Dec 5 2008

NEW YORK -- Nanes Balkany Partners I LP ("Nanes Balkany") today announced that it has delivered a letter to the Board of Directors of Toreador Resources Corporation ("Toreador" or the "Company") (NASDAQ: TRGL) in which it expressed its concerns about the recent actions and strategic direction of the Company and outlined a number of proactive steps that Nanes Balkany believes would immediately maximize value for all stockholders. Nanes Balkany is the beneficial owner of approximately 5.1% of the Company's common shares.

It's amazing the power that a 5% shareholder can have (see below).

Avelar and Burlingame hold about 30% of Falcons shares, yet they haven't seemed to have made any changes or demands whatsoever. Why? Personally, I think it's because they don't think any changes are necessary. After all, they are long term investors, not daytraders.

Toreador Resources and Nanes Balkany Reach Agreement

Friday, January 23, 2009

- Company Appoints Craig McKenzie, Dr. Peter Hill and Julien Balkany to Board; McKenzie to Serve as Interim CEO, Dr. Hill as Non-Executive Chairman

Toreador Resources Corporation and Nanes Balkany Partners I LP, one of its largest stockholders, have entered into a settlement agreement pursuant to which the Company has appointed three new members to Toreador's Board of Directors, Nigel J. Lovett has resigned as Chief Executive Officer, President and a director of the Company, and John M. McLaughlin has resigned as a non-executive Chairman and a director. The Company has also appointed Craig McKenzie interim CEO effective immediately, while a search for a permanent CEO is completed.

Under the terms of the Agreement, Toreador has appointed Julien Balkany, Craig McKenzie and Dr. Peter Hill to its Board of Directors. Accordingly, Nanes Balkany has withdrawn its nomination to elect a slate of three nominees to the Board at the 2009 annual meeting. The Company has also agreed to redeem the Stockholder Rights Plan announced November 20, 2008 after obtaining the requisite approvals from its lender.