Toreador Resources sells Turkish assets for $10.6M
Toreador Resources sells Turkish assets for $10.6 million to private Norwegian energy company
- On 1:51 pm EDT, Wednesday October 7, 2009
WASHINGTON (AP) -- French oil and natural gas company Toreador Resources Corp. on Wednesday closed a previously announced sale of its Turkish assets to a private Norwegian energy company.
The company sold Toreador Turkey Ltd. to Tiway Oil for $10.6 million plus exploration success payments of up to $40 million and contingent future net profit payments.
Toreador anticipates a third-quarter gain of $21.2 million from the sale of its Turkish asset.
Shares of Paris-based Toreador fell 30 cents, or 3.2 percent, to $9 in afternoon trading.
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