
But considering that the company is so much smaller than Petrobras, you would expect that number to rise exponentially.
That's why we think this stock could climb up to 1,820% from current levels, if everything goes according to plan.
So why didn't one of Europe's major oil companies such as Total pounce on this oil long ago?
The answer: They didn't have the right equipment.
You can't simply drill an oil well under the Eiffel Tower and start filling up oil barges on the River Seine.
To access oil beneath a major world landmark, you need special equipment, and special expertise.
And that's exactly what the Tiny Texan is bringing to the equation, all the way from America…
U.S. Technology Comes to France on a Grand Scale
For the past several years, oilfield engineers in the U.S. have been perfecting an amazing new technology.
They call it "horizontal drilling." Here's what makes it so powerful.
With traditional oilrigs, you can only drill straight down – vertically.
With horizontal drilling, you start by drilling straight down. But then you can turn your drill sideways, thousands of feet underground, and continue drilling for miles.
Since its introduction in the 1990s, horizontal drilling has produced billions in profits for oil companies worldwide. But American oilmen have taken the technology to whole new levels.
According to the Energy Information Administration, these American advances have increased per-well production by 700%. They have also slashed per-well expenses by 50%.
But how will these advances help the Tiny Texan vacuum up all that oil beneath the Eiffel Tower?
Legally "Steal" 40 Billion Barrels from the French
The company will start by drilling vertical wells on the outskirts of Paris.
From there, it will run horizontal wells straight into the Paris reservoir… attacking the oil from the side!
This way, the company will leave the city of Paris entirely undisturbed… while gaining access to the $2.8 trillion prize. (See "Well A" in the diagram below.)
Parisians can go on about their daily business, completely oblivious! And the Tiny Texan can go about the business of making money, and lots of it.
According to one noted European Oilfield Geologist …
It's the perfect solution, and one that could allow this small-cap Texas oil company to produce billions in profits, starting with the first well coming online later this year. The risk they took could pay off many times over.
Indeed. The first eight wells alone could produce enough to send the stock catapulting 1,820% starting later this year.
The long-term gains could soar even higher.
But here's the amazing thing.
Even without the Paris discovery, this little company would make an excellent speculation right now.
Why this Company Is Already Making Big Money
When the Texan cashed out of its U.S. holdings years ago, it didn't put all of that money into Paris.
The company poured millions into other parts of Europe, too, where the "third generation" oilfield technology from America would give it an advantage.
And the strategy has been paying off… big time. The company has been steadily driving revenues higher... for five straight years.
According to data from Thomson Reuters:
The firm has grown revenues by an average of 30.88% since 2003 – through all markets – showing top-line stability you don't often see in a typical resource company, let alone an oil company.
The company clearly knows how to generate cash… and keep it.
Just since December, the Tiny Texan has slashed debt 43%. And management used the swoon in last year's oil prices to slash overhead by 61%.
The company doesn't trade on the pink sheets or over the counter. It trades on a major, regulated U.S. exchange, the Nasdaq. And its track record of success dates back to the 1950's.
When the first well comes online outside of Paris, it will mark an historic turning point for the company… and its shareholders.
For investors with risk capital, this speculation has a real chance to make some serious gains. With Goldman and other big players moving in, the shares have already darted 15%.
That's why I'd like to rush you an urgent report on this opportunity right away.
It's called Profits in Paris: Earn 1,820% from this Secret Oil Discovery.
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Penny Roger$
12 years ago
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