Toreador Resources Corporation provides second quarter 2010 financial results.

Craig McKenzie, President and CEO of Toreador, said "This was a strong quarter financially, and we are on track to drill in the fourth quarter of 2010 the first of six planned shale oil wells for Phase 1 of the Toreador-Hess partnership in the Paris Basin. As of June 30, 2010, our balance sheet showed a net debt of $8 million, and we had $56 million in cash with no significant work commitments to fund as Hess is carrying Toreador's share of all costs related to the partnership". McKenzie continued "In addition to the shale oil, we are also high-grading our inventory of conventional oil drilling prospects, including the appraisal of the La Garenne discovery. We expect some of the conventional oil prospects to be secondary targets in the shale oil wells that we drill with Hess."

Revenues for the second quarter 2010 were $20.9 million compared to $4.6 million in the same period last year.

Oil and natural gas sales for the three months ended June 30, 2010 were $5.9 million, as compared to oil and natural gas sales of $4.5 million for the three months ended June 30, 2009, an increase primarily due to higher oil sale price over the period from an average of $54.74 per barrel in the three months ended June 30, 2009 to an average of $74.24 per barrel in the three months ended June 30, 2010. Production remained stable, from 81 MBbls in the three months ended June 30, 2009 to 82 MBbls in the three months ended June 30, 2010.

Other income for the three months ended June 30, 2010 was $15 million, which represented the $15 million upfront payment received from Hess on June 10, 2010 under the Investment Agreement entered into with Toreador on May 10, 2010 - compared to $0.1 million recorded for the same period of 2009.

Tags: Toreador Resources Corporation