27 Apr 2007material agreement termination● Neutral
Toreador repaid and terminated its Texas Capital Bank credit facility for its remaining US legacy properties, with no prepayment penalty.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
26 Mar 2007capital raising announcement▲ Good
The $45 million private placement closed, with investors also receiving exercisable warrants at $16.60 per share.
22 Mar 2007capital raising announcement▲ GoodMajor
Toreador agreed to raise $45 million selling 2.7 million shares at a discounted $16.60 to six institutional investors, plus warrants for another 489,000 shares.
5 Mar 2007debt financing● Neutral
Toreador filed the security documents (mortgages and pledges) implementing December's $25 million IFC loan facility.
4 Jan 2007security holder rights change▲ GoodMajor
Toreador and its Turkey, Romania, France and Hungary subsidiaries entered a major new loan facility with the International Finance Corporation (World Bank Group), diversifying its lender base beyond its French and US bank facilities.
22 Dec 2006debt financing● Neutral
Toreador drew $5.55 million under its Texas Capital Bank credit facility for general corporate purposes.
21 Dec 2006debt financing▲ GoodMajor
Toreador disclosed that the delayed third-quarter 10-Q put it in covenant default under its 5.00% convertible notes indenture, after the trustee sent notice on December 15, 2006. The default becomes an Event of Default only if not cured by January 14, 2007, and Texas Capital Bank and Natixis orally waived their related defaults.
11 Dec 2006debt financing● Neutral
Toreador drew $8 million under its Natexis revolving facility to fund Turkey and Hungary operations.
1 Dec 2006listing compliance notice▼ BadMajor
Toreador pushed back the filing of its restated financials to January 11, 2007 - the same date set for its Nasdaq delisting hearing.
22 Nov 2006financial restatement▼ BadMajor
The restatement widened further still, now also covering fiscal 2003 and 2004 financial statements.
20 Nov 2006listing compliance notice▼ BadMajor
Nasdaq issued a deficiency letter over Toreador's late third-quarter 10-Q, driven by the ongoing restatement; the company requested a hearing to avoid delisting.
2 Oct 2006financial restatement▼ BadMajor
The 2006 restatement widened and slipped: the September 8, 2006 filing covers the audited 2005 year and the March and June 2006 quarters. Because the company recently engaged its current auditor to re-audit its statements, the corrected filings are delayed to about December 1, 2006, a later date than the August 25 target in the earlier update.
8 Sept 2006financial restatement▼ BadMajor
The restatement widened to cover all of fiscal 2005 plus the first two quarters of 2006, including reclassifying Black Sea drilling costs - a deepening accounting problem.
16 Aug 2006financial restatement▼ BadMajor
Toreador updated shareholders on its restatement of the quarter ended March 31, 2006, first announced August 8, 2006. The company is still preparing the restated statements and amended 10-Q, which need its auditor's review, and expects to file by August 25, 2006. This starts the restatement episode that later widened.
8 Aug 2006financial restatement▼ BadMajor
Toreador said it would restate its unaudited first-quarter 2006 financials to reverse a $1.5 million non-cash loss contingency on an insurance receivable and to capitalize about $631,000 of interest previously expensed on its offshore Turkey development program.
7 June 2006auditor change● Neutral
Grant Thornton LLP was engaged as Toreador's new independent auditor, replacing Hein & Associates.
5 June 2006material agreement● Neutral
Toreador granted 40,000 restricted shares each to two senior technical executives as retention compensation.
26 May 2006auditor change▼ Bad
Hein & Associates LLP resigned as Toreador's auditor on May 15, 2006, ending the relationship that began with its hiring in 2003. This amendment only attaches Hein's May 25, 2006 letter confirming it agrees with the company's earlier May 19 report; the filing gives no reason for the resignation.
19 May 2006auditor change▼ Bad
Auditor Hein & Associates resigned after completing its first-quarter 2006 review, having previously flagged internal-control material weaknesses for fiscal 2004.
12 May 2006material agreement● Neutral
Shareholders approved expanding Toreador's long-term incentive plan share pool from 250,000 to 750,000 shares.
12 Apr 2006material agreement● Neutral
A departing director's restricted-stock vesting was accelerated after he was not renominated to Toreador's board.
3 Apr 2006capital raising announcement● Neutral
PHD Partners converted the remaining balance of the debenture, completing its full conversion to equity.
29 Mar 2006capital raising announcement● Neutral
PHD Partners converted another $33,750 of the debenture into 5,000 shares.
24 Mar 2006capital raising announcement● Neutral
PHD Partners converted a further $135,000 of the debenture into 20,000 more shares.
17 Feb 2006capital raising announcement● Neutral
Investor PHD Partners began converting Toreador's outstanding convertible debenture into stock, converting about $135,000 into 20,000 shares.
24 Jan 2006capital raising announcement● Neutral
Another legacy Madison Oil merger warrant was exercised for a small block of shares.
9 Jan 2006capital raising announcement● Neutral
Toreador issued restricted stock and a warrant to a consulting firm for services performed.
20 Dec 2005capital raising announcement● Neutral
A small warrant tied to a charitable gift to Georgetown University was exercised for 400 shares.
4 Nov 2005capital raising announcement● Neutral
Toreador raised an executive's salary and processed a small legacy warrant exercise.
6 Oct 2005capital raising announcement▲ Good
Buyers exercised their option on the remaining $11.25 million of convertible notes, bringing the September 2005 note offering to its full $86.25 million.