Toreador Resources Corporation and its joint venture partners TPAO (the Turkish national oil company) and Stratic Energy Corporation today announced that first gas sales from the South Akcakoca Sub-Basin project have begun.

Initial production is from three wells on the Akkaya platform, the Akkaya-1a, -2 and -3 at a rate of approximately 20 million cubic feet of gas per day (MMCFD). The production rate from the three wells will be adjusted as the remaining two platforms in the first phase of production are brought online over the next few months. When all three platforms are on full production, estimated to be early in the third quarter, the projected flow rate will be approximately 50 MMCFD to the 100% interest. Toreador has 36.75% interest in the project, TPAO has 51% interest, and Stratic has 12.25% interest.

Pricing for the gas is based on the BOTAS (Turkish national pipeline company) posted guaranteed industrial tariff which in May is approximately $8.90 per thousand cubic feet of gas (MCF). After discounts, the wellhead price based on current pricing is estimated to be $8 per MCF. Pricing is adjusted monthly and will vary with the BOTAS posted price.