Exhibit 99.1  Gaffney, Cline
  & Associates Limited Bentley Hall, Blacknest Alton, Hampshire GU34 4PU,
  UK Telephone: +44 (0)1420 525366 www.gaffney-cline.com Registered in England,
  number 1122740, at the above address CJF/KB/EE0212611/0522 15th March, 2012
  Mr. Craig McKenzie, President and Chief Executive Officer, Toreador Resources
  Corporation, 5 rue Scribe, 75009 Paris, France. Dear Mr. McKenzie, UNITED
  STATES SECURITIES AND EXCHANGE COMMISSION COMPLIANT RESERVES FOR CERTAIN OF
  TOREADORS FRENCH OIL PRODUCING ASSETS AS AT 31ST DECEMBER, 2011 INTRODUCTION
  In accordance with your instructions, Gaffney, Cline & Associates Ltd
  (GCA) has carried out an audit of the oil and gas Reserves of certain Paris
  Basin assets owned by Toreador Resources Corporation (Toreador) as at 31st
  December, 2011. This audit has been carried out in accordance with the United
  States Securities and Exchange Commission (SEC) Rule 4-10 of the Securities
  Exchange Act of 1934, with due regard for the amendments to that Rule, which
  were introduced in 2009 for reserves reporting effective from 2010. Toreador
  operates three main producing assets namely, the Neocomian Field Complex,
  Charmottes (Triassic) and Charmottes (Dogger) and has 100% equity in all of
  these fields. The Neocomian fields are very mature with over 50 years of
  production and 350 wells have been drilled since discovery in 1958. The
  Charmottes fields were discovered in 1984, and over 16 wells have been
  drilled to or through the Dogger reservoir and 5 wells in the Triassic. The location
  of these fields is shown in Figure 0.1. Toreador provided to GCA a data set
  of technical information, including geological, geophysical and engineering
  data and reports, together with financial data and development plans. In
  carrying out this review GCA has relied on the accuracy and completeness of
  the information received from Toreador. Industry standard abbreviations are
  contained in the attached Glossary in Appendix I, some or all of which have
  been used in this report. The Proved (1P), Proved plus Probable (2P), and
  Proved plus Probable plus Possible (3P) Reserves are reported as Gross since
  Toreador is the 100% owner of the assets.


CJF/KB/EE0212611/0522
  Toreador Resources Corporation 2 FIGURE 0.1 LOCATION OF TOREADOR FIELDS It
  should be noted that the reported Reserves and Resources volumes are based on
  professional engineering judgement and are subject to future revisions,
  upward or downward, as a result of future operations or as additional data
  become available. In accordance with Toreadors instructions, GCA has
  estimated a Net Present Value (NPV) for each Reserve volume, as at an
  Effective Date of 31st December, 2011. In preparing this report, GCA has
  served as an independent advisor. GCA's employees have no direct or indirect
  holding in Toreador. GCA's remuneration was not in any way contingent on
  reported estimates. No representations are made herein in respect of property
  title or encumbrances thereon. This report has been prepared for Toreador for
  internal use and may not be appropriate for purposes other than those for
  which it was intended. The assets audited in the Paris Basin are all
  producing fields. On the basis of the technical and commercial information
  made available, GCA has conducted its audit of the 1P, 2P and 3P Reserves for
  these fields as of 31st December, 2011. Fields under development, and
  exploration prospects associated with the fields and developments have not
  been reviewed under this audit. The GCA estimates of the Gross Reserves are
  summarised in Table 0.1.


CJF/KB/EE0212611/0522
  Toreador Resources Corporation 3 TABLE 0.1 SUMMARY OF GROSS RESERVES AS AT
  31st DECEMBER, 2011 Field Proved 2P Proved + Probable (MMBbl) 3P Proved +
  Probable + Possible (MMBbl) PDP (MMBbl) PUD (MMBbl) Total (MMBbl) Neocomian
  Complex 5.000 0.427 5.427 7.855 12.626 Charmottes Triassic 0.020 - 0.020
  0.394 0.433 Charmottes Dogger 0.324 - 0.324 0.569 0.703 Total 5.344 0.427
  5.771 8.818 13.762 Notes: 1. A flat Brent oil price of U.S.$111.02/bbl, which
  represents the 12 month prior average for Brent crude based on the oil price
  on the first day of each of the 12 months was used to establish the economic
  limit of each field. 2. Totals may not add up due to rounding. The Net
  Present Values (NPVs) for Proved, Proved plus Probable and Proved plus Probable
  plus Possible Reserves are presented in Table 0.2 and the relevant cash flows
  are shown in Appendix II. TABLE 0.2 SUMMARY OF DISCOUNTED POST TAX FUTURE NET
  CASH FLOWS BASED ON SEC RULES FOR OIL PRICE FOR PROVED, PROVED PLUS PROBABLE,
  AND PROVED PLUS PROBABLE PLUS POSSIBLE RESERVES AS AT 31ST DECEMBER, 2011
  Field NPV10 (U.S.$ MM) Proved Proved + Probable Proved + Probable + Possible
  Neocomian Complex 83.91 105.17 136.26 Charmottes 8.59 15.06 17.06 Total 92.50
  120.23 153.32 The Reserves reported here are subject to an economic limit
  test (ELT). The Neocomian fields and the Charmottes accumulations have been
  analysed as single units with each of the parts being considered within the
  whole. The aggregated production profiles for the 1P, 2P and 3P cases for the
  Neocomian are shown in Figure 0.2, and those for the Charmottes in Figure 0.3
  respectively.


CJF/KB/EE0212611/0522
  Toreador Resources Corporation 4 FIGURE 0.2 NEOCOMIAN PRODUCTION PROFILES
  FIGURE 0.3 CHARMOTTES PRODUCTION PROFILES 0.00 0.05 0.10 0.15 0.20 0.25 0.30
  0.35 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038
  2040 2042 2044 2046 2048 2050 2052 2054 2056 2058 2060 2062 2064 2066 2068
  2070 Annual Oil Production / MMBbl Neocomian Proved Neocomian Probable
  Neocomian Possible 0.00 0.02 0.04 0.06 0.08 0.10 0.12 2012 2014 2016 2018
  2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 2042 2044 2046 2048
  2050 2052 2054 2056 2058 2060 Annual Oil Production / MMBbl Charmottes Proved
  Charmottes Probable Charmottes Possible


CJF/KB/EE0212611/0522
  Toreador Resources Corporation 5 It should be noted that the estimated
  production profiles for these fields are relatively long and the level of
  uncertainty over production and operational performance will increase the
  further into the future the projections are made. DISCUSSION 1. BACKGROUND
  Toreador holds a 100% interest in Exploitation permits covering the Neocomian
  Complex, consisting of four oilfields, and the two Charmottes fields
  producing oil in the Paris Basin, France. The location of the fields is shown
  in Figure 0.1 and Figure 1.1. Exploration prospects exist in the locality but
  the Prospective Resources in these are not included in this audit. FIGURE 1.1
  NEOCOMIAN FIELDS The Exploitation permit that covers the Neocomian Field
  expired in 2011 and the permit that covers the Charmottes Fields expires in
  2013. These Exploitation permits can be normally be renewed for a period of
  25 years. Although the French government has no obligation to renew the
  exploitation permits, it is understood that renewals have always been granted
  as long as the operator demonstrates continued financial and technical
  capabilities. Toreador received confirmation of the Chateaurenard and St.
  Firmin Concession renewals (i.e. those that cover the Neocomian Fields) on
  3rd February, 2011. The effective date of the renewals is 1st February, 2011
  and the concessions have been extended to 2036.


CJF/KB/EE0212611/0522
  Toreador Resources Corporation 6 Toreador has advised that it applied for a
  renewal of the Charmottes concession in 2011 for a further 25 year term and
  the application is currently under review by the French authorities. GCA has
  accepted that this concession renewal will be granted and that the economic
  terms will not be altered. 1.1 Methodology and Data Availability Reserves
  have been estimated using a variety of tools including the investigation of a
  range of decline curve analyses (DCA) and full field simulation models. All
  of the results obtained have been reviewed by GCA to ensure that the
  appropriate methodologies and approaches have been used and that the results
  are sustainable. Toreador provided GCA with a dataset that included
  production databases (OFM), and a dynamic reservoir model (Eclipse). These
  data were supported by some presentations and reports, and commercial and
  economic information on the individual fields and assets. During the audit
  Toreador provided GCA with additional information and material to clarify and
  substantiate its analysis. 2. GEOLOGICAL SETTING The Paris Basin is Frances
  largest onshore sedimentary basin, and has been producing hydrocarbons from
  1958 until the present. This saucer shaped mature intracratonic basin has a
  maximum thickness of 3,000 m at its centre and lies on a Y pattern basement
  fault system formed during the Variscan (Hercynian) orogeny. The basin first
  evolved due to Permo-Triassic extension, which caused rifting and subsidence
  of the basin. This transgressional period saw the deposition of organic-rich
  black shales, known as the Liassic shales. These shales were overlain by the
  Dogger Carbonates, followed by the Malm limestone. The Paris Basin emerged at
  the end of the Jurassic when tectonic subsidence ceased, giving way to uplift
  and erosion. During the Lower Cretaceous weak east-west compression arose due
  to the Austrian phase, continued sedimentation followed and the North-South
  faults were reactivated. In the Middle to Upper Cretaceous subsidence
  occurred causing the reactivation of the NW-SE Bray fault. This aided the
  maturation and expulsion of the hydrocarbons from the Liassic source rocks.
  Resulting from the depression, the sea returned depositing the Upper
  Cretaceous chalk. By the end of the Cretaceous there were low rates of
  tectonic subsidence occurring, and a second phase of North-South compression
  caused by the Pyrenean orogeny followed in the early Eocene. This created new
  E-W faults, inverted the existing E-W faults, caused wrenching of the NW-SE
  and NE-SW faults, and resulted in some uplift and erosion of the borders of
  the basin. More recently the Alpine orogenic cycle has caused NW-SE
  compression and uplift which resulted in the Paris basin taking its current
  shape. A sedimentological column is shown in Figure 1.2.


CJF/KB/EE0212611/0522
  Toreador Resources Corporation 7 FIGURE 1.2 PARIS BASIN  SEDIMENTOLOGICAL
  COLUMN


CJF/KB/EE0212611/0522
  Toreador Resources Corporation 8 3. NEOCOMIAN FIELDS The Neocomian Fields are
  very mature, with over 50 years of production. They consist of high porosity
  sandstone reservoirs, which were deposited at the end of the Jurassic Period
  after substantial erosion had occurred. The sands have proved to be of
  excellent reservoir quality, but are in channel systems and are very thin,
  and therefore yield only small fields. The main source rocks are the upper
  Liassic Toarcian marine shales, from which mature oil migrated to the Dogger
  carbonates before undergoing secondary migration to saturate the Neocomian
  sandstones during the Oligocene rift period. This asset consists of four oil
  fields with three sandstone reservoirs. Approximately 32.6 MMBbl has been
  produced from a mature water injection process involving over 350 wells
  drilled over 50 years of production. Current performance is around 760 bopd
  from approximately 80 wells with an average water-cut of 96%. A high quality
  OFM production database exists. The reservoirs are shallow (approx 600 m),
  the produced oil is under saturated and viscous (40 cP), and the reservoirs
  are highly permeable. The latest maps indicated higher volumes in some parts
  of the fields but decreased volumes in other parts, compared to previous
  mapping. However, the overall STOIIP in the accumulations remains broadly the
  same at 104.2 MMBbl. Toreador reports that it plans to review and update the
  mapping during 2012. For the evaluation of reserves for the Neocomian fields,
  a methodology which is based on performance has been used. Since the fields
  are very mature with high permeability, GCA has applied an aggregated DCA
  analysis of reservoirs and/or fields as more reliable than a sum of DCAs of
  individual wells. The most appropriate correlation period for performing
  decline analysis is from late 2000 to the end of the data set. In this
  period, the injection rate, production well count and water cut are all
  relatively constant. Using the earlier periods would be distorted by the
  effects of decreasing well count and changing total fluid rates of the
  reservoirs. As in previous years a complete DCA analysis was prepared as a
  log oil-cut versus cumulative oil production graph. GCA has also assumed that
  Toreador accesses 4 of the proposed PUD opportunities in 2013 for the low
  case, those PUDs are: Chateau R3, Chuelles R2, Chuelle R3 and Courtenay R3.
  For the mid and high cases, in addition to 4 PUDs another 2 PUDs were
  included in both 2015 and 2016. GCA has estimated 1P, 2P and 3P Reserves of
  the Neocomian complex as at 31st December, 2011 of 5.427 MMBbl, 7.855 MMBbl
  and 12.626 MMBbl respectively. The production profile predictions up to 2070
  are shown in Figure 0.2. 4. CHARMOTTES FIELDS 4.1 Dogger The Dogger carbonate
  reservoirs are subdivided into the Bathonian Limestone and the Lower
  Callovian Limestone. The older carbonate, the Bathonian Limestone consists of
  both low energy lagoonal and high energy oolithic shelf facies. The oolithic
  carbonate platform protected the lagoon from marine influences. The younger
  Callovian carbonate platform deposits covered the Bathonian deposits, and
  consist of mostly oolithic facies representing more restricted lagoon
  carbonate deposits. The high energy environment resulted in the excellent
  reservoir properties. The main source rock for the Dogger play is the Liassic
  Toarcian marine shales. This type II source rock is currently in the oil
  window in the centre of the basin and is the principal source rock for oils
  in the Paris Basin. Primary migration of the oil occurred along


CJF/KB/EE0212611/0522
  Toreador Resources Corporation 9 the faults and saturated the Dogger
  reservoir in the Eocene-Oligocene in the West of the basin, and during the Turonian-Maastrichtian
  in the East. This carbonate reservoir is located at approximately 1,700 m and
  is comprised of four layers with both matrix and fracture
  porosity/permeability. No pressure depletion is evident and the fields
  production mechanism is an imbibition process whereby the matrix reservoir
  charges fractures connected to wellbores. A well cycling programme was
  initiated recently with good results. There are 6 active production wells
  currently producing a total of 82 bopd. Historic oil and water production
  data have been stored in an OFM database. The Dogger oil is under saturated
  with a bubble point pressure of 12 bars (reservoir pressure of 180 bars) and
  has a viscosity of 3 cP. Toreadors current STOIIP estimate is 5.6 MMBbl and
  the gross reservoir thickness is estimated to be 30 m. GCA has reviewed
  Toreadors in-place volumes and considers them to be reasonable. GCA reviewed
  Toreadors analyses and used a DCA (hyperbolic curve) methodology for
  estimating reserves. GCA has thus estimated the Dogger 1P, 2P and 3P Reserves
  as at 31st December, 2011 as 0.324 MMBbl, 0.569 MMBbl, and 0.703 MMBbl
  respectively. Note that the ELT cut-off for Charmottes Dogger is 2043. 4.2
  Triassic The Triassic Keuper Sandstones have three sub-divisions. The first
  is the Donnemarie Sandstone, which consists of bioturbated clays and
  represents a coastal plain environment. The formation is 60 m thick, 20 m of
  which is sandstone. The second sub-set of the Keuper is the Chaunoy
  Sandstone, which is located west of the Paris basin and is part of a braided
  fluvial system. The third is the Rheatic, which consists of both continental
  and marine sandstones, both of which underlie shaley deposits forming
  productive traps. These reservoirs are sealed by a 400 m thick Liassic shale.
  The source rocks feeding these reservoirs are the Lower to Middle Liassic
  marine shales, known as the Lotharingian and the Domerian. Both were
  deposited in a calm marine environment and are micaceous, with the Domerian
  containing macro- and micro-fossils. For these Liassic source rocks,
  maturation and lateral migration occurred during the Upper Cretaceous period.
  One development well (CHM 1) is currently producing via pump from a deeper
  (approximately 2,500 m) low permeability Donnemarie Triassic reservoir. The
  well produced at about 7 bopd with zero percent water-cut, throughout 2011.
  As at end of December, 2011 the well has produced 247 MBbl of oil and as a
  result the reservoir pressure has been considerably depleted. GCA has
  reviewed the production forecast for CMH 1 well, made by Toreador using DCA,
  and considers it as reasonable for a 1P case. For the 2P case GCA used its
  previous runs of the reservoir simulation model using the following
  assumptions: CMH 1 flow regime will be optimised by changing the pump;
  another well is sidetracked as a second producer and one well is converted to
  water injector. The 3P case assumes higher water injection pressures, which
  from the simulator yields 0.039 MMBbl of incremental recovery in comparison
  with the 2P case. GCA has estimated the 1P, 2P and 3P Reserves of the
  Charmottes Triassic as at 31st December, 2011 as 0.020 MMBbl, 0.394 MMBbl and
  0.433 MMBbl respectively.


CJF/KB/EE0212611/0522
  Toreador Resources Corporation 10 5. CAPEX AND OPEX Toreadors CAPEX and OPEX
  estimates for its Paris Basin fields were reviewed by GCA. Some additional
  CAPEX was considered to be necessary in later years for the Neocomian complex
  as it was believed that, as given below, additional workovers and wells would
  be required in order meet the predicted production profiles. For the
  Neocomian fields, GCA has assumed: . In the 1P case, two PUD wells are
  drilled in 2012 and two in 2013 at a cost of U.S.$1.25 MM each; . In the 2P
  and 3P cases, a further two PUD wells are drilled in both 2015 and 2016,
  again at a cost of U.S.$1.25 MM each; . In all cases five other wells are
  drilled between 2013 and 2017, primarily . Fifteen workovers are performed
  per year at a cost of U.S.$15 M each; . From 2020 one well is re-drilled
  every three years, primarily to replace unserviceable wells, with an
  estimated cost of U.S.$1.25 MM per well; . In the 2P and 3P cases some
  additional facilities are also installed between 2020 and 2022, primarily to
  replace and/or improve water injection handling capabilities at a cost of
  U.S.$6 MM. The variable OPEX for the Neocomian was based on GCAs previous
  assumption to account for the fact that , as the wells get older and the
  volume of produced water increases, more maintenance and well workovers etc
  will be required in order to keep the wells productive. For the Charmottes
  fields GCA has assumed: . One workover (at a cost of U.S.$25 M) every two
  years and no additional re-drills, . No further CAPEX is assumed in the 1P
  case, . In the 2P and 3P cases, one sidetrack producer in the Triassic is
  added in 2014, and one well is converted to a water injector. The total cost
  is estimated at U.S.$3.5MM in 2014. 6. ECONOMIC LIMIT TEST & ECONOMIC
  EVALUATION GCA constructed a cash flow model to calculate the Economic Limit
  for Reserves and Net Present Values for the Charmottes and Neocomian fields.
  In performing this assessment, the following economic, commercial and fiscal
  assumptions have been made. . The relevant elements of the fiscal regime in
  France are summarised in the table below: French Fiscal Summary Royalty/Tax
  Annual Production (MTon) Rate (Pre-1980 Wells) (%) Rate (Post-1980 Wells) (%)
  Royalty 0-50 8 0 50-100 20 6 100-300 30 9 > 300 30 12 Local Tax
  17.467/ton


CJF/KB/EE0212611/0522
  Toreador Resources Corporation 11 . Oil Price: A flat Brent oil price of
  U.S.$111.02/bbl, which represents the 12 month prior average for Brent crude
  based on the oil price on the first day of each of the 12 months. Adjustments
  to this price are made for each Field Group using the price differential to
  reflect the actual sales prices achievable due to crude quality differentials
  to Brent; . Neocomian and Charmottes crude oil are priced at discounts of
  U.S.$2.925/Bbl and U.S.$2.30/Bbl respectively to Brent; . CAPEX is
  unescalated and is based on Toreadors plan for the period 2012-22. There was
  no detailed definition of the work, hence the review was only superficial,
  but the cost data appeared reasonable. In future years GCA has assumed some
  additional CAPEX and OPEX as described in Section 5; . Operating cost is
  unescalated and based on information provided by Toreador; . The exchange
  rate was assumed to be U.S.$1.3 per ; . Cash flow summaries are given in
  Appendix II. 7. QUALIFICATIONS GCA is an independent international energy
  advisory group of almost 50 years standing, whose expertise includes
  petroleum reservoir evaluation and economic analysis. The report is based on
  information compiled by professional Associates of GCA. 8. BASIS OF OPINION
  This assessment has been conducted within the context of GCAs understanding
  of the effects of petroleum legislation, taxation, and other regulations that
  currently apply to these properties. However, GCA is not in a position to
  attest to property title, financial interest relationships or encumbrances
  thereon for any part of the appraised properties. The reported volumes are based
  on professional geological and engineering judgement and are subject to
  future revisions, upward or downward, as a result of future operations, or as
  new information becomes available. Yours sincerely GAFFNEY CLINE &
  ASSOCIATES Brian Rhodes Global Director  Corporate Advisory Services


CJF/KB/EE0212611/0522
  Toreador Resources Corporation APPENDIX I Glossary


CJF/KB/EE0212611/0522
  Toreador Resources Corporation GLOSSARY List of Standard Oil Industry Terms
  and Abbreviations ABEX Abandonment Expenditure ACQ Annual Contract Quantity
  oAPI Degrees API (American Petroleum Institute) AAPG American Association of
  Petroleum Geologists AVO Amplitude versus Offset A$ Australian Dollars B
  Billion (109) Bbl Barrels /Bbl per barrel BBbl Billion Barrels BHA Bottom
  Hole Assembly BHC Bottom Hole Compensated Bscf or Bcf Billion standard cubic
  feet Bscfd or Bcfd Billion standard cubic feet per day Bm3 Billion cubic
  metres bcpd Barrels of condensate per day BHP Bottom Hole Pressure blpd
  Barrels of liquid per day bpd Barrels per day boe Barrels of oil equivalent @
  xxx mcf/Bbl boepd Barrels of oil equivalent per day @ xxx mcf/Bbl BOP Blow
  Out Preventer bopd Barrels oil per day bwpd Barrels of water per day BS&W
  Bottom sediment and water BTU British Thermal Units bwpd Barrels water per
  day CBM Coal Bed Methane CO2 Carbon Dioxide CAPEX Capital Expenditure CCGT
  Combined Cycle Gas Turbine cm centimetres CMM Coal Mine Methane CNG
  Compressed Natural Gas Cp Centipoise (a measure of viscosity) CSG Coal Seam
  Gas CT Corporation Tax DCQ Daily Contract Quantity Deg C Degrees Celsius Deg
  F Degrees Fahrenheit DHI Direct Hydrocarbon Indicator DST Drill Stem Test DWT
  Dead-weight ton E&A Exploration & Appraisal E&P Exploration and
  Production EBIT Earnings before Interest and Tax EBITDA Earnings before
  interest, tax, depreciation and amortisation EI Entitlement Interest EIA
  Environmental Impact Assessment EMV Expected Monetary Value EOR Enhanced Oil
  Recovery EUR Estimated Ultimate Recovery FDP Field Development Plan FEED
  Front End Engineering and Design FPSO Floating Production, Storage and
  Offloading FSO Floating Storage and Offloading ft Foot/feet Fx Foreign
  Exchange Rate g gram g/cc grams per cubic centimetre gal gallon gal/d gallons
  per day G&A General and Administrative costs GBP Pounds Sterling GDT Gas
  Down to


CJF/KB/EE0212611/0522
  Toreador Resources Corporation GIIP Gas initially in place GJ Gigajoules (one
  billion Joules) GOR Gas Oil Ratio GTL Gas to Liquids GWC Gas water contact
  HDT Hydrocarbons Down to HSE Health, Safety and Environment HSFO High Sulphur
  Fuel Oil HUT Hydrocarbons up to H2S Hydrogen Sulphide IOR Improved Oil
  Recovery IPP Independent Power Producer IRR Internal Rate of Return J Joule
  (Metric measurement of energy) I kilojoule = 0.9478 BTU) k Permeability KB Kelly
  Bushing KJ Kilojoules (one Thousand Joules) kl Kilolitres km Kilometres km2
  Square kilometres kPa Thousands of Pascals (measurement of pressure) KW
  Kilowatt KWh Kilowatt hour LKG Lowest Known Gas LKH Lowest Known Hydrocarbons
  LKO Lowest Known Oil LNG Liquefied Natural Gas LoF Life of Field LPG
  Liquefied Petroleum Gas LTI Lost Time Injury LWD Logging while drilling m
  Metres M Thousand m3 Cubic metres Mcf or Mscf Thousand standard cubic feet
  MCM Management Committee Meeting MMcf or MMscf Million standard cubic feet
  m3d Cubic metres per day mD Measure of Permeability in millidarcies MD
  Measured Depth MDT Modular Dynamic Tester Mean Arithmetic average of a set of
  numbers Median Middle value in a set of values MFT Multi Formation Tester
  mg/l milligrams per litre MJ Megajoules (One Million Joules) Mm3 Thousand
  Cubic metres Mm3d Thousand Cubic metres per day MM Million MMBbl Millions of
  barrels MMBTU Millions of British Thermal Units Mode Value that exists most
  frequently in a set of values = most likely Mscfd Thousand standard cubic
  feet per day MMscfd Million standard cubic feet per day MW Megawatt MWD
  Measuring While Drilling MWh Megawatt hour mya Million years ago NGL Natural
  Gas Liquids N2 Nitrogen NPV Net Present Value OBM Oil Based Mud OCM Operating
  Committee Meeting ODT Oil down to OPEX Operating Expenditure OWC Oil Water
  Contact p.a. Per annum Pa Pascals (metric measurement of pressure) P&A
  Plugged and Abandoned PDP Proved Developed Producing


CJF/KB/EE0212611/0522
  Toreador Resources Corporation PI Productivity Index PJ Petajoules (1015
  Joules) PSDM Post Stack Depth Migration psi Pounds per square inch psia
  Pounds per square inch absolute psig Pounds per square inch gauge PUD Proved
  Undeveloped PVT Pressure volume temperature P10 10% Probability P50 50%
  Probability P90 90% Probability Rf Recovery factor RFT Repeat Formation
  Tester RT Rotary Table Rw Resistivity of water SCAL Special core analysis cf
  or scf Standard Cubic Feet cfd or scfd Standard Cubic Feet per day scf/ton
  Standard cubic foot per ton SL Straight line (for depreciation) so Oil
  Saturation SPE Society of Petroleum Engineers SPEE Society of Petroleum
  Evaluation Engineers ss Subsea stb Stock tank barrel STOIIP Stock tank oil
  initially in place sw Water Saturation T Tonnes TD Total Depth Te Tonnes
  equivalent THP Tubing Head Pressure TJ Terajoules (1012 Joules) Tscf or Tcf
  Trillion standard cubic feet TCM Technical Committee Meeting TOC Total
  Organic Carbon TOP Take or Pay Tpd Tonnes per day TVD True Vertical Depth
  TVDss True Vertical Depth Subsea USGS United States Geological Survey US$ United States Dollar VSP Vertical Seismic Profiling WC Water Cut WI Working
  Interest WPC World Petroleum Council WTI West Texas Intermediate wt% Weight
  percent 1H05 First half (6 months) of 2005 (example of date) 2Q06 Second
  quarter (3 months) of 2006 (example of date) 2D Two dimensional 3D Three
  dimensional 4D Four dimensional 1P Proved Reserves 2P Proved plus Probable
  Reserves 3P Proved plus Probable plus Possible Reserves % Percentage


CJF/KB/EE0212611/0522
  Toreador Resources Corporation APPENDIX II ELT Profiles for the Neocomian and
  Charmottes Fields


CJF/KB/EE0212611/0522
  Toreador Resources Corporation Disc Rate Pre-Tax Post-Tax Field: 0.0% 332.10
  220.29 Case: 10.0% 127.75 83.91 Field Royalty Net Capital Operating Pre Tax
  Corporate Post Tax Production Price Production Price Revenue Revenue Costs
  Costs NCF Tax NCF MMB US$/Bbl MMB US$/Bbl US$ MM US$ MM US$ MM US$ MM US$ MM
  US$ MM US$ MM US$ MM Jan-12 0.264 108.09 0.011 108.09 29.74 1.90 27.84 2.50
  4.67 20.67 7.64 13.03 Jan-13 0.237 108.09 0.022 108.09 28.08 1.75 26.33 2.50
  4.08 19.75 7.25 12.50 Jan-14 0.217 108.09 0.021 108.09 25.71 1.60 24.11 -
  3.85 20.26 6.59 13.67 Jan-15 0.199 108.09 0.020 108.09 23.70 1.47 22.22 3.75
  3.65 14.82 5.90 8.92 Jan-16 0.184 108.09 0.019 108.09 21.97 1.36 20.61 1.25
  3.48 15.88 5.38 10.50 Jan-17 0.171 108.09 0.018 108.09 20.48 1.27 19.21 2.50
  5.34 11.37 4.21 7.16 Jan-18 0.160 108.09 0.017 108.09 19.17 1.19 17.98 - 5.09
  12.90 3.88 9.02 Jan-19 0.150 108.09 0.016 108.09 18.02 1.12 16.90 - 4.86
  12.04 3.60 8.45 Jan-20 0.142 108.09 0.016 108.09 16.99 1.05 15.94 1.25 4.66
  10.03 3.30 6.73 Jan-21 0.134 108.09 0.015 108.09 16.07 1.00 15.08 - 4.48
  10.60 3.07 7.52 Jan-22 0.127 108.09 0.014 108.09 15.24 0.94 14.30 - 4.31 9.98
  2.95 7.03 Jan-23 0.121 108.09 0.013 108.09 14.49 0.90 13.59 - 4.17 9.42 2.85
  6.57 Jan-24 0.115 108.09 0.013 108.09 13.80 0.85 12.95 1.25 4.03 7.67 2.64
  5.03 Jan-25 0.110 108.09 0.012 108.09 13.18 0.82 12.36 - 3.91 8.45 2.61 5.84
  Jan-26 0.105 108.09 0.011 108.09 12.60 0.78 11.82 - 3.80 8.02 2.51 5.52
  Jan-27 0.101 108.09 0.011 108.09 12.07 0.75 11.32 1.25 3.69 6.38 2.42 3.96
  Jan-28 0.097 108.09 0.010 108.09 11.58 0.72 10.86 - 3.60 7.26 2.30 4.97
  Jan-29 0.093 108.09 0.010 108.09 11.12 0.69 10.43 - 3.51 6.93 2.18 4.74 Jan-30
  0.090 108.09 0.009 108.09 10.70 0.66 10.04 1.25 3.42 5.36 2.08 3.28 Jan-31
  0.087 108.09 0.009 108.09 10.31 0.64 9.67 - 3.35 6.32 1.98 4.34 Jan-32 0.084
  108.09 0.008 108.09 9.94 0.62 9.32 - 3.27 6.05 1.89 4.16 Jan-33 0.081 108.09
  0.008 108.09 9.60 0.60 9.00 1.25 3.21 4.54 1.76 2.78 Jan-34 0.078 108.09
  0.008 108.09 9.27 0.58 8.70 - 3.14 5.55 1.73 3.83 Jan-35 0.076 108.09 0.007
  108.09 8.97 0.56 8.41 - 3.08 5.33 1.65 3.68 Jan-36 0.074 108.09 0.007 108.09
  8.68 0.54 8.14 1.25 3.03 3.86 1.54 2.33 Jan-37 0.071 108.09 0.006 108.09 8.42
  0.53 7.89 - 2.98 4.91 1.51 3.40 Jan-38 0.069 108.09 0.006 108.09 8.16 0.51
  7.65 - 2.93 4.72 1.45 3.27 Jan-39 0.067 108.09 0.006 108.09 7.92 0.50 7.42
  1.25 2.88 3.30 1.35 1.95 Jan-40 0.066 108.09 0.005 108.09 7.69 0.48 7.21 -
  2.83 4.38 1.33 3.04 Jan-41 0.064 108.09 0.005 108.09 7.48 0.47 7.01 - 2.79
  4.22 1.28 2.94 Jan-42 0.062 108.09 0.005 108.09 7.27 0.46 6.82 1.25 2.75 2.81
  1.19 1.63 Jan-43 0.061 108.09 0.005 108.09 7.08 0.45 6.63 - 2.71 3.92 1.18
  2.74 Jan-44 0.059 108.09 0.004 108.09 6.89 0.43 6.46 - 2.68 3.78 1.14 2.65
  Jan-45 0.058 108.09 0.004 108.09 6.72 0.42 6.29 1.25 2.64 2.40 1.05 1.35
  Jan-46 0.057 108.09 0.004 108.09 6.55 0.41 6.14 - 2.61 3.53 1.05 2.48 Jan-47
  0.055 108.09 0.004 108.09 6.39 0.40 5.99 - 2.58 3.41 1.01 2.40 Jan-48 0.054
  108.09 0.004 108.09 6.24 0.39 5.84 1.25 2.55 2.04 0.93 1.11 Jan-49 0.053
  108.09 0.003 108.09 6.09 0.39 5.70 - 2.52 3.19 0.94 2.25 Jan-50 0.052 108.09
  0.003 108.09 5.95 0.38 5.57 - 2.49 3.08 0.90 2.18 - - Totals (2012-2050):
  4.145 MMBbl 0.392 MMBbl 490.33 30.59 459.74 25.00 135.60 299.14 100.20 198.94
  Totals (>2050): 0.856 MMBbl 0.034 MMBbl 96.23 6.17 90.06 8.75 48.35 32.96
  11.61 21.35 Period Beginning Developed Undeveloped Nominal Net Present Values
  as at 01-Jan-12 (US$ MM) Neocommian 1P France Gross Field (100%) Working
  Interest Cashflow Analysis Unescalated Prices & Costs


CJF/KB/EE0212611/0522
  Toreador Resources Corporation Disc Rate Pre-Tax Post-Tax Field: 0.0% 520.19
  345.68 Case: 10.0% 160.78 105.17 Field Royalty Net Capital Operating Pre Tax
  Corporate Post Tax Production Price Production Price Revenue Revenue Costs
  Costs NCF Tax NCF MMB US$/Bbl MMB US$/Bbl US$ MM US$ MM US$ MM US$ MM US$ MM
  US$ MM US$ MM US$ MM Jan-12 0.271 108.09 0.011 108.09 30.52 1.95 28.56 2.50
  4.67 21.39 7.88 13.51 Jan-13 0.256 108.09 0.022 108.09 30.04 1.88 28.16 2.50
  4.27 21.39 7.80 13.59 Jan-14 0.242 108.09 0.033 108.09 29.71 1.82 27.90 2.50
  4.24 21.16 7.63 13.52 Jan-15 0.230 108.09 0.043 108.09 29.47 1.76 27.71 6.25
  4.22 17.24 7.37 9.87 Jan-16 0.219 108.09 0.040 108.09 28.06 1.68 26.38 2.50
  4.08 19.80 6.89 12.91 Jan-17 0.209 108.09 0.038 108.09 26.76 1.60 25.16 2.50
  6.57 16.08 5.57 10.52 Jan-18 0.200 108.09 0.036 108.09 25.57 1.53 24.04 -
  6.34 17.70 5.27 12.42 Jan-19 0.192 108.09 0.035 108.09 24.47 1.47 23.01 -
  6.13 16.88 5.00 11.88 Jan-20 0.184 108.09 0.033 108.09 23.46 1.41 22.05 3.25
  5.93 12.87 4.64 8.23 Jan-21 0.177 108.09 0.031 108.09 22.51 1.35 21.16 2.00
  5.74 13.42 4.34 9.08 Jan-22 0.171 108.09 0.030 108.09 21.64 1.30 20.33 2.00
  5.57 12.76 4.14 8.63 Jan-23 0.165 108.09 0.028 108.09 20.82 1.25 19.56 - 5.41
  14.15 4.02 10.14 Jan-24 0.159 108.09 0.027 108.09 20.05 1.21 18.84 1.25 5.26
  12.33 3.87 8.46 Jan-25 0.154 108.09 0.025 108.09 19.33 1.17 18.17 - 5.12
  13.05 3.90 9.15 Jan-26 0.149 108.09 0.024 108.09 18.66 1.13 17.53 - 4.98
  12.55 3.82 8.73 Jan-27 0.144 108.09 0.023 108.09 18.03 1.09 16.94 1.25 4.86
  10.82 3.70 7.13 Jan-28 0.140 108.09 0.022 108.09 17.43 1.06 16.37 - 4.74
  11.63 3.55 8.08 Jan-29 0.136 108.09 0.021 108.09 16.87 1.03 15.85 - 4.63
  11.21 3.41 7.80 Jan-30 0.132 108.09 0.019 108.09 16.34 0.99 15.35 1.25 4.53
  9.57 3.35 6.22 Jan-31 0.128 108.09 0.019 108.09 15.84 0.97 14.87 - 4.43 10.44
  3.29 7.15 Jan-32 0.125 108.09 0.018 108.09 15.36 0.94 14.42 - 4.34 10.09 3.24
  6.85 Jan-33 0.121 108.09 0.017 108.09 14.91 0.91 14.00 1.25 4.25 8.50 3.08
  5.42 Jan-34 0.118 108.09 0.016 108.09 14.49 0.89 13.60 - 4.17 9.43 3.02 6.41
  Jan-35 0.115 108.09 0.015 108.09 14.08 0.86 13.22 - 4.09 9.13 2.92 6.21
  Jan-36 0.112 108.09 0.014 108.09 13.69 0.84 12.85 1.25 4.01 7.59 2.78 4.81 Jan-37
  0.110 108.09 0.014 108.09 13.33 0.82 12.51 - 3.94 8.57 2.73 5.84 Jan-38 0.107
  108.09 0.013 108.09 12.98 0.80 12.18 - 3.87 8.31 2.64 5.66 Jan-39 0.105
  108.09 0.012 108.09 12.64 0.78 11.86 1.25 3.80 6.81 2.52 4.29 Jan-40 0.102
  108.09 0.012 108.09 12.32 0.76 11.56 - 3.74 7.82 2.48 5.34 Jan-41 0.100
  108.09 0.011 108.09 12.02 0.74 11.28 - 3.68 7.59 2.41 5.19 Jan-42 0.098
  108.09 0.010 108.09 11.73 0.73 11.00 1.25 3.63 6.13 2.29 3.83 Jan-43 0.096
  108.09 0.010 108.09 11.45 0.71 10.74 - 3.57 7.17 2.26 4.91 Jan-44 0.094
  108.09 0.009 108.09 11.19 0.70 10.49 - 3.52 6.97 2.20 4.77 Jan-45 0.092
  108.09 0.009 108.09 10.93 0.68 10.25 1.25 3.47 5.53 2.09 3.44 Jan-46 0.090
  108.09 0.008 108.09 10.69 0.67 10.02 - 3.42 6.60 2.07 4.52 Jan-47 0.089
  108.09 0.008 108.09 10.45 0.65 9.80 - 3.38 6.42 2.02 4.41 Jan-48 0.087 108.09
  0.008 108.09 10.23 0.64 9.59 1.25 3.33 5.01 1.92 3.09 Jan-49 0.085 108.09
  0.007 108.09 10.01 0.63 9.38 - 3.29 6.10 1.91 4.19 Jan-50 0.084 108.09 0.007
  108.09 9.80 0.62 9.19 - 3.25 5.94 1.86 4.09 - - Totals (2012-2050): 5.587
  MMBbl 0.777 MMBbl 687.89 42.03 645.86 37.25 172.45 436.16 145.87 290.29
  Totals (>2050): 1.419 MMBbl 0.072 MMBbl 161.16 10.27 150.88 8.75 58.11
  84.02 28.63 55.39 Nominal Net Present Values as at 01-Jan-12 (US$ MM)
  Neocommian 2P France Gross Field (100%) Working Interest Cashflow Analysis
  Unescalated Prices & Costs Period Beginning Developed Undeveloped


CJF/KB/EE0212611/0522
  Toreador Resources Corporation Disc Rate Pre-Tax Post-Tax Field: 0.0% 902.42
  600.52 Case: 10.0% 207.41 136.26 Field Royalty Net Capital Operating Pre Tax
  Corporate Post Tax Production Price Production Price Revenue Revenue Costs
  Costs NCF Tax NCF MMB US$/Bbl MMB US$/Bbl US$ MM US$ MM US$ MM US$ MM US$ MM
  US$ MM US$ MM US$ MM Jan-12 0.277 108.09 0.011 108.09 31.19 2.00 29.19 2.50
  4.67 22.02 8.09 13.93 Jan-13 0.273 108.09 0.022 108.09 31.92 2.00 29.92 2.50
  4.46 22.96 8.32 14.64 Jan-14 0.269 108.09 0.033 108.09 32.61 2.01 30.60 2.50
  4.52 23.58 8.44 15.14 Jan-15 0.265 108.09 0.043 108.09 33.25 2.01 31.24 6.25
  4.59 20.41 8.43 11.98 Jan-16 0.261 108.09 0.040 108.09 32.62 1.98 30.64 2.50
  4.52 23.61 8.16 15.45 Jan-17 0.258 108.09 0.038 108.09 32.00 1.95 30.05 2.50
  7.60 19.95 6.86 13.09 Jan-18 0.254 108.09 0.036 108.09 31.41 1.92 29.49 -
  7.49 22.01 6.71 15.30 Jan-19 0.251 108.09 0.035 108.09 30.84 1.89 28.95 -
  7.37 21.58 6.57 15.01 Jan-20 0.247 108.09 0.033 108.09 30.28 1.86 28.43 3.25
  7.26 17.91 6.32 11.59 Jan-21 0.244 108.09 0.031 108.09 29.75 1.83 27.92 2.00
  7.16 18.76 6.12 12.64 Jan-22 0.241 108.09 0.030 108.09 29.24 1.80 27.44 2.00
  7.06 18.38 6.01 12.37 Jan-23 0.238 108.09 0.028 108.09 28.74 1.77 26.97 -
  6.96 20.01 5.97 14.04 Jan-24 0.235 108.09 0.027 108.09 28.26 1.75 26.51 1.25
  6.87 18.40 5.89 12.51 Jan-25 0.232 108.09 0.025 108.09 27.80 1.72 26.07 -
  6.78 19.30 5.98 13.32 Jan-26 0.229 108.09 0.024 108.09 27.35 1.70 25.65 -
  6.69 18.96 5.95 13.01 Jan-27 0.226 108.09 0.023 108.09 26.91 1.67 25.24 1.25
  6.60 17.39 5.89 11.50 Jan-28 0.223 108.09 0.022 108.09 26.49 1.65 24.84 -
  6.52 18.32 5.78 12.54 Jan-29 0.221 108.09 0.021 108.09 26.09 1.63 24.46 -
  6.44 18.02 5.68 12.34 Jan-30 0.218 108.09 0.019 108.09 25.69 1.61 24.09 1.25
  6.36 16.47 5.65 10.82 Jan-31 0.216 108.09 0.019 108.09 25.31 1.59 23.73 -
  6.29 17.44 5.62 11.82 Jan-32 0.213 108.09 0.018 108.09 24.94 1.57 23.38 -
  6.22 17.16 5.59 11.56 Jan-33 0.211 108.09 0.017 108.09 24.58 1.55 23.04 1.25
  6.15 15.64 5.46 10.18 Jan-34 0.208 108.09 0.016 108.09 24.23 1.53 22.71 -
  6.08 16.63 5.42 11.21 Jan-35 0.206 108.09 0.015 108.09 23.90 1.51 22.39 -
  6.01 16.38 5.33 11.04 Jan-36 0.204 108.09 0.014 108.09 23.57 1.49 22.08 1.25
  5.95 14.88 5.21 9.67 Jan-37 0.202 108.09 0.014 108.09 23.25 1.47 21.78 - 5.89
  15.90 5.17 10.72 Jan-38 0.199 108.09 0.013 108.09 22.94 1.45 21.49 - 5.82
  15.66 5.10 10.57 Jan-39 0.197 108.09 0.012 108.09 22.64 1.44 21.21 1.25 5.77
  14.19 4.98 9.21 Jan-40 0.195 108.09 0.012 108.09 22.35 1.42 20.93 - 5.71
  15.22 4.95 10.27 Jan-41 0.193 108.09 0.011 108.09 22.07 1.40 20.66 - 5.65
  15.01 4.88 10.13 Jan-42 0.191 108.09 0.010 108.09 21.79 1.39 20.40 1.25 5.60
  13.55 4.77 8.79 Jan-43 0.189 108.09 0.010 108.09 21.52 1.37 20.15 - 5.55
  14.60 4.74 9.86 Jan-44 0.187 108.09 0.009 108.09 21.26 1.36 19.90 - 5.49
  14.41 4.68 9.73 Jan-45 0.185 108.09 0.009 108.09 21.01 1.34 19.66 1.25 5.44
  12.97 4.57 8.40 Jan-46 0.184 108.09 0.008 108.09 20.76 1.33 19.43 - 5.40
  14.03 4.55 9.48 Jan-47 0.182 108.09 0.008 108.09 20.52 1.31 19.20 - 5.35
  13.85 4.49 9.36 Jan-48 0.180 108.09 0.008 108.09 20.28 1.30 18.98 1.25 5.30
  12.43 4.39 8.04 Jan-49 0.178 108.09 0.007 108.09 20.05 1.29 18.77 - 5.26
  13.51 4.38 9.13 Jan-50 0.177 108.09 0.007 108.09 19.83 1.27 18.56 - 5.21
  13.34 4.32 9.02 - - Totals (2012-2050): 8.560 MMBbl 0.777 MMBbl 1,009.24
  63.08 946.16 37.25 234.06 674.85 225.43 449.43 Totals (>2050): 3.217 MMBbl
  0.072 MMBbl 355.55 23.01 332.55 8.75 96.24 227.56 76.47 151.09 Nominal Net
  Present Values as at 01-Jan-12 (US$ MM) Neocommian 3P France Gross Field
  (100%) Working Interest Cashflow Analysis Unescalated Prices & Costs
  Period Beginning Developed Undeveloped


CJF/KB/EE0212611/0522
  Toreador Resources Corporation Disc Rate Pre-Tax Post-Tax Field: 0.0% 24.52
  16.35 Case: 10.0% 12.89 8.59 Field Royalty Net Capital Operating Pre Tax
  Corporate Post Tax Production Price Production Price Revenue Revenue Costs
  Costs NCF Tax NCF MMB US$/Bbl MMB US$/Bbl US$ MM US$ MM US$ MM US$ MM US$ MM
  US$ MM US$ MM US$ MM Jan-12 0.002 108.72 0.027 108.72 3.21 0.09 3.11 - 0.66
  2.46 0.82 1.64 Jan-13 0.002 108.72 0.024 108.72 2.90 0.08 2.81 - 0.59 2.22
  0.74 1.48 Jan-14 0.002 108.72 0.022 108.72 2.57 0.08 2.49 - 0.57 1.92 0.64
  1.28 Jan-15 0.002 108.72 0.019 108.72 2.31 0.07 2.24 - 0.51 1.73 0.58 1.15
  Jan-16 0.002 108.72 0.018 108.72 2.09 0.06 2.03 - 0.51 1.53 0.51 1.02 Jan-17
  0.002 108.72 0.016 108.72 1.92 0.06 1.86 - 0.46 1.40 0.47 0.94 Jan-18 0.001
  108.72 0.015 108.72 1.76 0.05 1.71 - 0.46 1.25 0.42 0.83 Jan-19 0.001 108.72
  0.014 108.72 1.63 0.05 1.58 - 0.42 1.16 0.39 0.78 Jan-20 0.001 108.72 0.013
  108.72 1.52 0.04 1.47 - 0.43 1.04 0.35 0.70 Jan-21 0.001 108.72 0.012 108.72
  1.42 0.04 1.38 - 0.39 0.99 0.33 0.66 Jan-22 0.001 108.72 0.011 108.72 1.33
  0.04 1.29 - 0.40 0.89 0.30 0.59 Jan-23 0.001 108.72 0.011 108.72 1.25 0.04
  1.21 - 0.37 0.85 0.28 0.56 Jan-24 0.001 108.72 0.010 108.72 1.18 0.03 1.15 -
  0.38 0.76 0.25 0.51 Jan-25 0.001 108.72 0.010 108.72 1.12 0.03 1.09 - 0.35
  0.74 0.25 0.49 Jan-26 - 108.72 0.009 108.72 0.99 0.03 0.96 - 0.36 0.60 0.20
  0.40 Jan-27 - 108.72 0.009 108.72 0.94 0.03 0.92 - 0.33 0.59 0.20 0.39 Jan-28
  - 108.72 0.008 108.72 0.90 0.03 0.88 - 0.35 0.53 0.18 0.35 Jan-29 - 108.72
  0.008 108.72 0.87 0.03 0.84 - 0.32 0.53 0.18 0.35 Jan-30 - 108.72 0.008
  108.72 0.83 0.02 0.81 - 0.34 0.47 0.16 0.31 Jan-31 - 108.72 0.007 108.72 0.78
  0.02 0.75 - 0.30 0.45 0.15 0.30 Jan-32 - 108.72 0.007 108.72 0.73 0.02 0.71 -
  0.32 0.39 0.13 0.26 Jan-33 - 108.72 0.006 108.72 0.69 0.02 0.67 - 0.29 0.38
  0.13 0.25 Jan-34 - 108.72 0.006 108.72 0.65 0.02 0.63 - 0.31 0.31 0.10 0.21
  Jan-35 - 108.72 0.006 108.72 0.60 0.02 0.58 - 0.28 0.30 0.10 0.20 Jan-36 -
  108.72 0.005 108.72 0.56 0.02 0.54 - 0.30 0.24 0.08 0.16 Jan-37 - 108.72
  0.005 108.72 0.51 0.02 0.50 - 0.27 0.23 0.08 0.15 Jan-38 - 108.72 0.004
  108.72 0.47 0.01 0.46 - 0.29 0.17 0.06 0.11 Jan-39 - 108.72 0.004 108.72 0.42
  0.01 0.41 - 0.26 0.16 0.05 0.10 Jan-40 - 108.72 0.004 108.72 0.38 0.01 0.37 -
  0.28 0.09 0.03 0.06 Jan-41 - 108.72 0.003 108.72 0.34 0.01 0.33 - 0.25 0.08
  0.03 0.05 Jan-42 - 108.72 0.003 108.72 0.29 0.01 0.28 - 0.26 0.02 0.01 0.01
  Jan-43 - 108.72 0.003 108.72 0.29 0.01 0.28 - 0.24 0.04 0.01 0.03 Jan-44
  Jan-45 Jan-46 Jan-47 Jan-48 Jan-49 Jan-50 Totals (2012-2050): 0.020 MMBbl
  0.324 MMBbl 37.44 1.10 36.34 - 11.83 24.52 8.17 16.35 Totals (>2050): -
  MMBbl - MMBbl - - - - - - - - Nominal Net Present Values as at 01-Jan-12 (US$ MM) 1P Charmottes Gross Field (100%) Working Interest Cashflow Analysis
  France Unescalated Prices & Costs Period Beginning Triassic Dogger


CJF/KB/EE0212611/0522
  Toreador Resources Corporation Disc Rate Pre-Tax Post-Tax Field: 0.0% 74.72
  49.81 Case: 10.0% 23.03 15.06 Field Royalty Net Capital Operating Pre Tax
  Corporate Post Tax Production Price Production Price Revenue Revenue Costs
  Costs NCF Tax NCF MMB US$/Bbl MMB US$/Bbl US$ MM US$ MM US$ MM US$ MM US$ MM
  US$ MM US$ MM US$ MM Jan-12 0.012 108.72 0.029 108.72 4.48 0.13 4.35 - 0.83
  3.53 1.18 2.35 Jan-13 0.012 108.72 0.027 108.72 4.28 0.13 4.15 - 0.77 3.38
  1.13 2.25 Jan-14 0.012 108.72 0.025 108.72 4.00 0.12 3.88 3.50 0.76 0.38 -
  0.92 1.30 - Jan-15 0.012 108.72 0.023 108.72 3.78 0.11 3.67 - 0.71 2.96 0.87
  2.09 Jan-16 0.012 108.72 0.021 108.72 3.59 0.11 3.48 - 0.71 2.78 0.81 1.97
  Jan-17 0.011 108.72 0.020 108.72 3.44 0.10 3.34 - 0.66 2.68 0.78 1.90 Jan-18
  0.011 108.72 0.019 108.72 3.29 0.10 3.20 - 0.67 2.53 0.73 1.80 Jan-19 0.011
  108.72 0.018 108.72 3.17 0.09 3.08 - 0.63 2.45 0.70 1.75 Jan-20 0.011 108.72
  0.017 108.72 3.09 0.09 3.00 - 0.64 2.36 0.67 1.69 Jan-21 0.011 108.72 0.016
  108.72 2.97 0.09 2.88 - 0.60 2.28 0.64 1.64 Jan-22 0.011 108.72 0.016 108.72
  2.87 0.08 2.78 - 0.61 2.17 0.61 1.57 Jan-23 0.011 108.72 0.015 108.72 2.83
  0.08 2.75 - 0.58 2.17 0.61 1.56 Jan-24 0.011 108.72 0.014 108.72 2.72 0.08
  2.64 - 0.59 2.05 0.68 1.37 Jan-25 0.010 108.72 0.014 108.72 2.66 0.08 2.58 -
  0.56 2.03 0.68 1.35 Jan-26 0.010 108.72 0.014 108.72 2.60 0.08 2.52 - 0.57
  1.95 0.65 1.30 Jan-27 0.010 108.72 0.013 108.72 2.54 0.07 2.46 - 0.54 1.92
  0.64 1.28 Jan-28 0.010 108.72 0.013 108.72 2.48 0.07 2.41 - 0.56 1.85 0.62
  1.24 Jan-29 0.010 108.72 0.012 108.72 2.44 0.07 2.37 - 0.53 1.84 0.61 1.23
  Jan-30 0.010 108.72 0.012 108.72 2.39 0.07 2.32 - 0.55 1.77 0.59 1.18 Jan-31
  0.010 108.72 0.012 108.72 2.34 0.07 2.28 - 0.51 1.76 0.59 1.17 Jan-32 0.010 108.72
  0.011 108.72 2.30 0.07 2.23 - 0.53 1.70 0.57 1.13 Jan-33 0.010 108.72 0.011
  108.72 2.27 0.07 2.20 - 0.50 1.70 0.57 1.13 Jan-34 0.010 108.72 0.011 108.72
  2.23 0.07 2.16 - 0.52 1.64 0.55 1.09 Jan-35 0.010 108.72 0.011 108.72 2.19
  0.06 2.13 - 0.49 1.63 0.54 1.09 Jan-36 0.010 108.72 0.010 108.72 2.16 0.06
  2.09 - 0.51 1.58 0.53 1.05 Jan-37 0.009 108.72 0.010 108.72 2.13 0.06 2.07 -
  0.49 1.58 0.53 1.05 Jan-38 0.009 108.72 0.010 108.72 2.10 0.06 2.03 - 0.51
  1.53 0.51 1.02 Jan-39 0.009 108.72 0.010 108.72 2.07 0.06 2.01 - 0.48 1.53
  0.51 1.02 Jan-40 0.009 108.72 0.009 108.72 2.04 0.06 1.98 - 0.50 1.48 0.49
  0.99 Jan-41 0.009 108.72 0.009 108.72 2.01 0.06 1.96 - 0.47 1.49 0.50 0.99
  Jan-42 0.009 108.72 0.009 108.72 1.99 0.06 1.93 - 0.49 1.44 0.48 0.96 Jan-43
  0.009 108.72 0.009 108.72 1.96 0.06 1.90 - 0.46 1.44 0.48 0.96 Jan-44 0.009
  108.72 0.009 108.72 1.94 0.06 1.88 - 0.49 1.40 0.47 0.93 Jan-45 0.009 108.72
  0.009 108.72 1.92 0.06 1.86 - 0.46 1.41 0.47 0.94 Jan-46 0.009 108.72 0.009
  108.72 1.89 0.06 1.84 - 0.48 1.36 0.45 0.91 Jan-47 0.009 108.72 0.008 108.72
  1.87 0.05 1.82 - 0.45 1.37 0.46 0.91 Jan-48 0.009 108.72 0.008 108.72 1.85
  0.05 1.80 - 0.47 1.32 0.44 0.88 Jan-49 0.009 108.72 0.008 108.72 1.84 0.05
  1.78 - 0.45 1.34 0.45 0.89 Jan-50 0.009 108.72 0.008 108.72 1.82 0.05 1.76 -
  0.44 1.32 0.44 0.88 Totals (2012-2050): 0.394 MMBbl 0.531 MMBbl 100.53 2.95
  97.59 3.50 21.78 72.31 24.10 48.21 Totals (>2050): - MMBbl 0.038 MMBbl
  4.17 0.12 4.04 - 1.63 2.41 0.80 1.61 Nominal Net Present Values as at
  01-Jan-12 (US$ MM) 2P Charmottes Gross Field (100%) Working Interest Cashflow
  Analysis France Unescalated Prices & Costs Period Beginning Triassic
  Dogger


CJF/KB/EE0212611/0522
  Toreador Resources Corporation Disc Rate Pre-Tax Post-Tax Field: 0.0% 90.41
  60.28 Case: 10.0% 26.04 17.06 Field Royalty Net Capital Operating Pre Tax
  Corporate Post Tax Production Price Production Price Revenue Revenue Costs
  Costs NCF Tax NCF MMB US$/Bbl MMB US$/Bbl US$ MM US$ MM US$ MM US$ MM US$ MM
  US$ MM US$ MM US$ MM Jan-12 0.012 108.72 0.030 108.72 4.60 0.13 4.47 - 0.84
  3.62 1.21 2.42 Jan-13 0.012 108.72 0.029 108.72 4.48 0.13 4.35 - 0.80 3.55
  1.18 2.37 Jan-14 0.012 108.72 0.027 108.72 4.25 0.12 4.13 3.50 0.80 0.17 -
  0.99 1.16 - Jan-15 0.012 108.72 0.026 108.72 4.08 0.12 3.96 - 0.75 3.21 0.95
  2.26 Jan-16 0.012 108.72 0.024 108.72 3.91 0.11 3.79 - 0.75 3.04 0.90 2.15
  Jan-17 0.012 108.72 0.023 108.72 3.79 0.11 3.68 - 0.71 2.97 0.87 2.10 Jan-18
  0.012 108.72 0.022 108.72 3.64 0.11 3.54 - 0.71 2.82 0.82 2.00 Jan-19 0.012
  108.72 0.021 108.72 3.56 0.10 3.45 - 0.68 2.77 0.81 1.97 Jan-20 0.012 108.72
  0.020 108.72 3.48 0.10 3.38 - 0.69 2.69 0.78 1.91 Jan-21 0.012 108.72 0.019
  108.72 3.37 0.10 3.27 - 0.65 2.62 0.76 1.86 Jan-22 0.012 108.72 0.019 108.72
  3.29 0.10 3.19 - 0.67 2.52 0.72 1.80 Jan-23 0.011 108.72 0.018 108.72 3.22
  0.09 3.12 - 0.63 2.49 0.71 1.78 Jan-24 0.011 108.72 0.018 108.72 3.16 0.09
  3.06 - 0.65 2.41 0.80 1.61 Jan-25 0.011 108.72 0.017 108.72 3.10 0.09 3.01 -
  0.62 2.39 0.80 1.60 Jan-26 0.011 108.72 0.017 108.72 3.04 0.09 2.95 - 0.63
  2.32 0.77 1.55 Jan-27 0.011 108.72 0.016 108.72 2.99 0.09 2.90 - 0.60 2.30
  0.77 1.53 Jan-28 0.011 108.72 0.016 108.72 2.94 0.09 2.86 - 0.62 2.24 0.75
  1.49 Jan-29 0.011 108.72 0.016 108.72 2.90 0.09 2.82 - 0.59 2.23 0.74 1.49
  Jan-30 0.011 108.72 0.015 108.72 2.86 0.08 2.77 - 0.61 2.16 0.72 1.44 Jan-31
  0.011 108.72 0.015 108.72 2.82 0.08 2.73 - 0.58 2.16 0.72 1.44 Jan-32 0.011
  108.72 0.015 108.72 2.78 0.08 2.70 - 0.60 2.10 0.70 1.40 Jan-33 0.011 108.72
  0.014 108.72 2.75 0.08 2.67 - 0.57 2.10 0.70 1.40 Jan-34 0.011 108.72 0.014
  108.72 2.71 0.08 2.63 - 0.59 2.04 0.68 1.36 Jan-35 0.011 108.72 0.014 108.72
  2.68 0.08 2.60 - 0.56 2.04 0.68 1.36 Jan-36 0.011 108.72 0.014 108.72 2.65
  0.08 2.57 - 0.58 1.99 0.66 1.33 Jan-37 0.011 108.72 0.013 108.72 2.62 0.08
  2.55 - 0.55 1.99 0.66 1.33 Jan-38 0.011 108.72 0.013 108.72 2.59 0.08 2.52 -
  0.57 1.94 0.65 1.30 Jan-39 0.011 108.72 0.013 108.72 2.57 0.08 2.49 - 0.54
  1.95 0.65 1.30 Jan-40 0.011 108.72 0.013 108.72 2.54 0.07 2.47 - 0.57 1.90
  0.63 1.27 Jan-41 0.011 108.72 0.013 108.72 2.52 0.07 2.45 - 0.54 1.91 0.64
  1.27 Jan-42 0.011 108.72 0.012 108.72 2.49 0.07 2.42 - 0.56 1.86 0.62 1.24
  Jan-43 0.010 108.72 0.012 108.72 2.47 0.07 2.40 - 0.53 1.87 0.62 1.24 Jan-44
  0.010 108.72 0.012 108.72 2.45 0.07 2.38 - 0.55 1.82 0.61 1.22 Jan-45 0.010
  108.72 0.012 108.72 2.43 0.07 2.36 - 0.53 1.83 0.61 1.22 Jan-46 0.010 108.72
  0.012 108.72 2.41 0.07 2.34 - 0.55 1.79 0.60 1.19 Jan-47 0.010 108.72 0.012
  108.72 2.39 0.07 2.32 - 0.52 1.80 0.60 1.20 Jan-48 0.010 108.72 0.011 108.72
  2.37 0.07 2.30 - 0.54 1.76 0.59 1.17 Jan-49 0.010 108.72 0.011 108.72 2.35
  0.07 2.29 - 0.52 1.77 0.59 1.18 Jan-50 0.010 108.72 0.011 108.72 2.33 0.07
  2.27 - 0.54 1.73 0.58 1.15 Totals (2012-2050): 0.433 MMBbl 0.649 MMBbl 117.60
  3.45 114.15 3.50 24.09 86.55 28.85 57.71 Totals (>2050): - MMBbl 0.054
  MMBbl 5.90 0.17 5.72 - 1.87 3.86 1.29 2.57 Nominal Net Present Values as at
  01-Jan-12 (US$ MM) 3P Charmottes Gross Field (100%) Working Interest Cashflow
  Analysis France Unescalated Prices & Costs Period Beginning Triassic
  Dogger