McLaughlin hasresigned as a nonexecutive Chairman and a director

Lovett has resigned as Chief ExecutiveOfficer, President and a director of the Company, and John M. McLaughlin hasresigned as a non-executive Chairman and a director. The Company has alsoappointed Craig McKenzie interim CEO effective immediately, while a search for apermanent CEO is completed. Under the terms of the Agreement, Toreador has appointed Julien Balkany, CraigMcKenzie and Dr Peter Hill to its Board of Directors.

Accordingly, NanesBalkany has withdrawn its nomination to elect a slate of three nominees to theBoard at the 2009 annual meeting. The Company has also agreed to redeem theStockholder Rights Plan announced November 20, 2008 after obtaining therequisite approvals from its lender. Herb Williamson, Vice Chairman of the Toreador Board, said, "We are pleased tohave reached this meaningful agreement and believe this outcome is in the bestinterests of the Company and all of our stockholders. Toreador has a greatportfolio of oil and gas assets and we are confident that with the addition ofBalkany, McKenzie and Hill, the Board will be able to continue its commitment tocorporate governance best practices and will have the proactive support of ourstockholders in order that Toreador can achieve its true potential and ambitiousgoals. Toreadors renewed strategic direction as well as the appointment ofCraig McKenzie as interim CEO and Dr. Peter Hill as non-executive Chairman, twoindustry experts with outstanding experience in the oil and gas industry, is anextremely positive step for the Company.

Together, we will work diligently andproactively to position Toreador for success and unlock value for allstockholders." Biographies of the newly appointed Directors: Craig Morgan McKenzie has over 23 years of experience in the oil and gasindustry Mr. McKenzie served as Chief Executive Officer and Director ofCanadian Superior Energy Inc., a Canadian oil and gas exploration and productioncompany with upstream operations in Canada, Trinidad & Tobago and Tunisia/Libya,from October 2007 until December 2008 Prior to joining Canadian Superior EnergyInc., Mr. McKenzie was at BPplc, following its merger with Amoco Corporation, from 1986 to May 2004 where heheld various senior positions including, but not limited to, Head of North SeaProjects and Exploration Unit, Executive Assistant of Group Chief Executive andLead Negotiator of the M&A Group Mr. McKenzie holds a BS in PetroleumEngineering from Louisiana State University and an MBA from Kellogg School ofManagement at Northwestern University Peter J. Hill has over thirty five years of experience in the oil and gasindustry Dr. Hill has been serving as Non Executive Chairman of Austral PacificEnergy since 2006 Concomitantly Dr. Hill has been a Senior Advisor to Palo AltoInvestors, a California-based private investment company since 2008 Dr.

Hillserved as President and Chief Executive of Harvest Natural Resources (ticker:HNR), a US oil and gas exploration and production companies with operations inVenezuela, the Gulf of Mexico, Gabon and Indonesia, from 2000 to 2005 Prior tojoining Harvest Natural resources, Dr. Hill was Chief Operating Officer andExecutive Director of Hardy Oil & Gas in London, from 1998 until 2000 From 1995until 1997, Dr. Hill served as Managing Director of Deminex and was responsiblefor its worldwide exploration and production activities Prior to 1995, Dr. Degree inGeology from Southampton University, and a shared Doctorate of Philosophy inSedimentology from Southampton University and Trinity College. Julien Balkany has been serving as a managing member and Chief InvestmentOfficer of Nanes Balkany Partners LLC since January 2008. Concomitantly, Mr.Balkany has been a Managing Director at Nanes Delorme Capital Management LLC, aNew York-based financial advisory and broker-dealer firm, managing its oil andgas investment banking business since 2005 Mr. Balkanys most notable M&A assignments have included advisingMaurel & Prom, PetroFalcon Corp., Lundin Petroleum, Heritage Oil Corp, AfrenPlc, Perenco, Tullow, Vitol, Candax Energy, Carthago Oil, Range Energy andSurestream Petroleum.