Exhibit 99.2
 Gaffney, Cline & Associates Ltd
Technical and Management Advisers to the Petroleum Industry Internationally Since 1962 |
Bendey Hall
Blacknest, Alton Hampshire GU34 4PU United Kingdom
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| Telephone: | +44 (0) 1420 525366 |
| Facsimile: | +44 (0) 1420 525367 |
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| email: gcauk@gaffney-cline.com |
| www.gaffney-cline.com |
Registered London No. 1122740
CJF/E2126.02/nxd/0417
| 29th January, 2010 |
The Directors,
Toreador Resources Corporation,
9 rue Scribe,
75009 Paris,
France.
Dear Sirs,
UNITED STATES SECURITIES AND EXCHANGE COMMISSION COMPLIANT
RESERVES FOR CERTAIN OF TOREADOR’S FRENCH OIL PRODUCING ASSETS
AS AT 31ST DECEMBER, 2009
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, 2009. 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. The Toreador SEC Reserves as at 31st December, 2009 are as follows:
Field | | | Proved | | | | | | Proved+ | |
| | PDP
(MMBbl) | | | PUD
(MMBbl) | | | Total
(MMBbl) | | | Proved+
Probable
(MMBbl) | | | Probable+
Possible
(MMBbl) | |
Neocomian Complex | | | 4.996 | | | 0.422 | | | 5.418 | | | 8.188 | | | 13.153 | |
Charmottes Triassic | | | 0.086 | | | – | | | 0.086 | | | 0.339 | | | 0.378 | |
Charmottes Dogger | | | 0.301 | | | – | | | 0.301 | | | 0.611 | | | 0.8 10 | |
Total | | | 5.383 | | | 0.422 | | | 5.805 | | | 9.138 | | | 14.340 | |
UNITED KINGDOM UNITED STATES SINGAPORE AUSTRALIA ARGENTINA UAE RUSSIA KAZAKHSTAN |
| Gaffney, Cline & Associates |
The specific economic/commercial criteria used for these SEC Reserves are as follows:
· Oil Price: A flat Brent oil price of U.S.$59.91/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;
· Operating cost is unescalated and based on information provided by Toreador; and
· Exchange rate: A flat exchange rate U.S.$1.4:Euro 1, which represents the average exchange rate in 2009.
Yours Sincerely GAFFNEY, CLINE & ASSOCIATES |
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B C Rhodes |
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Toreador Resources Corporation | 2 |
