Thursday, Toreador Resources Corp. (TRGL) said it entered into 2 definitive agreements to sell separately its Turkish subsidiary, Toreador Turkey Ltd., to Tiway Oil for a total consideration of US$10.6 million paid at closing plus exploration success payments of up to $40 million plus contingent future net profit payments.
Secondly, the company signed an agreement to sell its Hungarian subsidiary, Toreador Hungary Ltd., to RAG (ROHÖL-AUFSUCHUNGS AKTIENGESELLSCHAFT) for 4 million Euros or US$5.8 million plus a contingent payment of 2 million Euros to be paid upon post-transaction completion of agreements relating to certain assets of Toreador Hungary.
The Toreador Turkey Ltd. transaction is expected to close on October 7, 2009, and the Toreador Hungary Ltd. transaction closed on September 30, 2009. Total combined cash proceeds upon closing of both deals will be $16.4 million. Both transactions are subject to standard post-closing purchase price adjustments.
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