Toreador Resources Corp. has hired RBC Capital Markets and formed a special board committee to review the company’s strategic alternatives. The strategic committee, led by vice chairman Julien Balkany, includes five of the company’s independent directors. RBC Capital Markets will act as the company’s financial advisor.
RBC Capital Markets will assist the strategic committee to consider and evaluate a range of options during the months ahead, including, but not limited to, equity/debt offerings, a credit facility, substantial equity investments, and/or various corporate transactions. Toreador will also include as part of the effort a review of possible partnerships in the Paris Basin Oil Shale.
Craig McKenzie, president and CEO of Toreador, said, "Toreador has delivered positive and transformational change over the last nine months, reducing debt, lowering cost, and most recently exiting Turkey and Hungary to focus on the conventional exploration of our French acreage. We have also been extremely active in planning our ‘proof of concept’ phase for the unconventional exploitation of the Paris Basin Oil Shale.”
