Toreador Stockholders Approve Combination with ZaZa Energy
February 15 2012 - 12:59PM
Business Wire
Toreador Resources Corporation (NASDAQ: TRGL) (“Toreador”) today
announced that Toreador stockholders approved the stockholder
proposals regarding the previously announced combination with ZaZa
Energy, LLC (“ZaZa”), a privately held oil and gas company based in
Houston, Texas, at Toreador’s special meeting of shareholders.
Approximately 64 percent of the outstanding shares of common
stock of Toreador as of the record date were voted at the special
meeting. Of the shares that were voted, approximately 96 percent
were voted in favor of the merger. Toreador and ZaZa are working to
complete a financing transaction and expect to close this
transaction and the combination shortly.
Mr. Adam Kroloff, Toreador Chairman, said, “I would like to
thank our stockholders for their support. We are pleased to have
their strong backing for this transformational combination.”
Mr. Craig McKenzie, Toreador President and CEO, said, “Through
the combination with ZaZa, we believe that the new company will
have a compelling platform for future growth given the immediate
and sustainable production potential in the Eagle Ford and Woodbine
resource plays, supplemented by an attractive exposure to the
potential of the Paris Basin.”
The merger will create a resource-focused exploration and
production company with a combined portfolio in the Eagle Ford and
Eaglebine resource plays in Texas and the Paris Basin in France,
with a current total of approximately 500,000 net acres.
Upon closing, the new company, ZaZa Energy Corporation, will be
headquartered in Houston, Texas, with offices in Corpus Christi,
Texas and Paris, France, and is expected to trade on the NASDAQ
under the stock ticker symbol “ZAZA”. Additional information is
available at: http://toreadorzaza.mergerannouncement.com.
ABOUT TOREADOR
Toreador Resources Corporation is an 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,
www.toreador.net.
ABOUT ZAZA ENERGY, LLC
Headquartered in Houston, Texas, ZaZa Energy LLC is a privately
held oil & gas company focused on the exploration and
development of both conventional and unconventional resources with
primary assets in the Eagle Ford resource play. More information
about ZaZa may be found at the company's web site,
http://www.zazaenergy.com.
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.
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