Toreador (TRGL) Completes Sale of Toreador Turkey to Tiway Oil
Toreador Resources Corporation (NASDAQ: TRGL) today announced it has completed its sale of Toreador Turkey Ltd. to Tiway Oil. The sale was announced on October 1, 2009, for a total consideration of $10.6 million paid at closing. In addition exploration success payments of up to $40 million and contingent future net profit payments may be made.
The transaction results in a financial gain of approximately $21.2 million, which will be recorded 3Q09.
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