Toreador is likely to introduce a cohesive plan that includes cutting overhead, divesting non-core assets, reducing debt, and improving its core operations in France and Hungary.

CEO Mr. McKenzie said, "We are sharply reducing our overhead to match the scale of the business by consolidating our offices and relocating our headquarters to Paris by mid-year. It is a first step to enhance shareholder value."

Mr. McKenzie continued, "Toreador is also conducting the sale of certain non-core assets and proceeds will be used to pay down debt. Our 2009 capital program has been cut to cover minimum commitments while the sale processes move forward and we more fully assess the growth potential of our assets in France and Hungary."

The Platform is a direct response to the current credit and equity markets and sharply reduced commodity prices. The Company is facing significant near-term debt obligations with net debt, minus cash, of approximately $97 million and current commodity prices are less than half that of 2008 levels.

Tags: Toreador Resources Corporation