Toreador and Hess Announce Paris Basin Shale Oil Partnership

Toreador and Hess jointly announced today that they have signed a definitive agreement, under which Hess may become co-holder of Toreador’s exploration permits in the Paris Basin, France, which represent approximately 1 million gross acres (of which 680,000 acres awarded and 360,000 acres pending).

The partnership combines Toreador’s position covering the Paris Basin shale oil resource with Hess’ position as a leading shale oil producer in the United States along with its international operating and financial strengths.

Craig McKenzie, President and CEO of Toreador, said "We are excited to have chosen Hess as our partner in the Paris Basin. The agreement is a significant step in the execution of Toreador’s growth strategy and a strong source of value for our shareholders."

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