Strategic Minerals Corp NL

Published : January 07th, 2009

Toreador Announces Strategic Moves for Its Turkish Operations, Preliminary Agreements to Exit Romani

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Jan. 7, 2009 13:00 UTC

Toreador Announces Strategic Moves for Its Turkish Operations, Preliminary Agreements to Exit Romania and an Update on Tompa Well in Hungary

DALLAS--(BUSINESS WIRE)-- Toreador Resources Corporation (NASDAQ: TRGL) (the "Company") announced today that it will be retaining an investment bank to assist in reviewing and executing strategic alternatives for its Turkish subsidiary. This will be done whether or not the previously announced proposed sale of its Black Sea asset to Petrol Ofisi closes. The parties to the proposed sale of the Black Sea asset will be discussing the status of the sale later this week.

Toreador also disclosed today that it has reached preliminary agreements to divest its exploration and production assets in Romania.

In the company's Viperesti exploration block, Amromco Energy LLC (based in Houston, Texas) has agreed to assign a 10% overriding gross production interest to Toreador in return for operatorship and transfer of petroleum rights in the block. Also, Amromco has agreed to obtain an extension on the permit before the April 2009 expiration date and drill a 1,500 meter deep well on or before the beginning of 2011 or pay Toreador a non-performance penalty.

In the company's Fauresti Field, Lotus Petroleum (based in Romania) has agreed to assume the liability for an approximately $1.25 million work commitment and future environmental and abandonment liabilities as well as provide Toreador a 12.5% overriding net production interest in return for ownership of the field assets and transfer of petroleum rights in the field. In addition, Lotus has agreed to assume Toreador's 30% working interest in the Moinesti exploration block by providing Toreador a 12.5% overriding net production interest from Lotus' working interest.

The effective date of these three transactions will be as of December 31, 2008. The transactions are subject to Romanian government approval, which is expected to be received in the first quarter of 2009. Upon completion of the transactions, Toreador will close its Romanian office and thus eliminate general and administrative expenses aggregating approximately $500 thousand on an annual basis.

The Company also announced today that in Hungary, the BaE-1 well, which is testing the deep unconventional Tompa gas play in the Kiskunhalas trough, has been delayed to an expected start date in early February due to rig availability issues. The drilling contractor has informed us that mobilization to our location should occur sometime in late January 2009, once additional unanticipated work has been completed on the rig's current location for another customer.

ABOUT TOREADOR

Toreador Resources Corporation is an independent international energy company engaged in the acquisition, development, exploration and production of natural gas, crude oil and other income-producing minerals. The company holds interests in developed and undeveloped oil and gas properties in France, Turkey, Romania and Hungary. More information about Toreador may be found at the company's web site, www.toreador.net.

Safe-Harbor Statement - Except for the historical information contained herein, the matters set forth in this news release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Toreador intends that all such statements be subject to the "safe-harbor" provisions of those Acts. Many important risks, factors and conditions may cause Toreador's actual results to differ materially from those discussed in any such forward-looking statement. These risks include, but are not limited to, whether the Romanian transactions described above are completed in accordance with their terms, whether the BaE-1 well is drilled, and whether the transaction to sell a 26.75% interest in the South Akcakoca Sub-basin is completed on the terms contemplated, and other risks and uncertainties described in the company's filings with the Securities and Exchange Commission. The historical results achieved by Toreador are not necessarily indicative of its future prospects. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts

Toreador Resources
Arnie McFalls, Controller, 214-559-3933 or 800-966-2141
amcfalls@toreador.net


Source: Toreador Resources Corporation

. <
Data and Statistics for these countries : France | Hungary | Romania | Turkey | All
Gold and Silver Prices for these countries : France | Hungary | Romania | Turkey | All

Strategic Minerals Corp NL

CODE : SMC.AX
ISIN : AU000000SMC6
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Strategic Min is a producing silver and gold company based in Australia.

Strategic Min holds various exploration projects in Canada.

Its main exploration properties are MAGNUM and PIKE PROPERTY in Canada.

Strategic Min is listed in Australia. Its market capitalisation is AU$ 26.5 millions as of today (US$ 16.0 millions, € 14.4 millions).

Its stock quote reached its lowest recent point on May 05, 2016 at AU$ 0.00, and its highest recent level on October 18, 2019 at AU$ 0.53.

Strategic Min has 69 630 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Financings of Strategic Minerals Corp NL
9/23/2014Calibre Closes $2,000,000 Strategic Financing With Pierre La...
9/17/2014Calibre Announces $2,000,000 Strategic Financing By Pierre L...
Project news of Strategic Minerals Corp NL
2/26/2007Woolgar drilling results identify continuity of Gold Mineral...
Corporate news of Strategic Minerals Corp NL
8/21/20162016 Woolgar Gold Exploration Program Underway (PDF - 245 Kb...
7/29/2016Quarterly Cashflow Report (PDF - 148 Kb)
7/12/2016Change of Registered Office (PDF - 77 Kb)
4/28/2016Passing of Managing Director (PDF - 234 Kb)
1/29/2016Completion of Shortfall Placement (PDF - 82 Kb)
10/27/2015Supplementary Prospectus (PDF - 28 Kb)
10/21/2015Letters to Shareholders (PDF - 164 Kb)
9/3/2015Holding in Company
8/24/2015Tatu Coal Project Update
7/29/2015Quarterly Activities Report and Quarterly Cashflow Report - ...
7/20/2015Director Shareholding
7/16/2015Approval for Change of Control of Tatu Licence
7/15/2015Unmarketable Parcel Share Sale Facility (PDF - 139 Kb)
7/14/2015Total Voting Rights
7/3/2015Annual General Meeting - Clarification of Results (PDF - 77 ...
4/10/2015Grant of Options
3/31/2015Agreement to acquire Tatu Coal Mine
3/30/2015Statement re share price
3/26/2015Holding in Company
1/21/2015Directorate changes
12/22/2014End of Year Update
11/17/2014Final results from 2014 phase 2 dill program - Woolgar (PDF ...
3/28/2014Proposed Entitlement Issue (PDF - 82 Kb)
1/28/2014(RGV:TSX-V) Rio Grande Acquires Strategic Silica Property in...
3/29/2012CNX - Webcast - Confirmed Strategic Direction
1/7/2009Toreador Announces Strategic Moves for Its Turkish Operation...
9/12/2007Begins Drilling at the Timber Copper-Moly Porphyry ProspectC...
6/1/2007INITIATES STRATEGIC PLAN TO SPLIT ITS OPERATIONS AND TECHNOL...
5/22/2007Acquires Strategic Property Within Whitney Gold Project Surf...
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
AUSTRALIA (SMC.AX)
0.380-5.00%
AUSTRALIA
AU$ 0.380
03/27 10:08 -0.020
-5%
Prev close Open
0.400 0.380
Low High
0.380 0.380
Year l/h YTD var.
0.380 -  0.460 -17.39%
52 week l/h 52 week var.
0.300 -  0.530 5.56%
Volume 1 month var.
5,333 -5.00%
24hGold TrendPower© : 34
Produces
Develops
Explores for
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
2020-17.39%0.460.46
201958.62%0.530.29
2018-27.50%0.400.29
201733.33%0.410.28
2016971.43%0.360.00
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 3.41-10.03%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 1.80-0.83%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 1.82-5.94%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 0.68-8.11%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.61-6.15%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.01+0.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 1.30-3.70%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 0.28-3.45%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 5.19-7.32%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.04+14.29%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.07-6.67%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 1.79-12.68%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 6.29-14.54%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.02-16.67%Trend Power :