Toreador Resources Corporation Toreador Resources Corporation (Toreador or the company) is a small but rapidly-growing independent oil and gas exploration and production (E&P) company. Headquartered in Dallas, TX and with established operations in the USA and France (where the majority of its current proved reserves and production are located), the company has grown successfully since 2003 by leveraging the stability of its US and French businesses to pursue a strategy of focused expansion in Central and Southeastern Europe.  Having identified a series of specific investment projects in this region, notably in Turkey (offshore gas in the Black Sea) and Romania (onshore oil and gas), the company is now seeking long-term external financing in order to accelerate their development.  These projects are expected to position Toreador as a key player and foreign investor in Turkey and Romanias domestic oil and gas sectors, and will produce a shift in Toreadors production focus from oil to natural gas.  IFC has been asked to provide a corporate credit facility of up to $50 million for its own account to Toreador to help finance a portion of its 2007-2008 capital expenditure program, estimated at $150 million, in Turkey and Romania. Enhancing Availability of More Efficient and Cleaner Fuel:    The project will support the development of and exploration for primarily natural gas reserves in Turkey and Romania.  The increased availability of natural gas in both countries is expected to promote the use of a cleaner and more efficient fuel.  Increased Supply of Domestic Sources of Energy:  The project will increase Turkey and Romanias supply of domestic sources of energy.  Moreover, with the Companys secondary recovery activities in Romania, the project will improve resource utilization of smaller mature fields which have no interest for the larger players.  Benefits to the Governments:    It is expected that the governments of Turkey and Romania will receive fiscal receipts from royalties, production sharing and/or corporate taxes, generated by the production to be achieved by the proposed investment.  Promoting Competition and Attracting Foreign Direct Investment in the Upstream Sector:    The project promotes competition in the oil & gas sector through the growth of a small independent player, particularly in Turkey, where the sector is dominated by the state-owned enterprises.  The participation of smaller companies is important to the oil and gas sector, as they can develop reserves too small to be of interest to larger independents and the majors, and thus help improve production and recovery rates. If successful, the project would demonstrate the viability of investment by small independents in the upstream sectors in Turkey and Romania.    Creation and Preservation of Direct and Indirect Employment:   In 2005, Toreador employed directly 43 nationals in Turkey and Romania and provided indirect employment for another 14 national consultants. The development of the fields will generate a significant number of new jobs especially during the construction period, benefiting the local community through increased employment opportunities both directly and indirectly.  The key development indicators that are proposed to be monitored during the life of the IFC investment are as follows:   -  fiscal payments accruing to the governments of Turkey and Romania;  -  value of contracts with local suppliers; and  -  direct employment levels.