M&A

13 November, 2009

UPDATE 1-Toreador seeks strategic alternatives

* Says move also includes equity/debt offerings

* To also consider partnership in French assets

* Shares rise 3.5 pct

Nov 13 (Reuters) - Toreador Resources Corp (TRGL.O), an independent oil and gas company, said it is exploring strategic alternatives, including raising capital by equity or debt offerings, and possible partnership in its primary asset, the Paris Basin oil shale.

Toreador set up a special board panel and hired RBC Capital Markets as its financial advisor, it said in a statement.

Toreador had already taken steps to strengthen liquidity including, reducing debt, lowering costs, and exiting its Turkish and Hungarian operations to focus on the conventional exploration of its French acreage, Chief Executive Craig McKenzie said in a statement.

In October, the company had said it agreed to sell its remaining Turkish and Hungarian assets for $16.4 million plus contingent future payments. [ID:nBNG376549]

Shares of Toreador rose 3.5 percent to $9.24 in morning trade Friday on Nasdaq.

For the alerts, double click [ID:nWNAB5731] (Reporting by Arup Roychoudhury in Bangalore; Editing by Gopakumar Warrier)

Source: http://www.reuters.com