Thursday, Toreador Resources Corp. (TRGL), an upstream oil company, announced that it has entered into two separate definitive agreements to sell its Turkish and Hungarian subsidiaries. The company would exit from Turkey and Hungary on close of the transactions. The stock is currently trading down by more than 3%.
Toreador Turkey Ltd., the company's Turkish subsidiary will be acquired by Tiway Oil, a private Norwegian energy company for a US$10.6 million which will be paid at closing on October 7.
Further, according to the deal, Toreador may receive exploration success payments of up to US$40 million and contingent future payments of 10% quarterly pre-tax net profit interest payments if a field goes into production that was discovered by an exploration well drilled within four years of closing on certain of the licenses then still held by Tiway.
Toreador Hungary Ltd., the company's Hungarian subsidiary was sold on September 30 to ROH L-AUFSUCHUNGS AKTIENGESELLSCHAFT or RAG, a private Austrian energy company, for US$5.8 million. Toreador will also receive a contingent payment of US$2.9 million upon post-transaction completion of agreements relating to certain assets of Toreador Hungary.
Total combined cash proceeds upon closing of both deals will be $16.4 million excluding contingent future payments. The company expects to use the proceeds from the transactions to repurchase a portion of its convertible notes, and to explore both French acreage and Paris Basin Oil Shale.
The company said that it remains on track with its upcoming La Garenne exploration planned for November. Toreador also said it is working toward partnering for development of its Paris Basin Oil Shale.
Due to the transactions, a net loss of approximately US$3.7 million will be reflected on its balance sheet for the third quarter of this year, the company added.
TRGL is currently trading at $9.66, down 3.30% on Nasdaq.
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