RAG recently bought the Hungary licenses from Toreador.
PARIS, Oct 01, 2009 (BUSINESS WIRE) --
--On Track Implementing Growth Strategy and Enhancing Shareholder Value
Toreador Resources Corporation (NASDAQ: TRGL) today announced that it has entered into two definitive agreements to sell separately, a) its Turkish subsidiary, Toreador Turkey Ltd., to Tiway Oil ("Tiway"), a private Norwegian energy company, for a total consideration of US$10.6 million paid at closing plus exploration success payments of up to $40 million plus contingent future net profit payments (as described below); and, b) its Hungarian subsidiary, Toreador Hungary Ltd., to RAG (ROHOL-AUFSUCHUNGS AKTIENGESELLSCHAFT), a private Austrian energy company, for 4 million Euros (US$5.8 million) plus a contingent payment of 2 million Euros (US$2.9 million) to be paid upon post-transaction completion of agreements relating to certain assets of Toreador Hungary. The Toreador Turkey Ltd. transaction is expected to close on October 7, 2009, and the Toreador Hungary Ltd. transaction has closed on September 30, 2009. Total combined cash proceeds upon closing of both deals will be $16.4 million (which excludes contingent future payments). Both transactions are subject to standard post-closing purchase price adjustments.
