Toreador Resources Corporation (NASDAQ:TRGL) (Paris:TOR) (“Toreador” or the “Company”) today announced that non-executive Chairman of the Board, Dr. Peter J. Hill, has resigned, providing additional time for his other business commitments.
Craig McKenzie, President and CEO of Toreador, said, “I would like to thank Peter for his role in leading the Board through a successful transformation and positioning Toreador for an upcoming period of growth and wish him all the best going forward.”
Dr. Hill said, “My belief in the potential for development of oil producing assets in the Paris Basin is undiminished, and I am confident that the unique opportunity for France will be realized as political issues become resolved.”
Dr. Hill will not be replaced on the Board of Directors, and the Board will be reduced to five members. The Board of Directors anticipates appointing a new non-executive Chairman at its meeting immediately after the Annual Meeting of Stockholders of Toreador on May 31, 2011.
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. The company’s website, www.toreador.net, provides more information about Toreador.
Safe-Harbor Statement – Except for the historical information contained herein, the matters set forth in this news release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Toreador intends that all such statements be subject to the "safe-harbor" provisions of those Acts. Many important risks, factors and conditions may cause Toreador's actual results to differ materially from those discussed in any such forward-looking statement. These risks include, but are not limited to, estimates of reserves, estimates of production, future commodity prices, exchange rates, interest rates, geological and political risks, drilling risks, product demand, transportation restrictions, actual recoveries of insurance proceeds, the ability of Toreador to obtain additional capital, and other risks and uncertainties described in the company's filings with the Securities and Exchange Commission. The historical results achieved by Toreador are not necessarily indicative of its future prospects. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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Shirley Z. Anderson, +1-469-364-8531
Tony Vermeire, +33 1 47 03 34 24
Sard Verbinnen & Co
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