5 Mar 2012listing compliance notice▼ BadMajor
TOREADOR RESOURCES CORP terminated the registration of a class of securities, ending its reporting obligation for them.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 Feb 2012listing compliance notice● NeutralMajor
TOREADOR RESOURCES CORP's exchange filed to remove a class of its securities from listing.
13 Feb 2012business combination● NeutralMajor
Toreador filed supplemental tax disclosure on the ZaZa merger. It said the November 2011 IRS ruling did not cover facts that arose later, so Toreador would close on a Fried Frank tax opinion, which was filed as an exhibit, that the share exchange should be tax-free.
12 Jan 2012business combination● NeutralMajor
Toreador filed the final proxy for the ZaZa Energy, LLC merger first previewed in October 2011. Stockholders vote at a special meeting on February 15, 2012 in Houston (record date January 11, 2012). Each Toreador share converts 1-for-1 into New ZaZa stock, giving Toreador holders 25% and ZaZa's owners 75%, with Nasdaq listing as ZAZA planned. The board unanimously recommends voting for the merger, and the proxy also asks for an advisory vote on golden parachute pay and an adjournment vote if needed. The table of contents also lists a section on delisting and deregistration of Toreador common stock.
13 Oct 2011business combination● NeutralMajor
Toreador filed a preliminary proxy for the merger with ZaZa Energy, LLC agreed by its board on August 9, 2011. Each Toreador share converts into one share of a new company, ZaZa Energy Corporation, with Toreador holders owning 25% and ZaZa's owners 75%. The combined company would hold Eagle Ford and Eagle Ford/Woodbine acreage in Texas plus the Paris Basin in France, about 435,000 net acres, and would be listed on Nasdaq as ZAZA. Shareholders have no appraisal rights. This starts the deal that ends Toreador as an independent public company.
10 Aug 2011business combination● NeutralMajor
Toreador agreed to merge with privately held ZaZa Energy, LLC to form a new jointly owned public company, ZaZa Energy Corporation, with Toreador shareholders converting their shares 1-for-1 into the new entity.
23 May 2011material agreement▼ Bad
Toreador and Hess extended the Paris Basin Phase 1 completion deadline by 18 months, a sign the shale-oil drilling program was running behind schedule.
2 Feb 2011production update● NeutralMajor
Toreador and Hess prepared to spud the first wells of a Paris Basin shale-oil "proof of concept" program, targeting the Liassic play in the first half of 2011.
3 Nov 2010auditor change● Neutral
Toreador clarified its auditor change: on May 9, 2010 the board chose not to re-engage Grant Thornton and approved Ernst & Young Audit for 2010, with the engagement letter signed July 30, 2010. The company says the move of headquarters from Dallas to Paris caused inefficiencies and higher audit costs with a US-based auditor. It also repeats Grant Thornton's earlier warning of a material weakness in financial reporting procedures. This is a clarification of the earlier filing.
13 May 2010auditor change● Neutral
Toreador replaced Grant Thornton with Ernst & Young as auditor, citing its relocation from Dallas to Paris.
13 May 2010material agreement▲ Good
This amendment only corrects certain figures in the unaudited pro forma financial statements for the May 10, 2010 Hess deal. In that deal Hess may become a 50% holder of Toreador's Paris Basin permit interests, paying $15 million upfront, up to $120 million for a two-phase work program, and Toreador may receive up to $130 million of success fees. The pro forma data show a $14.3 million gain on the sale and $15 million of expected cash, but the filing does not list which figures changed.
10 May 2010asset acquisition disposition▲ GoodMajor
Toreador struck a major deal with Hess Corporation: Hess would pay $15 million upfront and could invest up to $120 million for a 50% stake in Toreador's Paris Basin shale-oil permits, with up to $130 million of success fees to Toreador - its next big bet after Turkey.
11 Feb 2010material agreement▲ GoodMajor
Toreador sold 3.45 million shares at $8.50 (3 million plus the full 450,000-share over-allotment) through RBC Capital Markets and Thomas Weisel Partners. Proceeds were intended for any October 2010 repurchase of its 5.00% convertible notes and general corporate purposes.
3 Feb 2010capital raising announcement▼ BadMajor
Toreador exchanged $22.2 million of its 5.00% convertible notes plus $9.4 million of new cash from an institutional investor for $31.6 million of new 8.00%/7.00% convertible notes due 2025. The deal cut the notes that could be put back in October 2010 and pushed put and call dates out to 2013.
9 Oct 2009asset acquisition disposition▲ GoodMajor
The sale of Toreador Turkey Ltd to Tiway Oil closed for $10.6 million cash plus up to $40 million of future success payments, booking a $21.2 million gain and ending Toreador's Turkey chapter - the country where its whole growth story had played out.
6 Oct 2009asset acquisition disposition● NeutralMajor
Toreador agreed to sell its Hungary subsidiary to Austria's RAG for about $5.4 million plus contingent payments, and separately agreed to sell its remaining Turkey entity (Toreador Turkey Ltd) to Tiway Oil - exiting both countries.
9 Mar 2009asset acquisition disposition▲ GoodMajor
The reduced $55 million Petrol Ofisi sale closed; Toreador used the proceeds to fully repay its IFC loan ($30 million principal plus $5.9 million in fees).
27 Feb 2009listing compliance notice● Neutral
Toreador filed an amended Form 15 (February 27, 2009) certifying zero holders of record for the Series B Preferred Stock Purchase Rights, citing rules for terminating registration of that class. It lists the common stock as still carrying a duty to file reports. Read as a filing about the expired share purchase rights only, not the common stock; this is an inference from the form's class listing. Toreador kept filing afterwards.
26 Feb 2009listing compliance notice▼ BadMajor
TOREADOR RESOURCES CORP deregistered its securities, ending its obligation to file reports with the SEC.
9 Feb 2009drilling progress report● Neutral
Toreador spudded the Balotaszallas-E-1 well on its Tompa Block in Hungary, a 25%-working-interest well drilled at no cash cost to the company.
4 Feb 2009material agreement▼ BadMajor
As the financial crisis hit, Toreador renegotiated the Petrol Ofisi sale price down from $80.25 million to $55 million for the same 26.75% South Akcakoca interest.
30 Jan 2009security holder rights change● NeutralMajor
Toreador's board redeemed its 2008 shareholder-rights ("poison pill") plan as part of a settlement with activist investor Nanes Balkany Partners, which had been pushing for governance changes.
23 Sept 2008material agreement▲ GoodMajor
Toreador signed the definitive agreement to sell the 26.75% South Akcakoca interest to Petrol Ofisi for $80.25 million.
14 Aug 2008material agreement▲ GoodMajor
Toreador agreed in principle to sell a 26.75% interest in its South Akcakoca gas project to Turkish fuel distributor Petrol Ofisi for $80.25 million, monetizing part of its Turkey discovery while retaining a 10% stake.
2 Jan 2008capital raising announcement● Neutral
Several preferred shareholders converted their holdings to common stock at $4.00 per share.
2 Nov 2007production update▲ GoodMajor
Toreador furnished a press release dated November 1, 2007 providing an operational update. The filing text gave no well results.
28 Sept 2007production update▲ GoodMajor
Toreador furnished a press release dated September 27, 2007 announcing updated reserve information and an operational update. The filing text gave no reserve figures.
20 Sept 2007production update▲ GoodMajor
Toreador furnished a press release dated September 19, 2007 announcing an operational update. The filing itself gave no operating details.
6 Aug 2007material agreement▲ GoodMajor
Toreador agreed to sell its last remaining US oil and gas properties to RTF Realty for $19.1 million, completing its exit from the domestic business it started with; RTF's advisors on the deal were Toreador's own former CEO and CFO.
27 Apr 2007capital raising announcement▲ Good
Investors from the March private placement exercised warrants for $5.4 million in additional proceeds.