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Toreador to sell assets in Turkey, Hungary

Independent oil and gas exploration and production company Toreador Resources Corp said it agreed to sell its remaining assets in Turkey and Hungary for $16.4 million plus contingent future payments, to focus on its core French operations.

The company said it would sell its Turkish subsidiary, Toreador Turkey Ltd, to private Norwegian energy company Tiway Oil for $10.6 million plus exploration success payments of up to $40 million and contingent future net profit payments. Toreador also said it would sell its Hungarian subsidiary, Toreador Hungary Ltd, to privately held Austrian Energy company RAG for €4 million ($5.8 million) plus a contingent payment of €2 million.

The company sees a third-quarter gain of about $21.2 million from the sale of its Turkish assets and a net loss of about $3.7 million from the Hungarian unit's sale. (Reuters)