1
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
---------
(Mark one)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
--- SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended JUNE 30, 1995
-------------
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
--- SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION
PERIOD FROM TO
---- ----
Commission file number 0-2517
------
TOREADOR ROYALTY CORPORATION
----------------------------
(Exact name of registrant as specified in its charter)
Delaware 75-0991164
------------------------------- ----------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
530 Preston Commons West
8117 Preston Road
Dallas, Texas 75225
---------------------------------------- -----
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (214) 369-0080
--------------
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding twelve months, and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
--- ---
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Class Outstanding at June 30, 1995
------------------------------- ----------------------------
Common Stock, $.15625 par value 5,343,371
2
PART I. FINANCIAL INFORMATION
TOREADOR ROYALTY CORPORATION
ITEM 1. CONSOLIDATED BALANCE SHEET
June 30, June 30, December 31,
1995 1994 1994
-------------- ------------- --------------
( Unaudited ) ( Unaudited )
ASSETS
Current assets:
Cash and cash equivalents $ 3,217,593 $ 3,821,190 $ 3,893,666
Marketable securities, at market value 635,040 912,870 674,730
Accounts receivable 151,631 174,429 160,701
Federal income tax receivable 68,014 9,961 68,014
Prepaid expenses and deposits 69,840 14,340 14,340
-------------- ------------- --------------
Total current assets 4,142,118 4,932,790 4,811,451
-------------- ------------- --------------
Properties and equipment, less accumulated
depreciation, depletion and amortization 2,917,886 2,779,617 2,733,101
Other assets 49,852 60,962 105,352
-------------- ------------- --------------
Total assets $ 7,109,856 $ 7,773,369 $ 7,649,904
============== ============= ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 104,881 $ 62,542 $ 164,763
-------------- ------------- --------------
Total current liabilities 104,881 62,542 164,763
-------------- ------------- --------------
Deferred tax liabilities 209,885 275,315 223,380
Other liabilities - 14,145 -
-------------- ------------- --------------
Total liabilities 314,766 352,002 388,143
Stockholders' equity:
Preferred stock, $1.00 par value, 4,000,000 shares
authorized; none issued - - -
Common stock, $.15625 par value, 10,000,000
shares authorized; 5,349,071 shares issued 835,792 835,792 835,792
Capital in excess of par value 3,560,042 3,560,199 3,560,042
Retained earnings 2,085,688 2,568,788 2,526,164
Minimum pension liability - (37,965) -
Net unrealized gain on marketable securities 330,312 511,297 356,507
-------------- ------------- --------------
6,811,834 7,438,111 7,278,505
Less 5,700 shares of common stock
in treasury, at cost (16,744) (16,744) (16,744)
-------------- ------------- --------------
Total stockholders' equity 6,795,090 7,421,367 7,261,761
-------------- ------------- --------------
Total liabilities and stockholders' equity $ 7,109,856 $ 7,773,369 $ 7,649,904
============== ============= ==============
The Company uses the successful efforts method of accounting for its oil and
gas producing activities. See accompanying notes to the consolidated financial
statements.
- 2 -
3
TOREADOR ROYALTY CORPORATION
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
For the Three Months Ended For the Six Months Ended
June 30, June 30,
1995 1994 1995 1994
----------- ---------- ---------- -----------
REVENUES:
Oil and gas sales $ 299,387 $ 387,378 $ 643,064 $ 744,700
Lease bonuses and rentals - - 41,896 226,780
Interest and other income 66,116 43,628 117,827 100,494
----------- ---------- ---------- -----------
Total revenues 365,503 431,006 802,787 1,071,974
COSTS AND EXPENSES:
Lease operating expense 92,471 85,245 161,934 157,458
Dry holes and abandonments 105,977 35,543 175,378 35,543
Depreciation, depletion and
amortization 52,988 71,534 109,963 148,940
Geological and geophysical 62,552 20,298 112,080 72,171
General and administrative 492,712 253,141 683,908 489,654
----------- ---------- ---------- -----------
Total costs and expenses 806,700 465,761 1,243,263 903,766
----------- ---------- ---------- -----------
INCOME BEFORE FEDERAL INCOME TAXES (441,197) (34,755) (440,476) 168,208
PROVISION (BENEFIT) FOR FEDERAL INCOME
TAX EXPENSE - - - -
----------- ---------- ---------- -----------
NET INCOME $ (441,197) $ (34,755) $ (440,476) $ 168,208
=========== ========== ========== ===========
INCOME PER SHARE $ (0.08) $ (0.01) $ (0.08) $ 0.04
=========== ========== ========== ===========
WEIGHTED AVERAGE SHARES OUTSTANDING 5,343,371 4,803,990 5,343,371 4,746,098
=========== ========== ========== ===========
See accompanying notes to the consolidated financial statements.
- 3 -
4
TOREADOR ROYALTY CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
For the Three Months Ended For the Six Months Ended
June 30, June 30,
1995 1994 1995 1994
------------ ------------ ------------ -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income $ $ (34,755) $ (440,476) $ 168,208
Adjustments to reconcile net (loss)
income to net cash provided by
operating activities:
Depreciation, depletion and amortization 52,988 71,534 109,963 148,940
Dry holes and abandonments 105,977 35,543 175,378 35,543
Loss (gain) on sale of oil and gas
properties and equipment - 494 - (24,731)
Decrease in accounts receivable 16,222 8,814 9,070 19,716
Increase in federal income tax receivable - - - (9,961)
Pension funding in excess of expense - 3,387 - 6,774
Increase in prepaid expenses and deposits 36,872 47,600 - -
Decrease in accounts payable and
accrued liabilities (47,539) (19,967) (59,882) (70,394)
Decrease in taxes payable - - - (70,039)
------------ ------------ ------------ -----------
Net cash (used) provided by
operating activities (276,677) 112,650 (205,947) 204,056
CASH FLOWS FROM INVESTING ACTIVITIES:
Expenditures for oil and gas property
and equipment (184,145) (426,599) (466,782) (470,814)
Purchase of furniture and fixtures (3,344) (4,585) (3,344) (8,055)
Proceeds from sale of oil and gas
properties and equipment - (494) - 24,731
Lease of undeveloped acreage - - - 95,372
------------ ------------ ------------ -----------
Net cash used for investing activities (187,489) (431,678) (470,126) (358,766)
------------ ------------ ------------ -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuance of common
stock - 2,615,876 - 2,615,876
------------ ------------ ------------ -----------
Net cash provided by financing activities - 2,615,876 - 2,615,876
------------ ------------ ------------ -----------
NET (DECREASE) INCREASE IN CASH AND CASH
EQUIVALENTS (464,166) 2,296,848 (676,073) 2,461,166
CASH & CASH EQUIVALENTS, BEGINNING OF
PERIOD 3,681,759 1,524,342 3,893,666 1,360,024
------------ ------------ ------------ -----------
CASH & CASH EQUIVALENTS, END OF PERIOD $ 3,217,593 $ 3,821,190 $ 3,217,593 $ 3,821,190
============ ============ ============ ===========
SUPPLEMENTAL SCHEDULE OF CASH
FLOW INFORMATION:
Cash paid during the period for:
Income taxes $ - $ - $ - $ 80,000
See accompanying notes to the consolidated financial statements.
- 4 -
5
TOREADOR ROYALTY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the three and six months ended June 30, 1995
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
These consolidated financial statements should be read in the context
of the consolidated financial statements and notes thereto filed with the
Securities and Exchange Commission in Toreador Royalty Corporation's (the
"Company") 1994 Annual Report on Form 10-K. In the opinion of the Company, the
information furnished herein reflects all adjustments consisting of only normal
recurring adjustments, necessary for a fair presentation of the results of the
interim periods reported herein. Operating results from the interim period may
not necessarily be indicative of the results for the year ended December 31,
1995.
CAPITALIZATION POLICY FOR OIL AND GAS ACTIVITIES
The Company follows the successful efforts method of accounting for
oil and gas exploration and development expenditures. Under this method, costs
of successful exploratory wells and all development wells are capitalized.
Costs to drill exploratory wells which do not find proved reserves are
expensed. Acquisition costs of mineral interests in oil and gas properties
remain capitalized until they are impaired or a determination has been made to
discontinue exploration of the lease, at which time all related costs are
charged to expense. Impairment of unproved properties is assessed and recorded
on a property-by-property basis. Upon sale or abandonment of units of property
or the disposition of miscellaneous equipment, the cost is removed from the
asset account, the related reserves relieved of the accumulated depreciation or
depletion and the gain or loss is credited to or charged against operations.
Maintenance and repairs are charged to expense; betterments of property are
capitalized and depreciated.
EARNINGS PER SHARE
Earnings per common share is based on the weighted average number of
shares, including common share equivalents (except where inclusion of such
common share equivalents would have an antidilutive effect), outstanding.
FEDERAL INCOME TAXES
The Company accounts for income taxes in accordance with Statement of
Financial Accounting Standards No. 109 (SFAS 109), "Accounting for Income
Taxes", which was adopted effective January 1, 1993.
- 5 -
6
TOREADOR ROYALTY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the three and six months ended June 30, 1995
NOTE 2 - MARKETABLE SECURITIES
Marketable securities are comprised of 105,840 shares in the San Juan
Basin Royalty Trust at June 30, 1995 and 1994, and at December 31, 1994. The
Company's cost in this royalty trust is $126,258. At June 30, 1995, the
market value of these securities which are designated as available for sale
aggregated $635,040, resulting in a gross unrealized gain in the amount of
$508,782 and an unrealized gain, net of tax effect, of $330,312. At June 30,
1994, the market value of these securities was $912,870, resulting in a gross
unrealized gain in the amount of $786,612, and an unrealized gain, net of tax
effect, of $511,297. At December 31, 1994, the market value of these securities
was $674,730, resulting in a gross unrealized gain in the amount of $548,472,
and an unrealized gain, net of tax effect, of $356,507.
NOTE 3 - NON-PRODUCING MINERAL AND ROYALTY INTERESTS
Principal properties include mineral fee interests acquired by the
Company during 1951 and 1958. These interests totaled approximately 530,000 net
mineral acres underlying approximately 870,000 surface acres in the Texas
Panhandle and West Texas. It is recognized that the ultimate realization of the
investment in these properties is dependent upon future exploration and
development operations which are dependent upon satisfactory leasing and
drilling arrangements with others. Additionally, the Company owns working or
royalty interests in Texas, New Mexico, Oklahoma, Arkansas, Louisiana and
Colorado.
NOTE 4 - INTEREST AND OTHER INCOME
Items in interest and other income consist of:
Three Months Ended
June 30,
-----------------------
1995 1994
-------- --------
Interest - Certificates of Deposit and
U. S. Treasury Bills $ 54,639 $ 20,778
Distribution from Grantor Trust:
San Juan Basin Royalty Trust 11,477 19,344
Sale of oil and gas properties and equipment - (494)
Management fees - 4,000
-------- --------
$ 66,116 $ 43,628
======== ========
- 6 -
7
TOREADOR ROYALTY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the three and six months ended June 30, 1995
NOTE 5 - CAPITAL
On May 23, 1994, the Company privately placed 809,071 shares of common
stock for an aggregate consideration of $2,831,749. In its private placement
agreement with the purchasers, the Company granted them registration rights,
pursuant to which a registration statement on Form S-3 covering all the shares
was filed on June 22, 1994. The registration statement was declared effective
July 11, 1994 and the Company is obligated to maintain such effectiveness until
May 23, 1996. In connection with the private placement, the Company's placement
agent received a five-year warrant to purchase 106,867 shares of common stock
at a price of $4.375 per share. The placement agent has rights to participate
in registered offerings of common stock by the Company.
The net proceeds to the Company from the private placement (after
deducting the placement agent's fee of $141,112 and expenses of approximately
$75,000) were approximately $2,616,000.
NOTE 6 - STOCKHOLDER RIGHTS PLAN
The Company adopted a stockholder rights plan on April 3, 1995
designed to assure that the Company's stockholders receive fair and equal
treatment in the event of any proposed takeover of the Company and to guard
against partial tender offers and other abusive takeover tactics to gain
control of the Company without paying all stockholders a fair price. Under the
rights plan, the Company declared a dividend of one right ("Right") on each
share of Toreador common stock. Each Right will entitle the holder to purchase
one one-hundredth of a share of a new Series A Junior Participating Preferred
Stock, par value $1.00 per share, at an exercise price of $12.00. The Rights
are not currently exercisable and will become exercisable only in the event a
person or group acquires beneficial ownership of 20 percent or more of
Toreador's outstanding common stock or announces a tender offer or exchange
offer to acquire such ownership level. The Rights are subject to redemption by
the Company for $.01 per Right at any time prior to the tenth day after the
first public announcement of the acquisition by any person or group of
beneficial ownership of 20 percent or more of Toreador common stock. The
dividend distribution was made on April 13, 1995 to stockholders of record at
the close of business on that date. The rights will expire on April 13, 2005.
- 7 -
8
TOREADOR ROYALTY CORPORATION
For the three and six months ended June 30, 1995
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Liquidity and Capital Resource
Historically, most of the exploration activity on the Company's
acreage has been funded and conducted by other oil companies and this activity
is expected to continue. Exploration activity typically generates lease bonus
and option income to the Company. If drilling is successful, the Company
receives royalty income from the oil or gas production but bears none of the
capital or operating costs. In order to accelerate the evaluation of its
acreage as well as increase its ownership in any reserves discovered, the
Company intends to increase its level of participation in exploring its acreage
by acquiring working interests. The extent to which the Company may acquire
working interests will depend on the availability of outside capital and cash
flow from operations. Currently, the primary sources of capital for the
financing of the Company's operations are cash flow provided from revenues
generated by its proportionate share in oil and natural gas sales and existing
cash, including that from the private offering. To the extent cash flow from
operations does not significantly increase and external sources of capital are
limited or unavailable, the Company's ability to make the capital investment to
participate in 3-D seismic surveys and increase its interest in projects on its
acreage will be limited. Future funds are expected to be provided through
production from existing producing properties and new producing properties that
may be discovered through exploration of the Company's acreage by third parties
or by the Company itself. Funds may also be provided through external financing
in the form of debt or equity. There can be no assurance as to the extent and
availability of these sources of funding.
The Company has no debt and maintains its excess cash funds in
interest-bearing deposits and commercial paper. The Company is not aware of
any demands, commitments or events which will result in its liquidity
increasing or decreasing in a material way. From time to time, the Company may
receive lease bonuses that cannot be anticipated and, when funds are available,
the Company may elect to participate in exploratory ventures. The Company also
may acquire producing oil and gas assets which could require the use of debt.
Management believes that sufficient funds are available internally to
meet anticipated capital requirements for fiscal 1995.
- 8 -
9
TOREADOR ROYALTY CORPORATION
For the three and six months ended June 30, 1995
RESULTS OF OPERATIONS
THREE MONTHS ENDED JUNE 30, 1995 VS
THREE MONTHS ENDED JUNE 30, 1994
Revenues for the second quarter 1995, were $365,503, versus $431,006
for the same period in 1994. Oil and gas sales were $299,387 in 1995 versus
$387,378 in 1994. The average gas price for the period dropped 44.7% to $1.09
per MCF in 1995 from $1.97 per MCF for the same quarter of 1994. This resulted
in a number of gas wells being shut-in or curtailed. Consequently, gas volumes
declined 27.0% to 65,659 MCF in 1995 from 89,994 MCF in 1994. Oil volumes
remained flat at 12,856 BBL for the second quarter 1995 compared to 12,858 for
the same period in 1994. Oil prices were up 8.3%, representing an average oil
price of $17.70 per barrel in 1995 versus $16.34 per barrel in 1994. Interest
and other income was $66,116 in 1995 versus $43,628 in 1994. Interest income
increased by $33,861 to $54,639 in 1995 from $20,778 in 1994 due to increased
investment balances resulting from the successful private placement of stock in
the second quarter of 1994. Royalty trust distributions declined by $7,867 to
$11,477 in 1995 from $19,344 in 1994. The acreage joint venture for which the
Company received $4,000 in management fees in 1994 ended in the fourth quarter
of 1994.
Costs and expenses were $806,700 in 1995 versus $465,761 for the same
period in 1994. Lease operating expenses were $92,471 versus $85,245 in 1994.
Dry holes and abandonments were $105,977 in 1995 compared to $35,543 in 1994.
Geological and geophysical costs were $62,552 compared to $20,298 for the same
period in 1994. Both dry holes and abandonments and geological and geophysical
costs increased due to the Company's aggressive efforts to evaluate and develop
Company-owned mineral interests. Depreciation, depletion and amortization
declined $18,546 to $52,988 in 1995 from $71,534. This reduction results from
the Company's decline in oil and gas sales. General and administrative expenses
increased by $239,571 to $492,712 from $253,141 in 1994. The increase is a
direct result of the Company defending an attempt to take control of the
Company by a competing slate of directors submitted by a Boston-based group of
investors.
The Company recognized a loss of $441,197, or $(.08) per share, for the second
quarter of 1995 versus a $34,755 loss, or $(.01) per share, for the same period
of 1994.
- 9 -
10
TOREADOR ROYALTY CORPORATION
For the three and six months ended June 30, 1995
SIX MONTHS ENDED JUNE 30, 1995 VS
SIX MONTHS ENDED JUNE 30, 1994
Revenues for the six months ended June 30, 1995 decreased 25.1% to
$802,787 compared to $1,071,974 for 1994. Oil and gas sales declined 13.6% to
$643,064 in 1995 from $744,700 in 1994, resulting from the reduction of
equivalent barrel production in 1995 of 50,540 from 56,979 in 1994. This
decline in equivalent barrel production was further felt as the price per
equivalent barrel slipped to $12.72 in 1995 from $13.07 in 1994. Lease bonus
and rental income decreased by 81.5% to $41,896 in 1995 from $226,780 in 1994.
The decrease is due to the Company evaluating its own mineral interests for
future development. Interest and other income increased 17.2%, or $17,333, to
$117,827 from $100,494 in 1994. Increased investment balances resulting from
the successful private placement of stock in the second quarter of 1994
contributed to this increase.
Total costs and expenses for the first half of 1995 were $1,243,263
compared to $903,766 for the first half of 1994, representing a 34.2% increase.
Of this increase, 57.2% is attributable to general and administrative expenses
as a direct result of the Company defending an attempt to take control of the
Company by a competing slate of directors submitted by a Boston-based group of
investors, which increased these expenses to $683,908 in 1995 from $489,654 in
1994. The Company completed its participation in the evaluation of certain
drilling commitments resulting in dry holes and abandonments of $175,378 in
1995 versus $35,543 in 1994 representing 41.2% of the increase in total costs
and expenses. Geological and geophysical costs increased $39,909, to $112,080
from $72,171, or 11.8% of the increase in total costs and expenses. The
remaining component, contributing 1.3% of the increase in total costs and
expenses, is lease operating expense which increased $4,476 to $161,934 from
$157,458 in 1994. These increases were partly offset by the decline in
depreciation, depletion and amortization of $38,977 to $109,963 from $148,940
in 1994.
The Company recognized a loss of $440,476, or $(.08) per share, in
1995 as compared to net income of $168,208, or $.04 per share, for the same
period in 1994.
- 10 -
11
TOREADOR ROYALTY CORPORATION
June 30, 1995
PART II. OTHER INFORMATION
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
(a) The annual meeting of stockholders of the Company was held at 10:00
a.m., local time, on Thursday, May 18, 1995.
(b) The following directors were elected at the annual meeting of
stockholders: Donald E. August, John V. Ballard, J. W. Bullion, Thomas
P. Kellogg, Jr., John Mark McLaughlin, Peter R. Vig and Jack L. Woods.
Except for the foregoing directors, no other director's term continued
after the date of the meeting.
(c) Out of a total of 5,343,371 shares of common stock of the Company
outstanding and entitled to vote, 4,030,720 shares were present in
person or by proxy, representing approximately 75 percent. The only
matters voted on by the stockholders, as fully described in the
definitive proxy materials for the annual meeting, were the election
of directors of the Company, and the adoption of the Company's 1994
Non-Employee Director Stock Option Plan. On May 5, 1995, the Company
received notice that certain of the Company's stockholders (the
"Committee") intended to solicit proxies from the Company's
stockholders in opposition to the proxies previously solicited from
the Company's Board of Directors. Specifically, the Committee
proposed (i) the election of a new slate of nominees for director of
the Company and (ii) the rejection of the Board's proposal to adopt
the Company's 1994 Non-Employee Director Stock Option Plan. The
results of the voting were as follows:
1. Election of Directors
NUMBER OF SHARES
----------------
WITHHOLDING
-----------
NUMBER OF SHARES VOTING AUTHORITY TO VOTE FOR
----------------------- ---------------------
MANAGEMENT NOMINEES FOR ELECTION AS DIRECTOR ELECTION AS DIRECTOR
------------------- ------------------------ --------------------
Donald E. August 2,839,411 49,228
John V. Ballard 2,839,411 49,228
J. W. Bullion 2,839,411 49,228
Thomas P. Kellogg, Jr. 2,839,411 49,228
John Mark McLaughlin 2,839,411 49,228
Peter R. Vig 2,839,411 49,228
Jack L. Woods 2,839,411 49,228
- 11 -
12
TOREADOR ROYALTY CORPORATION
June 30, 1995
PART II. OTHER INFORMATION (Continued)
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS (Continued)
1. Election of Directors (Continued)
NUMBER OF SHARES
----------------
WITHHOLDING
-----------
NUMBER OF SHARES VOTING AUTHORITY TO VOTE FOR
----------------------- ---------------------
COMMITTEE NOMINEES FOR ELECTION AS DIRECTOR ELECTION AS DIRECTOR
------------------ ------------------------ --------------------
Peter L. Falb 1,082,881 58,800
Edward Nathan Dane 1,082,801 58,860
Theodore Johnson 1,079,881 61,800
Paul R. Farago 1,079,881 61,800
Edward J. Stuart III 1,079,881 61,800
2. Adoption of 1994 Non-Employee Director Stock Option Plan
FOR AGAINST ABSTAIN
--- ------- -------
2,498,142 1,265,924 266,254
There were no broker non-votes for the matters voted on by the
stockholders at the annual meeting.
(d) Inapplicable.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(a) Exhibits
The information required by this Item 6(a) is set forth in the
Index to Exhibits accompanying this quarterly report and is
incorporated herein by reference.
(b) Reports on Form 8-K
Form 8-K dated April 3, 1995 (Date of Event: April 3, 1995),
which reported the Company's adoption of a stockholder rights
plan.
- 12 -
13
TOREADOR ROYALTY CORPORATION
June 30, 1995
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
TOREADOR ROYALTY CORPORATION,
Registrant
/s/ PETER R. VIG
----------------
Peter R. Vig, Chairman;
the Principal Executive, Financial
and Accounting Officer
August 11, 1995
- 13 -
14
TOREADOR ROYALTY CORPORATION
June 30, 1995
INDEX TO EXHIBITS
EXHIBIT
-------
NUMBER EXHIBIT
------ -------
3 Certificate of Designations of Series A Junior Participating Preferred
Stock Stock of the Registrant, dated as of April 3, 1995.
4 Rights Agreement dated as of April 3, 1995, between Toreador Royalty
Corporation and Continental Stock Transfer & Trust Company
Company (filed as Exhibit 1 to the Registrant's Form 8-K dated April
3, 1995, and incorporated herein by reference).
10 Form of Indemnification Agreement dated as of April 25, 1995 between
between the Registrant and each of the Registrant's directors.
27 Financial Data Schedule.
99 Press Release, dated May 23, 1995.
- 14 -