Toreador Resources 8-K 2007
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Toreador Resources Corporation
(Exact Name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction of Incorporation)
(Registrants Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry into a Material Definitive Agreement.
On August 2, 2007, Toreador Resources Corporation (Toreador) and two of its wholly-owned subsidiaries, Toreador Exploration & Production Inc. and Toreador Acquisition Corporation (collectively, the Subsidiaries) entered into an Agreement for Purchase and Sale (the Agreement) with RTF Realty Inc. (the Buyer) pursuant to which Toreador and the Subsidiaries have agreed to sell to the Buyer all of their U.S. oil and gas properties for $19,075,000 which amount is subject to certain customary adjustments (the Sale). At December 31, 2006, the U.S. oil and gas properties had proved reserves of approximately 1.4 MBOE. Toreador has been advised that G. Thomas Graves III, Toreadors former President and Chief Executive Officer and a former director, and Douglas W. Weir, Toreadors former Chief Financial Officer, are advisors to the Buyer. The Sale is subject to certain closing conditions and is expected to close on or before August 31, 2007 with an effective date of September 1, 2007.
Toreador anticipates using a portion of the net proceeds to reduce some of its outstanding debt under its credit facility with International Finance Corporation and using the remainder of the net proceeds for working capital purposes, including, but not limited to, funding its share of the 2008 development expenditures for the recent gas discoveries in the South Akcakoca Sub-basin.
Item 9.01. Financial Statements and Exhibits.
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.