##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended:
 June 30, 2005
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 Commission file number 0-02517
 TOREADOR RESOURCES CORPORATION
  Delaware
    
    75-0991164(State or other jurisdiction of incorporation)
    
    (I.R.S. Employer Identification Number)
 4809 Cole Avenue, Suite 108
Dallas, Texas 75205
 Registrants telephone number, including area code: (214) 559-3933
 þ o
 o þ




---



TOREADOR RESOURCES CORPORATION
  
 TABLE OF CONTENTS
 PagePART I. FINANCIAL INFORMATIONItem 1. Financial Statements (unaudited)Consolidated Balance Sheet  June 30, 2005 and December 31, 2004
    
    
    1Consolidated Statement of Operations  for the three months ended
June 30, 2005 and 2004
    
    
    2Consolidated Statement of Operations  for the six months ended
June 30, 2005 and 2004
    
    
    3Consolidated Statement of Cash Flows  for the six months ended
June 30, 2005 and 2004
    
    
    4Notes to Unaudited Consolidated Financial Statements
    
    
    5Item 2. Managements Discussion and Analysis of Financial Condition and
Results of Operations
    
    
    12Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    21Item 4. Controls and Procedures
    
    
    21PART II. OTHER INFORMATIONItem 4. Submission of Matters to a Vote of Security Holders
    
    
    22Item 6. Exhibits
    
    
    23SIGNATURES
    
    
    24Rule 13a-14(a) Certification of Chief Executive OfficerRule 13a-14(a) Certification of Chief Financial OfficerRule 13a-14(a) Certification of Chief Accounting OfficerSection 1350 Certification




---



##### Table of Contents



TOREADOR RESOURCES CORPORATION
 
 CONSOLIDATED BALANCE SHEET  (in thousands, except share data)
 June 30,
    
    December 31,2005
    
    2004(Unaudited)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    9,806
    
    
    $
    4,977Accounts and notes receivable
    
    
    4,456
    
    
    
    3,230Income taxes receivable
    
    
    3,515
    
    
    
    Other
    
    
    2,288
    
    
    
    1,187Total current assets
    
    
    20,065
    
    
    
    9,394Oil and gas properties, net, using successful
efforts method of accounting
    
    
    105,920
    
    
    
    79,667Investments in unconsolidated entities
    
    
    2,100
    
    
    
    1,467Goodwill
    
    
    2,487
    
    
    
    2,487Other assets
    
    
    1,294
    
    
    
    1,659$
    131,866
    
    
    $
    94,674LIABILITIES AND STOCKHOLDERS EQUITYCurrent liabilities:Accounts payable and accrued liabilities
    
    $
    12,183
    
    
    $
    6,634Convertible debenture  related party
    
    
    1,485
    
    
    
    37Income taxes payable
    
    
    
    
    
    
    1,633Total current liabilities
    
    
    13,668
    
    
    
    8,304Long-term accrued liabilities
    
    
    547
    
    
    
    1,136Long-term asset retirement obligation
    
    
    2,175
    
    
    
    2,331Deferred income tax liability
    
    
    11,409
    
    
    
    10,660Convertible subordinated notes
    
    
    
    
    
    
    7,500Convertible debenture  related party
    
    
    
    
    
    
    1,485Total liabilities
    
    
    27,799
    
    
    
    31,416Stockholders equity:Preferred stock, Series A-1, $1.00 par
value, 4,000,000 shares authorized;
liquidation preference of $1,800,000; 72,000
and 154,000 shares issued
    
    
    72
    
    
    
    154Common stock, $0.15625 par value,
30,000,000 shares authorized;14,990,974 and
11,724,146 shares issued
    
    
    2,342
    
    
    
    1,832Additional paid-in capital
    
    
    80,262
    
    
    
    37,523Retained earnings
    
    
    27,148
    
    
    
    24,323Accumulated other comprehensive income (loss)
    
    
    (3,223
    )
    
    
    1,960106,601
    
    
    
    65,792Treasury stock at cost, 721,027 shares
    
    
    (2,534
    )
    
    
    (2,534
    )Total stockholders equity
    
    
    104,067
    
    
    
    63,258$
    131,866
    
    
    $
    94,674
  1




---



##### Table of Contents



TOREADOR RESOURCES CORPORATION
 
 CONSOLIDATED STATEMENT OF OPERATIONS  (in thousands, except share data)
 Three Months Ended June 30,2005
    
    2004Revenue:Oil and natural gas sales
    
    $
    7,164
    
    
    $
    5,184Gain (loss) on commodity derivatives
    
    
    
    
    
    
    (50
    )Total revenues
    
    
    7,164
    
    
    
    5,134Operating costs and expenses:Lease operating
    
    
    2,140
    
    
    
    1,509Exploration and acquisition
    
    
    431
    
    
    
    324Depreciation, depletion and amortization
    
    
    950
    
    
    
    798Reduction in force
    
    
    5
    
    
    
    General and administrative
    
    
    1,950
    
    
    
    1,249Total operating costs and expenses
    
    
    5,476
    
    
    
    3,880Operating income
    
    
    1,688
    
    
    
    1,254Other income (expense):Equity in earnings of unconsolidated investments
    
    
    35
    
    
    
    15Gain on sale of properties and other assets
    
    
    12
    
    
    
    37Foreign currency exchange loss
    
    
    (53
    )
    
    
    (85
    )Interest and other income
    
    
    100
    
    
    
    15Interest expense
    
    
    (103
    )
    
    
    (64
    )Total other expense
    
    
    (9
    )
    
    
    (82
    )Income before taxes
    
    
    1,679
    
    
    
    1,172Income tax benefit
    
    
    (185
    )
    
    
    (132
    )Income from continuing operations
    
    
    1,864
    
    
    
    1,304Income from discontinued operations, net of tax
    
    
    1
    
    
    
    31Net income
    
    
    1,865
    
    
    
    1,335Preferred dividends
    
    
    (40
    )
    
    
    (180
    )Income available to common shares
    
    $
    1,825
    
    
    $
    1,155Basic income per share
    
    $
    0.13
    
    
    $
    0.12Diluted income per share
    
    $
    0.12
    
    
    $
    0.11Weighted average shares outstanding:Basic
    
    
    14,171
    
    
    
    9,479Diluted
    
    
    15,610
    
    
    
    12,314
  2




---



##### Table of Contents



TOREADOR RESOURCES CORPORATION
 
 CONSOLIDATED STATEMENT OF OPERATIONS  (in thousands, except share data)
 Six Months Ended June 30,2005
    
    2004Revenue:Oil and natural gas sales
    
    $
    13,578
    
    
    $
    9,442Loss on commodity derivatives
    
    
    
    
    
    
    (460
    )Lease bonuses and rentals
    
    
    
    
    
    
    14Total revenues
    
    
    13,578
    
    
    
    8,996Operating costs and expenses:Lease operating
    
    
    4,260
    
    
    
    3,433Exploration and acquisition
    
    
    805
    
    
    
    552Depreciation, depletion and amortization
    
    
    1,867
    
    
    
    1,614Reduction in force
    
    
    5
    
    
    
    118General and administrative
    
    
    3,754
    
    
    
    2,652Total operating costs and expenses
    
    
    10,691
    
    
    
    8,369Operating income
    
    
    2,887
    
    
    
    627Other income (expense):Equity in earnings (losses) of unconsolidated investments
    
    
    124
    
    
    
    (53
    )Gain on sale of properties and other assets
    
    
    12
    
    
    
    10Foreign currency exchange gain (loss)
    
    
    (40
    )
    
    
    4,814Interest and other income
    
    
    345
    
    
    
    178Interest expense
    
    
    (34
    )
    
    
    (1,060
    )Total other income
    
    
    407
    
    
    
    3,889Income before taxes
    
    
    3,294
    
    
    
    4,516Income tax benefit
    
    
    (123
    )
    
    
    (532
    )Income from continuing operations
    
    
    3,417
    
    
    
    5,048Income from discontinued operations, net of tax
    
    
    11
    
    
    
    18,273Net income
    
    
    3,428
    
    
    
    23,321Preferred dividends
    
    
    (603
    )
    
    
    (360
    )Income available to common shares
    
    $
    2,825
    
    
    $
    22,961Basic income per share from:Continuing operations
    
    $
    0.21
    
    
    $
    0.50Discontinued operations
    
    
    
    
    
    
    1.93$
    0.21
    
    
    $
    2.43Diluted income per share from:Continuing operations
    
    $
    0.20
    
    
    $
    0.39Discontinued operations
    
    
    
    
    
    
    1.53$
    0.20
    
    
    $
    1.92Weighted average shares outstanding:Basic
    
    
    13,490
    
    
    
    9,457Diluted
    
    
    14,565
    
    
    
    11,973
  3




---



##### Table of Contents



TOREADOR RESOURCES CORPORATION
 
 CONSOLIDATED STATEMENT OF CASH FLOWS  (in thousands)
 Six Months Ended June 30,2005
    
    2004Cash flows from operating activities:Net income
    
    $
    3,428
    
    
    $
    23,321Adjustments to reconcile net income to net cash
provided by operating activities:Depreciation and amortization
    
    
    1,867
    
    
    
    1,614Dry holes and abandonments
    
    
    126
    
    
    
    Gain on sale of properties
    
    
    (12
    )
    
    
    (28,756
    )Unrealized losses on commodity derivatives
    
    
    
    
    
    
    (263
    )Equity in (earnings) losses of unconsolidated investments
    
    
    (124
    )
    
    
    53Stock based compensation
    
    
    77
    
    
    
    Realized gains on foreign currency transactions
    
    
    (10
    )
    
    
    (4,767
    )(Increase) decrease in accounts and notes receivables
    
    
    (1,453
    )
    
    
    300Increase in income taxes receivable
    
    
    (3,515
    )
    
    
    Increase in other current assets
    
    
    (1,702
    )
    
    
    (215
    )Increase (decrease) in accounts payable and accrued liabilities
    
    
    4,698
    
    
    
    (1,661
    )Increase (decrease) in income taxes payable
    
    
    (1,633
    )
    
    
    6,972Deferred income taxes
    
    
    2,521
    
    
    
    274Net cash provided by (used in) operating activities
    
    
    4,268
    
    
    
    (3,128
    )Cash flows from investing activities:Expenditures for property and equipment
    
    
    (33,804
    )
    
    
    (5,763
    )Proceeds from the sale of properties and equipment
    
    
    28
    
    
    
    41,950Investment in unconsolidated subsidiaries
    
    
    (510
    )
    
    
    (329
    )Net cash provided by (used in) investing activities
    
    
    (34,286
    )
    
    
    35,858Cash flows from financing activities:Borrowings from long-term debt
    
    
    1,963
    
    
    
    Repayments of long-term debt
    
    
    (2,000
    )
    
    
    (28,816
    )Proceeds from issuance of common stock, net
    
    
    34,180
    
    
    
    958Payment of preferred dividends
    
    
    (105
    )
    
    
    (360
    )Net cash provided by (used in) financing activities
    
    
    34,038
    
    
    
    (28,218
    )Net increase in cash and cash equivalents
    
    
    4,020
    
    
    
    4,512Effects of foreign currency translation on cash and cash
equivalents
    
    
    809
    
    
    
    (244
    )Cash and cash equivalents, beginning of period
    
    
    4,977
    
    
    
    2,819Cash and cash equivalents, end of period
    
    $
    9,806
    
    
    $
    7,087
  4




---



##### Table of Contents



TOREADOR RESOURCES CORPORATION
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 NOTE 1  BASIS OF PRESENTATION
   NOTE 2  ACQUISITION
  Value AllocatedCash and other current assets
    
    $
    274Plant, property and equipment  materials and supplies inventory
    
    
    3,128Non-producing lease cost
    
    
    5,945Other assets
    
    
    413Accounts payable
    
    
    (760
    )Total purchase price allocation
    
    $
    9,000
   5




---



##### Table of Contents



NOTE 3  COMPREHENSIVE INCOME
  Three Months Ended June 30,
    
    Six Months Ended June 30,2005
    
    2004
    
    2005
    
    2004Net income applicable to common shares
    
    $
    1,825
    
    
    $
    1,155
    
    
    $
    2,825
    
    
    $
    22,961Foreign currency translation adjustment
    
    
    (3,297
    )
    
    
    84
    
    
    
    (5,183
    )
    
    
    (4,719
    )Other
    
    
    
    
    
    
    (1
    )
    
    
    
    
    
    
    (4
    )Comprehensive income (loss)
    
    $
    (1,472
    )
    
    $
    1,238
    
    
    $
    (2,358
    )
    
    $
    18,238
 NOTE 4  DISCONTINUED OPERATIONS
   Six Months Ended June 30.2005
    
    2004Revenues:Oil and natural gas sales
    
    $
    10
    
    
    $
    86Total revenues
    
    
    10
    
    
    
    86Costs and expenses:Lease operating
    
    
    (1
    )
    
    
    9General and administrative
    
    
    
    
    
    
    18Interest
    
    
    
    
    
    
    305Total costs and expenses
    
    
    (1
    )
    
    
    332Gain on sale of properties
    
    
    
    
    
    
    28,736Income before taxes
    
    
    11
    
    
    
    28,490Income tax provision
    
    
    
    
    
    
    10,217Income from discontinued operations
    
    $
    11
    
    
    $
    18,273
 NOTE 5  ASSET RETIREMENT OBLIGATIONS
  2005
    
    2004Asset retirement obligation January 1
    
    $
    2,331
    
    
    $
    1,781Asset retirement accretion expense
    
    
    69
    
    
    
    32Less: plugging cost
    
    
    
    
    
    
    Less: property sold
    
    
    
    
    
    
    Foreign exchange gain
    
    
    (225
    )
    
    
    Asset retirement obligation at June 30
    
    $
    2,175
    
    
    $
    1,813
 6




---



##### Table of Contents



NOTE 6  STOCK BASED COMPENSATION
   Three Months Ended June 30,
    
    Six Months Ended June 30,2005
    
    2004
    
    2005
    
    2004Income applicable to common shares, as reported
    
    $
    1,825
    
    
    $
    1,155
    
    
    $
    2,825
    
    
    $
    22,961Basic earnings per share a reported
    
    
    0.13
    
    
    
    0.12
    
    
    
    0.21
    
    
    
    2.43Diluted earnings per share reported
    
    
    0.12
    
    
    
    0.11
    
    
    
    0.20
    
    
    
    1.95Pro-forma stock-based compensation costs under
the fair value method, net of related tax
    
    
    15
    
    
    
    733
    
    
    
    41
    
    
    
    789Pro-forma income applicable to common shares,
as under the fair-value method
    
    
    1,810
    
    
    
    422
    
    
    
    2,784
    
    
    
    22,172Pro-forma basic earnings per share under the
fair-value method
    
    
    0.13
    
    
    
    0.04
    
    
    
    0.21
    
    
    
    2.34Pro-forma diluted earnings per share under the
fair-value method
    
    
    0.12
    
    
    
    0.04
    
    
    
    0.20
    
    
    
    1.86
  NOTE 7  GEOGRAPHIC OPERATING SEGMENT INFORMATION
   7




---



##### Table of Contents



Three Months Ended June 30, 2005UnitedStates
    
    France
    
    Turkey
    
    Romania
    
    Hungary
    
    TotalRevenues
    
    $
    1,744
    
    
    $
    4,745
    
    
    $
    675
    
    
    $
    
    
    
    $
    
    
    
    $
    7,164Costs and expenses
    
    
    2,706
    
    
    
    2,245
    
    
    
    512
    
    
    
    13
    
    
    
    
    
    
    
    5,476Operating income
    
    $
    (962
    )
    
    $
    2,500
    
    
    $
    163
    
    
    $
    (13
    )
    
    $
    
    
    
    $
    1,688
 Three Months Ended June 30, 2004UnitedStates
    
    France
    
    Turkey
    
    Romania
    
    Hungary
    
    TotalRevenues
    
    $
    1,321
    
    
    $
    3,280
    
    
    $
    533
    
    
    $
    
    
    
    $
    
    
    
    $
    5,134Costs and expenses
    
    
    1,820
    
    
    
    1,568
    
    
    
    492
    
    
    
    
    
    
    
    
    
    
    
    3,880Operating income
    
    $
    (499
    )
    
    $
    1,712
    
    
    $
    41
    
    
    $
    
    
    
    $
    
    
    
    $
    1,254
 Six Months Ended June 30, 2005UnitedStates
    
    France
    
    Turkey
    
    Romania
    
    Hungary
    
    TotalRevenues
    
    $
    3,265
    
    
    $
    9,036
    
    
    $
    1,277
    
    
    $
    
    
    
    $
    
    
    
    $
    13,578Costs and expenses
    
    
    5,068
    
    
    
    4,442
    
    
    
    1,165
    
    
    
    16
    
    
    
    
    
    
    
    10,691Operating income
    
    $
    (1,803
    )
    
    $
    4,594
    
    
    $
    112
    
    
    $
    (16
    )
    
    $
    
    
    
    $
    2,887
 Six Months Ended June 30, 2004UnitedStates
    
    France
    
    Turkey
    
    Romania
    
    Hungary
    
    TotalRevenues
    
    $
    2,412
    
    
    $
    5,599
    
    
    $
    985
    
    
    $
    
    
    
    $
    
    
    
    $
    8,996Costs and expenses
    
    
    3,981
    
    
    
    3,343
    
    
    
    1,045
    
    
    
    
    
    
    
    
    
    
    
    8,369Operating income
    
    $
    (1,569
    )
    
    $
    2,256
    
    
    $
    (60
    )
    
    $
    
    
    
    $
    
    
    
    $
    627
 Total AssetsUnitedStates
    
    France
    
    Turkey
    
    Romania
    
    Hungary
    
    TotalJune 30, 2005 (1)
    
    $
    74,997
    
    
    $
    40,732
    
    
    $
    15,221
    
    
    $
    85
    
    
    $
    831
    
    
    $
    131,866June 30, 2004 (1)
    
    $
    51,566
    
    
    $
    33,018
    
    
    $
    10,090
    
    
    $
    
    
    
    $
    
    
    
    $
    94,674
 
 (1)
    
    Total consolidated assets reflect the effect of intersegment eliminations. NOTE 8  LONG-TERM DEBT
 Revolving Line of Credit with Natexis Banques Populaires
  8




---



##### Table of Contents



Revolving Line of Credit with Texas Capital Bank, N.A.
  Convertible Subordinated Notes
  Convertible Debenture
  NOTE 9  EARNINGS PER COMMON SHARE
  9




---



##### Table of Contents



Three Months Ended June 30,
    
    Six Months Ended June 30,2005
    
    2004
    
    2005
    
    2004(in thousands, except per share data)Basic earnings per share:Numerator:Net income from continuing operations,
net of tax
    
    $
    1,864
    
    
    $
    1,304
    
    
    $
    3,417
    
    
    $
    5,048Income from discontinued operations,
net of tax
    
    
    1
    
    
    
    31
    
    
    
    11
    
    
    
    18,273Net income
    
    
    1,865
    
    
    
    1,335
    
    
    
    3,428
    
    
    
    23,321Less: dividends on preferred shares
    
    
    40
    
    
    
    180
    
    
    
    603
    
    
    
    360Net income applicable to common shares
    
    $
    1,825
    
    
    $
    1,155
    
    
    $
    2,865
    
    
    $
    22,961Denominator:Common shares outstanding
    
    
    14,171
    
    
    
    9,479
    
    
    
    13,490
    
    
    
    9,457Basic earnings per share from:Continuing operations
    
    $
    0.13
    
    
    $
    0.12
    
    
    $
    0.21
    
    
    $
    0.50Discontinued operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1.93Net income per share applicable to common
shares
    
    $
    0.13
    
    
    $
    0.12
    
    
    $
    0.21
    
    
    $
    2.43Diluted earnings per share:Numerator:Net income from continuing operations,
net of tax
    
    $
    1,864
    
    
    $
    1,304
    
    
    $
    3,417
    
    
    $
    5,048Income from discontinued operations,
net of tax
    
    
    1
    
    
    
    31
    
    
    
    11
    
    
    
    18,273Net income
    
    
    1,865
    
    
    
    1,335
    
    
    
    3,428
    
    
    
    23,321Plus: interest on convertible debt
    
    
    14
    (1)
    
    
    20
    (1)
    
    
    54
    
    
    
    54
    (1)Less: dividends on preferred shares
    
    
    
    (1)
    
    
    N/A
    (1)
    
    
    603
    
    
    
    N/A
    (1)Net income applicable to common shares
    
    $
    1,879
    
    
    $
    1,355
    
    
    $
    2,879
    
    
    $
    23,375Denominator:Common shares outstanding
    
    
    14,171
    
    
    
    9,479
    
    
    
    13,490
    
    
    
    9,457Common stock options and warrants
    
    
    769
    
    
    
    515
    
    
    
    769
    
    
    
    196Conversion of preferred shares
    
    
    450
    
    
    
    2,000
    
    
    
    
    (2)
    
    
    2,000Conversion of debenture
    
    
    220
    
    
    
    320
    
    
    
    306
    
    
    
    320Diluted shares outstanding
    
    
    15,610
    
    
    
    12,314
    
    
    
    14,565
    
    
    
    11,973Diluted earnings per share from:Continuing operations
    
    $
    0.12
    
    
    $
    0.11
    
    
    $
    0.20
    
    
    $
    0.42Discontinued operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1.53Net income per share applicable to common
shares
    
    $
    0.12
    
    
    $
    0.11
    
    
    $
    0.20
    
    
    $
    1.95
 
 (1)
    
    We assumed that preferred shares and the debenture were converted into common shares; there would have been no preferred dividends or interest, net of tax, paid.(2)
    
    Preferred shares were anti-dilutive for the six months ended June 30, 2005. 10




---



##### Table of Contents



NOTE 10  INCOME TAXES
  NOTE 11  SUBSEQUENT EVENT
   11




---



##### Table of Contents



ITEM 2  MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 DISCLOSURES REGARDING FORWARD-LOOKING STATEMENTS
  EXECUTIVE OVERVIEW
    
    
    Successful testing of the Akkaya # 1 delineation well in the Black Sea, offshore Turkey
    
    Acquisition of 100% of Pogo Hungary Ltd. for $9 million
    
    Operating income was $2.9 million, compared with $627,000 for the six months ended June
30, 2004
    
    Production was 302,687 BOE
    
    Cash flows from operating activities were $4.3 million
 LIQUIDITY AND CAPITAL RESOURCES
  12




---



##### Table of Contents



Liquidity
       Senior Debt
  13




---



##### Table of Contents



Preferred Stock
  Convertible Debentures/Notes
  Dividend and Interest Requirements
    14




---



##### Table of Contents



Contractual Obligations
  CRITICAL ACCOUNTING POLICIES
 Oil and natural gas properties
   Oil and natural gas reserves
  15




---



##### Table of Contents



Foreign currency
  NEW ACCOUNTING PRONOUNCEMENTS
 .
  RESULTS OF OPERATIONS
 COMPARISON OF THE THREE MONTHS ENDED JUNE 30, 2005 AND 2004
 16




---



##### Table of Contents



For the Three Months Ended June 30,2005
    
    
    2004
    
    
    
    
    2005
    
    
    2004Production
    
    
    
    
    
    
    
    
    
    Average PriceOil (MBbls):
    
    
    
    
    
    
    
    
    
    Oil ($/Bbl):United States
    
    
    16
    
    
    
    19
    
    
    United States
    
    $
    48.80
    
    
    $
    36.62France
    
    
    99
    
    
    
    97
    
    
    France
    
    
    47.98
    
    
    
    31.98Turkey
    
    
    16
    
    
    
    18
    
    
    Turkey
    
    
    41.74
    
    
    
    28.79Total
    
    
    131
    
    
    
    134
    
    
    Total
    
    $
    47.31
    
    
    $
    32.03Gas (MMcf):
    
    
    
    
    
    
    
    
    
    Gas ($/Mcf):United States
    
    
    135
    
    
    
    127
    
    
    United States
    
    $
    6.69
    
    
    $
    5.78France
    
    
    
    
    
    
    
    
    
    France
    
    
    
    
    
    
    Turkey
    
    
    
    
    
    
    
    
    
    Turkey
    
    
    
    
    
    
    Total
    
    
    135
    
    
    
    127
    
    
    Total
    
    $
    6.69
    
    
    $
    5.78MBOE:
    
    
    
    
    
    
    
    
    
    $/BOE:United States
    
    
    39
    
    
    
    40
    
    
    United States
    
    $
    43.71
    
    
    $
    35.56France
    
    
    99
    
    
    
    97
    
    
    France
    
    
    47.98
    
    
    
    31.98Turkey
    
    
    16
    
    
    
    18
    
    
    Turkey
    
    
    41.74
    
    
    
    28.79Total
    
    
    154
    
    
    
    155
    
    
    Total
    
    $
    46.26
    
    
    $
    32.82
 Revenue
 Oil and natural gas sales
   Costs and expenses
 Lease operating
  Exploration and acquisition.
  17




---



##### Table of Contents



Depreciation, depletion and amortization
  General and administrative
  Net income available to common shares
  Other comprehensive income
   18




---



##### Table of Contents



COMPARISON OF THE SIX MONTHS ENDED JUNE 30, 2005 AND 2004
  For the Six Months Ended June 30,2005
    
    
    2004
    
    
    
    
    2005
    
    
    2004Production
    
    
    
    
    
    
    
    
    
    Average PriceOil (MBbls):
    
    
    
    
    
    
    
    
    
    Oil ($/Bbl):United States
    
    
    30
    
    
    
    38
    
    
    United States
    
    $
    47.90
    
    
    $
    33.85France
    
    
    196
    
    
    
    182
    
    
    France
    
    
    46.08
    
    
    
    30.72Turkey
    
    
    33
    
    
    
    36
    
    
    Turkey
    
    
    39.09
    
    
    
    27.65Total
    
    
    259
    
    
    
    256
    
    
    Total
    
    $
    45.42
    
    
    $
    30.74Gas (MMcf):
    
    
    
    
    
    
    
    
    
    Gas ($/Mcf):United States
    
    
    260
    
    
    
    267
    
    
    United States
    
    $
    6.44
    
    
    $
    5.77France
    
    
    
    
    
    
    
    
    
    France
    
    
    
    
    
    
    Turkey
    
    
    
    
    
    
    
    
    
    Turkey
    
    
    
    
    
    
    Total
    
    
    260
    
    
    
    267
    
    
    Total
    
    $
    6.44
    
    
    $
    5.77MBOE:
    
    
    
    
    
    
    
    
    
    $/BOE:United States
    
    
    74
    
    
    
    83
    
    
    United States
    
    $
    42.48
    
    
    $
    33.46France
    
    
    196
    
    
    
    182
    
    
    France
    
    
    46.08
    
    
    
    30.72Turkey
    
    
    33
    
    
    
    36
    
    
    Turkey
    
    
    39.09
    
    
    
    27.65Total
    
    
    303
    
    
    
    301
    
    
    Total
    
    $
    44.45
    
    
    $
    31.26
 Revenue
 Oil and natural gas sales
   Costs and expenses
 Lease operating
  19




---



##### Table of Contents



Exploration and acquisition.
  Depreciation, depletion and amortization
  General and administrative
  Other income and expense
  Discontinued operations
  Six Months Ended June 30.2005
    
    2004Revenues:Oil and natural gas sales
    
    $
    10
    
    
    $
    86Total revenues
    
    
    10
    
    
    
    86Costs and expenses:Lease operating
    
    
    (1
    )
    
    
    9General and administrative
    
    
    
    
    
    
    18Interest
    
    
    
    
    
    
    305Total costs and expenses
    
    
    (1
    )
    
    
    332Gain on sale of properties
    
    
    
    
    
    
    28,736Income before taxes
    
    
    11
    
    
    
    28,490Income tax provision
    
    
    
    
    
    
    10,217Income from discontinued operations
    
    $
    11
    
    
    $
    18,273
 20




---



##### Table of Contents



Net income available to common shares
  Other comprehensive income
   
 ITEM 3  QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
  
 ITEM 4  CONTROLS AND PROCEDURES
 Evaluation of Disclosure Controls and Procedures
  21




---



##### Table of Contents



Changes in Internal Control over Financial Reporting
   
 PART II. OTHER INFORMATION
 
 ITEM 4  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
  Nominee
    
    Votes For
    
    Votes WithheldHerbert L. Brewer (1)
    
    
    12,775,641
    
    
    
    993,589David M. Brewer (1)
    
    
    12,777,542
    
    
    
    991,688Peter L. Falb (1)
    
    
    13,356,470
    
    
    
    412,760G. Thomas Graves III (1)
    
    
    12,833,891
    
    
    
    935,339Thomas P. Kellogg (1)
    
    
    12,110,208
    
    
    
    1,659,022William I. Lee (1)
    
    
    12,227,451
    
    
    
    1,541,799John Mark McLaughlin (1)
    
    
    13,347,160
    
    
    
    422,070H.R. Sanders, Jr. (1)
    
    
    12,221,674
    
    
    
    1,547,556
 
 (1)
    
    Incumbent  Votes
    
    VotesVotes For
    
    Against
    
    Abstained8,599,280
    
    
    912,916
    
    
    
    29,776
 22




---



##### Table of Contents



ITEM 6  EXHIBITS
 ExhibitNumber
    
    Description
    
    Incorporation by Reference10.1
    
    Toreador Resources Corporation 2005 Long-Term Incentive
Plan dated May 19, 2005
    
    Form 8-K filed May 23, 200510.2
    
    Form of Employee Restricted Stock Award
    
    Form 8-K filed May 23, 200510.3
    
    Form of Outside Director Restricted Stock Award
    
    Form 8-K filed May 23, 200510.4
    
    Summary Sheet: Vice President-Accounting and Chief Accounting Officer Salary
    
    Form 8-K filed May 23, 200510.5
    
    Warrant to Purchase Common Stock of Toreador Resources
Corporation dated July 11, 2005 by and between Toreador
Resources Corporation and Natexis Banques Populaires
    
    Form 8-K filed July 13, 200531.1
    
    Rule 13a-14(a) Certification of Chief Executive Officer
    
    Filed Herewith31.2
    
    Rule 13a-14(a) Certification of Chief Financial Officer
    
    Filed Herewith31.3
    
    Rule 13a-14(a) Certification of Chief Accounting Officer
    
    Filed Herewith32.1
    
    Section 1350 Certification of Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer
    
    Filed Herewith
 23




---



##### Table of Contents



TOREADOR RESOURCES CORPORATION,
RegistrantAugust 12, 2005
    /s/ G. Thomas Graves IIIG. Thomas Graves IIIPresident and Chief Executive Officer August 12, 2005
    /s/ Douglas W. WeirDouglas W. WeirSenior Vice President and Chief Financial Officer August 12, 2005
    /s/ Charles J. CampiseCharles J. CampiseVice President  Accounting and Chief Accounting
Officer 24