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 |
