Toreador Resources Corporation (NASDAQ: TRGL / NYSE Euronext
Paris: TOR) today announced third quarter 2011 financial
results.
- Year to date Revenue for the nine
months ended September 30, 2011 of $28M (resulting from $25.1M in
oil sales and $2.9M of Other Operating Income) compared to revenue
of $33M for the same period last year.
- Third Quarter 2011 Revenue of $8.4M
(resulting from $8.3M in oil sales and $0.1M of Other Operating
Income) compared to revenue of $6.6M in the third quarter
2010.
- Production for the nine months ended
September 30, 2011 of 234 MBOE.
- As of September 30, 2011, cash and cash
equivalents (including restricted cash) balance of $7.6M.
Mr. Craig McKenzie, President and CEO of Toreador, said “This
was a significant quarter for Toreador, one which will take the
company to the next level and lay strong foundations for future
growth. For our French operations, we maintained production,
contained associated operating costs and benefited from a higher
average realized oil price. We also received clarity on the
regulatory framework in France that, in effect, allows drilling
programs in the Paris Basin to recommence without the use of
hydraulic fracturing."
McKenzie continued, “The key event of the quarter was our
announced merger with ZaZa Energy. Combining with ZaZa gives our
stockholders significant and immediate exposure to a fast-growing
set of assets in the Texas Eagle Ford. We believe all our
stakeholders recognize the compelling opportunity that this
combination creates. Upon completion of the transaction, we expect
to build a transatlantic, resource-focused exploration and
production company with a unique presence in two world class
resource basins.”
Toreador Q3 2011 Financial Results, Nov 9, 2011
THIRD QUARTER 2011 FINANCIAL RESULTS
(Unaudited)
Three Months Ended September
30, Change Change ($ millions, except where
noted)
2011 2010 (units)
(%) Revenue and other income $ 8.4 $ 6.6 $ 1.9 28 % Sale and
other operating revenue $ 8.3 $ 6.0 $ 2.5 39 % Other income $ 0.1 $
0.6 $ (0.5 ) -89 % Operating (loss) income $ (1.4 ) $ 0.6 $ (2.1 )
-288 % Loss from discontinued operations $ (0.1 ) $ (0.3 ) $ 0.2
-58 % (Loss) available to common shares $ (2.8 ) $ (2.9 ) $ 0.1 -3
%
Basic income (loss) per share ($/share) -
Cont.Ops
$ (0.10 ) $ (0.11 ) $ 0.01 -9 %
Diluted income (loss) per share ($/share)
-Cont. Ops
$ (0.10 ) $ (0.11 ) $ 0.01 -9 % Capital expenditures $ 0.05 $ 0.03
$ 0.02 67 % Production (MBbl) 78.08 80.69 (2.62 ) -3 % Average
realized price ($/Bbl) $ 107.1 $ 77.7 $ 29.4 38 %
Revenue
Sales and other operating revenue
Sales and other operating revenue for the three months ended
September 30, 2011 was $8.4 million, as compared to sales and other
operating revenue of $6.0 million for the three months ended
September 30, 2010. This increase is primarily due to the rise in
global oil prices over the period, which led to an increase in the
prices at which we sell our oil from an average of $77.67 per
barrel in the three months ended September 30, 2010 to an average
of $107.11 per barrel in the three months ended September 30, 2011.
This increase was offset by a slightly lower production, decreasing
from 81 MBbls in the three months ended September 30, 2010 to 78
MBbls in the three months ended September 30, 2011.
Other income
Other income includes all exploration, salary and general and
administrative costs associated with TEF’s activities as operator
of the exploration permits in the Paris Basin, which TEF is
entitled to invoice to Hess under the Investment Agreement. For the
three months ended September 30, 2011, $0.1 million was invoiced to
Hess and recorded as “Other income” compared to $0.6 million in the
same period last year, this decrease being due to reduced activity
of the Company as operator of the exploration permits.
Operating costs and expenses
Lease operating expense
Lease operating expense was $2.4 million, or $30.97 per BOE
produced, for the three months ended September 30, 2011, as
compared to $3.0 million, or $36.76 per BOE produced, for the three
months ended September 30, 2010. This decrease is due to a
reduction of certain production costs associated with our
conventional production compared to the same period last year, in
particular Paris headquarter costs as well as higher repair and
maintenance costs incurred last year. Lease operating expense for
the three months ended September 30, 2011 also includes inventory
turnover variation in an amount of $27,000.
Exploration expense
Exploration expense for the three months ended September 30,
2011 was $96,000, as compared to $201,000 for the three months
ended September 30, 2010. This decrease is due primarily to the
higher expenses the Company incurred in the same period last year
associated with geological and technical studies in connection with
our proof of concept project.
Depreciation, depletion and amortization
Depreciation, depletion and amortization for the three months
ended September 30, 2011 was $1.6 million or $20.52 per BOE
produced, as compared to $1.1 million or $14.00 per BOE produced
for the three months ended September 30, 2010. This increase is
primarily due to the reduction at the end of 2010 of the estimated
life of wells used for the depreciation, depletion and amortization
to comply with the legal maturity of our production
concessions.
Accretion on discounted assets and liabilities
The accretion expense is composed of our asset retirement
obligation expense. Accretion expense was $139,000 for the three
months ended September 30, 2011 as compared to $246,000 (positive
impact) for the three months ended September 30, 2010. This
reduction in expense is due to an update of our asset retirement
obligations at the end of 2010 and higher retirement cost estimates
as well as a change of presentation of the accretion on our
convertible notes which was included in this account during the
same period last year and has now been reclassified to Interest
Expense.
General and administrative before stock compensation expense
General and administrative expense, excluding stock compensation
expense, for the three months ended September 30, 2011 totaled $5.4
million, as compared to $1.3 million for the comparable period in
2010. This increase is due to fees to advisors and counsels
incurred in connection with the contemplated merger with Zaza
Energy LLC., including $380,000 for communication advisors, $2.2
million for lawyers, $240,000 for auditors and $850,000 for
financial advisor, or an aggregate amount of $3.7 million.
Stock compensation expense
Stock compensation expense was $0.6 million for the three months
ended September 30, 2011 compared with $0.4 million for the three
months ended September 30, 2010. During the three months ended
September 30, 2011, no shares were issued compared to 67,187 shares
in the comparable period last year.
Impairment of oil properties
There were no impairment charges for the three months ended
September 30, 2011 and September 30, 2010.
Loss/Gain on oil derivative contracts
We recorded a gain on oil derivative contracts for the three
months ended September 30, 2011 of $515,000 as compared to a loss
of $105,000 in the three months ended September 30, 2010. This
amount consists of an unrealized gain on the commodity derivative
contracts with Vitol S.A as well as the margin calls related to
this contract due to the Dated Brent price being higher than the
selling price of $91.00 per barrel under the derivative contract.
The unrealized gain on the oil derivative contract for the three
months ended September 30, 2011 amounted to a gain of $1.5 million
compared to a loss of 105,000 for the same period last year. The
margin calls for the three months ended September 30, 2011 amounted
to an expense of $1 million.
Foreign currency exchange gain (loss)
We recorded a loss on foreign currency exchange of $0.2 million
for the three months ended September 30, 2011 compared with a loss
of $1.2 million for the three months ended September 30, 2010. The
reduction of the foreign exchange loss mainly is a result of
Toreador Energy France booking a loss on foreign currency exchange
in its statutory accounts in Euro at the end of the second quarter
2010 due to the receipt of the upfront payment from Hess under the
Hess Investment Agreement.
Interest expense
Interest expense, was $0.4 million for the three months ended
September 30, 2011 as compared to $2.7 million for the three months
ended September 30, 2010.
The interest expense relates to interest payments relating to
the New Convertible Senior Notes issued in February 2010.
Interest expense was $554,000 for the three months ended September
30, 2011 and related to the New Convertible Senior Notes as
compared to $1.0 million for the three months ended September 30,
2010 related to both the New Convertible Senior Notes and the 5.00%
Convertible Senior Notes. Also included in interest expense are
expenses related to the amortization of issue premium and debt
issuance costs associated to the New Convertible Senior Notes of
$139,000 recorded for the three months ended September 30, 2011
compared to $1.3 million for the three months ended September 30,
2010. This was offset by a positive accretion impact of $255,000
related to the fair value of the New Convertible Senior Notes.
The decrease in interest expense for the third quarter of 2011
compared to the same period of 2010 is explained by the recording
for the three months ended September 30, 2010 of (i) amortization
expense of $1.3 million due to the change in estimate of the lives
of the issue premium and debt issuance costs associated to 5.00%
Convertible Senior Notes and to the New Convertible Senior Notes
and (ii) $404,000 interest expense relating to 5.00% Convertible
Senior Notes.
Income tax (benefit) provision
An income tax provision of $ 711,000 was recorded in the three
months ended September 30, 2011, compared to a tax benefit of $
(666,000) recognized for the three months ended September 30, 2010,
this increase being due to the fact that an excess of provision for
income tax payable in France was recorded in the second quarter of
2010.
Discontinued operations
We recorded in discontinued operations for the nine months ended
September 30, 2011 and 2010 a loss of $3,203,000 and a loss of
$1,113,000 respectively. This increase is mainly due to the
settlement payment for an amount of $3.8 million on June 22, 2011,
related to a settlement agreement with Mr. Hunnisett and Mr. Barker
in which they agreed to release both Toreador and Tiway Turkey
Limited from all current and future claims related to the
Overriding Royalty, including the Netherby Payment Amount. The $3.8
million settlement amount was partially offset by a provision
release booked in prior periods for this matter in an amount of
$900,000. Sales and other operating revenue from discontinued
operations for the nine months ended September 30, 2011 amounted to
$38,000.
FINANCIAL RESULTS FOR THE NINE MONTHS ENDED SEPTEMBER
30TH 2011
(Unaudited)
Nine Months Ended September 30,
Change Change ($ millions, except where noted)
2011 2010 (units)
(%) Revenue and other income $ 28.0 $ 33.0 $ (5.0 ) -15 %
Sale and other operating revenue $ 25.1 $ 17.5 $ 7.6 43 % Other
income $ 2.9 $ 15.6 $ (12.6 ) -81 % Operating (loss ) income $ (3.2
) $ 12.8 $ (16.1 ) -125 % Loss from discontinued operations $ (3.2
) $ (1.1 ) $ (2.1 ) 188 % Loss available to common shares $ (11.3 )
$ (3.9 ) $ (7.4 ) 190 % Basic loss per share ($/share) - Cont. Ops
$ (0.31 ) $ (0.12 ) $ (0.20 ) 172 % Diluted loss per share
($/share) - Cont. Ops $ (0.31 ) $ (0.12 ) $ (0.20 ) 170 % Capital
expenditures $ 0.19 $ 0.16 $ 0.02 17 % Production (MBbl) 234.37
241.40 (7.03 ) -2.9 % Average realized price ($/Bbl) $ 106.86 $
74.81 $ 32.05 42.84 %
Revenue
Sales and other operating revenue
Sales and other operating revenue for the nine months ended
September 30, 2011 were $25.1 million, as compared to $17.5 million
for the nine months ended September 30, 2010. This increase is
primarily due to the rise in global oil prices, which led to an
increase in the prices at which we sell our oil from an average of
$74.81 per barrel in the nine months ended September 30, 2010 to an
average of $106.86 per barrel in the nine months ended September
30, 2011.
Other income
Other income includes all exploration, salary and general and
administrative costs associated with TEF’s activities as operator
of the exploration permits in the Paris Basin, which TEF is
entitled to invoice to Hess under the Investment Agreement. For the
nine months ended September 30, 2011, $2.919 million was invoiced
to Hess and recorded as “Other income” compared to $16 million
recorded during the nine months ended September 30, 2010 consisting
of the upfront payment of $15 million received from Hess following
the execution of the Investment Agreement.
Costs and expenses
Lease operating expense
Lease operating expense was $8.5 million, or $36.29 per BOE
produced, for the nine months ended September 30, 2011, as compared
to $7.3 million, or $30.42 per BOE produced, for the nine months
ended September 30, 2010.
This increase is mainly due to the reclassification (from June
2010 onwards) of certain costs associated with particular
properties and mainly incurred in connection with our existing oil
production and conventional reservoirs development as lease
operating expenses following the strategic partnership with Hess.
In addition, lease operating expense for the nine months ended
September 30, 2011 also includes inventory turnover variation for
in amount of $123,000.
Exploration expense
Exploration expense for the nine months ended September 30, 2011
was $0.9 million, as compared to $1.3 million for the nine months
ended September 30, 2010. This decrease is due primarily to lower
expenses associated with geological and technical studies the
Company conducted and commissioned in connection with the proof of
concept project in the Paris Basin for the nine months ended
September 30, 2011 as compared to same period last year.
Depreciation, depletion and amortization
Depreciation, depletion and amortization for the nine months
ended September 30, 2011 was $4.8 million compared to $2.8 million
for the nine months ended September 30, 2010. This increase is
primarily due to the reduction at the end of 2010 of the estimated
life of wells used for the depreciation, depletion and amortization
to comply with the legal maturity of our production
concessions.
Accretion expense
Accretion expense for the nine months ended September 30, 2011
was 175,000 as compared to $-159,000 for the nine months ended
September 30, 2010. The accretion expense is related to our as
asset retirement obligation.
Impairment of oil and gas properties
There were no impairment charges for the nine months ended
September 30, 2011 and 2010.
General and administrative before stock compensation expense
General and administrative expense, excluding stock compensation
expense, was $ 11.9 million for the nine months ended September 30,
2011 compared to $ 7.0 million for the nine months ended September
30, 2010. General and administrative expense include (i)
professional and legal fees in relation to the safeguarding of our
exploration permits during the public debate in France regarding
the ban on hydraulic fracking in the amount of $562,000 and (ii)
cost and fees associated with the contemplated merger with Zaza
Energy LLC. of $3.7 million.
Stock compensation expense
Stock compensation expense was $2.9 million for the nine months
ended September 30, 2011 compared to $2.6 million for the nine
months ended September 30, 2010.
Loss on oil and gas derivative contracts
We recorded a loss on oil and gas derivative contracts for the
nine months ended September 30, 2011 of $2.0 million as compared to
a gain of $709,000 for the nine months ended September 30, 2010.
This amount consists of an unrealized gain on the commodity
derivative contracts with Vitol S.A as well as the margin calls
related to this contract with Vitol trading due to the Dated Brent
price being higher than the selling price of $91.00 per barrel
under the derivative contract. The unrealized gain/loss on the oil
derivative contract for the nine months ended September 30, 2011
and 2010 amounted to a gain of $812,000 and a gain of $709,000
respectively. The margin calls for the nine months ended September
30, 2011 amounted to an expense of $2.9 million.
Foreign currency exchange gain (loss)
We recorded a loss on foreign currency exchange of $1.1 million
for the nine months ended September 30, 2011 compared with a loss
of $1.3 million for the nine months ended September 30, 2010.
Interest expense, net of capitalized interest
Interest expense, net of capitalized interest was $1.6 million
for the nine months ended September 30, 2011, as compared to $4.4
million for the nine months ended September 30, 2010. The increase
is mainly due to additional interest payments relating to the New
Convertible Senior Notes issued in February 2010. Interest
expense for the New Convertible Senior Notes was $1.7 million for
the nine months ended September 30, 2011 as compared to $3.0
million for the nine months ended September 30, 2010. Interest
expense for the months ended September 30, 2010 included interest
expense for both the New Convertible Senior Notes and the 5%
Convertible Senior notes. Also included in interest expense are
expenses related to the amortization of issue premium and debt
issuance costs associated to the New Convertible Senior Notes of
$410,000 recorded for the nine months ended September 30, 2011
compared to $1.4 million for the nine months ended September 30,
2010. These expenses were offset by a $508,000 positive accretion
impact related to the fair value of the New Convertible Senior
Notes.
Income tax (benefit) provision
An income tax provision of $2.2 million was recorded in the nine
months ended September 30, 2011, compared to a tax provision of
$5.7 million recognized for the nine months ended September 30,
2010. This decrease is due to higher tax provision in 2010 as a
result of the $15 million upfront payment received by TEF from Hess
under the Investment .
Discontinued operations
We recorded in discontinued operations for the nine months ended
September 30, 2011 and 2010 a loss of $3,203,000 and a loss of
$1,113,000 respectively. This increase is mainly due to the
settlement payment for an amount of $3.8 million on June 22, 2011,
related to a settlement agreement with Mr. Hunnisett and Mr. Barker
in which they agreed to release both Toreador and Tiway Turkey
Limited from all current and future claims related to the
Overriding Royalty, including the Netherby Payment Amount. The $3.8
million settlement amount was partially offset by a provision
release booked in prior periods for this matter in an amount of
$900,000. Sales and other operating revenue from discontinued
operations for the nine months ended September 30, 2011 amounted to
$38,000.
Production, Production Prices and Costs
The following table summarizes our oil production, net of
royalties, for the periods indicated for France. It also summarizes
calculations of our total average unit sales prices and unit
costs
For the three months
endedSeptember 30,
2011 2010
Production Oil (Bbls) 78,170 80,693 Daily average (Bbls/Day)
869 897
Unit prices Average oil price ($/Bbl) $ 107.11 $
77.67
Unit costs ($/BOE) Lease operating $ 30.97 $ 36.76
Exploration and acquisition* 1.23 2.49 Depreciation, depletion and
amortization 20.52 14.00 Dry hole costs - - General and
administrative 77.65 21.97 Total $ 130.36 $ 75.21
For the Nine Months
EndedSeptember 30,
2011 2010
Production Oil (Bbls) 234,369 241,390 Daily average
(Bbls/Day) 868 884
Unit prices Average oil price ($/Bbl) $
106.86 $ 74.81
Unit costs ($/BOE) Lease operating $ 36.29 $
30.42 Exploration and acquisition* 3.71 5.28 Depreciation,
depletion and amortization 20.27 11.63 Dry hole costs - - General
and administrative 63.41 39.83 Total $ 123.68 $ 87.17
* Exploration and acquisition expense are net of personal,
general and administrative cost of Toreador Energy France as
operator and invoiced to Hess under the Hess Investment
Agreement.
OTHER UPDATES
CONFERENCE CALL
The Company has scheduled a conference call on Wednesday,
November 9, 2011 at 11:00 a.m. Eastern, to discuss financial
results and current operations. Mr. Craig M. McKenzie, President
and Chief Executive Officer of the Company, will lead the
conference call.
Approximately 10 minutes before the conference call,
participants who wish to ask questions during the call should dial
1-800-798-2864 from within the U.S. or 001-617-614-6206 from
outside the U.S. and provide the conference ID# 36595338 to access
the call.
Those who wish only to listen to the live audio webcast may
access the webcast via Toreador’s internet home page at
www.toreador.net by selecting the “Investor Relations” link on the
home page and then selecting the “Conference Call” link, or click
on this link to access the call
http://phx.corporate-ir.net/phoenix.zhtml?c=68298&p=irol-irhome
Those unable to participate in the live call may hear the
rebroadcast for up to twelve months after the conference call at
www.toreador.net by selecting the “Investor Relations” link on the
home page and then selecting the “Conference Call” link. Phone
replays of the call also will be available for seven days after the
call by dialing 1-888-286-8010 within the U.S. or 001-617- 801-6888
from outside the U.S., Passcode 65194123.
ABOUT TOREADOR
Toreador Resources Corporation is an independent international
energy company engaged in the acquisition, development, exploration
and production of crude oil. The company holds interests in
developed and undeveloped oil properties in France. More
information about Toreador may be found at the company's web site,
http://www.toreador.net.
Safe Harbor Statement
Except for the historical information contained herein, the
matters set forth in this news release are “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Toreador intends that all such statements be
subject to the “safe-harbor” provisions of those Acts. Many
important risks, factors and conditions may cause Toreador’s actual
results to differ materially from those discussed in any such
forward-looking statement. These risks include, but are not limited
to, estimates of reserves, estimates of production, future
commodity prices, exchange rates, interest rates, geological and
political risks, drilling risks, product demand, transportation
restrictions, actual recoveries of insurance proceeds, the ability
of Toreador to obtain additional capital, and other risks and
uncertainties described in the company’s filings with the
Securities and Exchange Commission. The historical results achieved
by Toreador are not necessarily indicative of its future prospects.
The company undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise.
This communication shall not constitute an offer to sell or the
solicitation of an offer to sell or the solicitation of an offer to
buy any securities, nor shall there be any sale of securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offer of securities
shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act of 1933, as
amended.
Cautionary Note to Investors – The Securities and
Exchange Commission (“SEC”) permits oil and gas companies, in their
filings with the SEC, to disclose only proved reserves that a
company has demonstrated by actual production or conclusive
formation tests to be economically and legally producible under
existing economic and operating conditions. We use certain terms in
this release, such a probable reserves and possible reserves, that
the SEC’s guidelines strictly prohibit us from including in filings
with the SEC. Investors are urged to also consider closely the
disclosure in our most recent Form 10-K, available from use by
calling (214) 559-3933. You can also obtain this form from the SEC
at www.sec.gov.
TOREADOR RESOURCES CORPORATION
APPENDIX 1: CONSOLIDATED BALANCE SHEETS
September 30, December 31, 2011
2010 (Unaudited) (In thousands except share and
per share data) ASSETS Current assets: Cash and cash
equivalents $ 6,856 $ 21,616 Restricted cash 750 - Accounts
receivable 3,152 3,988 Other 4,057 3,398 Total
current assets 14,815 29,002 Oil properties Oil properties,
gross 111,264 108,979 Accumulated depletion, depreciation and
amortization (48,227 ) (43,201 ) Oil properties, net 63,037 65,778
Investments 200 200 Goodwill 3,724 3,685 Other assets 1,374
1,634 Total assets $ 83,150 $ 100,299
LIABILITIES AND STOCKHOLDERS' EQUITY Current
liabilities: Accounts payable and accrued liabilities $ 9,579 $
11,890 Deferred lease payable — current portion 118 113 Derivatives
518 1,330 Income taxes payable 813 6,341 Total
current liabilities 11,028 19,674 Long-term accrued
liabilities 223 348 Deferred lease payable, net of current portion
241 329 Asset retirement obligations 7,355 6,866 Deferred income
tax 14,004 14,618 Long-term debt 33,702 34,394 Total
liabilities 66,553 76,229 Stockholders' equity:
Common stock, $0.15625 par value,
50,000,000 shares authorized;26,046,644 and 25,849,705 shares
issued at September 30, 2011 andDecember 31, 2010, respectively
4,070 4,039 Additional paid-in capital 203,120 200,230 Accumulated
deficit (197,395 ) (186,068 ) Accumulated other comprehensive
income 9,336 8,403 Treasury stock at cost, 721,027 shares for 2010
and 2011 (2,534 ) (2,534 ) Total stockholders' equity 16,597 24,070
Total liabilities and stockholders' equity $ 83,150 $
100,299 The accompanying notes are an integral part
of these financial statements.
TOREADOR RESOURCES
CORPORATIONAPPENDIX 2: CONSOLIDATED STATEMENT OF OPERATIONS
AND COMPREHENSIVE INCOMECONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
Three Months Ended September 30, 2011
2010 (Unaudited) (In thousands, except per
share data) Revenues and other income: Sales and other
operating revenue $ 8,363 $ 6,003 Other income 60 560
Total revenues and other income 8,423 6,563 Operating costs and
expenses: Lease operating expense 2,418 2,966 Exploration expense
96 201 Depreciation, depletion and amortization 1,602 1,129
Accretion on discounted assets and liabilities (Notes 7 and 8) 139
(246 ) General and administrative 6,063 1,773 Gain on oil
derivative contracts (Note 14) (515 ) 105 Total operating
costs and expenses 9,803 5,928 Operating income (loss) (1,380 ) 635
Other expense Foreign currency exchange loss (171 ) (1,178 )
Interest expense, net of interest capitalized (Note 7) (435 )
(2,727 ) Total other expense (606 ) (3,905 ) Income before taxes
from continuing operations (1,986 ) (3,270 ) Income tax provision
(benefit) (Note 10) 711 (666 ) Loss from continuing
operations, net of income taxes (2,697 ) (2,604 ) Loss from
discontinued operations, net of income taxes (Note 13) (121 ) (290
) Net loss available to common shares $ (2,818 ) $ (2,894 )
Basic loss available to common shares per share: From continuing
operations, net of income taxes $ (0.10 ) $ (0.11 ) From
discontinued operations, net of income taxes - (0.01 ) Total
basic loss available to common shares per share: $ (0.10 ) $ (0.12
) Diluted loss available to common shares per share: From
continuing operations, net of income taxes $ (0.10 ) $ (0.11 ) From
discontinued operations, net of income taxes - (0.01 ) Total
diluted loss available to common shares per share: $ (0.10 ) $
(0.12 ) Weighted average shares outstanding: Basic 26,047
24,660 Diluted 26,047 24,660 The
accompanying notes are an integral part of these financial
statements.
TOREADOR RESOURCES
CORPORATIONAPPENDIX 3: CONSOLIDATED STATEMENT OF OPERATIONS
AND COMPREHENSIVE INCOME YTD
Nine Months Ended September 30,
2011 2010 (Unaudited) (In thousands,
except per share data) Revenues and other income: Sales and
other operating revenue $ 25,051 $ 17,460 Other income 2,919
15,560 Total revenues and other income 27,970 33,020
Operating costs and expenses: Lease operating expense 8,505 7,344
Exploration expense 870 1,276 Depreciation, depletion and
amortization 4,751 2,807 Accretion on discounted assets and
liabilities 175 (159 ) General and administrative 14,862 9,615 Loss
(gain) on oil derivative contracts 2,049 (709 ) Total
operating costs and expenses 31,212 20,174 Operating income ( loss)
(3,242 ) 12,846 Other expense: Foreign currency exchange loss
(1,136 ) (1,254 ) Loss on the early extinguishment of debt - (4,256
) Interest expense, net of interest capitalized (1,565 ) (4,448 )
Total other expense (2,701 ) (9,958 ) Income (Loss) before taxes
from continuing operations (5,943 ) 2,888 Income tax provision
2,181 5,683 Loss from continuing operations, net of
income taxes (8,124 ) (2,795 ) Loss from discontinued operations,
net of income taxes (3,203 ) (1,113 ) Net loss available to common
shares $ (11,327 ) $ (3,908 ) Basic loss available to common
shares per share: From continuing operations, net of income taxes $
(0.31 ) $ (0.12 ) From discontinued operations, net of income taxes
(0.12 ) (0.05 ) Total basic loss available to common shares per
share: $ (0.43 ) $ (0.17 ) Diluted loss available to common
shares per share: From continuing operations, net of income taxes $
(0.31 ) $ (0.12 ) From continuing operations, net of income taxes
(0.12 ) (0.05 ) Total diluted loss available to common shares per
share: $ (0.43 ) $ (0.17 ) Weighted average shares
outstanding: Basic 25,989 24,393 Diluted 25,989
24,393 The accompanying notes are an integral
part of these financial statements.
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