<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): APRIL 21, 1997
TOREADOR ROYALTY CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 0-2517 75-0991164
(STATE OR OTHER JURISDICTION (COMMISSION (IRS EMPLOYER
OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.)
530 PRESTON COMMONS WEST
8117 PRESTON ROAD
DALLAS, TEXAS 75225
(ADDRESS, INCLUDING ZIP CODE, OF PRINCIPAL EXECUTIVE OFFICES)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (214) 369-0080
<PAGE> 2
Item 5. OTHER EVENTS.
On April 21, 1997, Toreador Royalty Corporation (the "Company" or
"Toreador") announced that Peter R. Vig had resigned as Chairman and Chief
Executive Officer of the Company, but will remain a member of the Board of
Directors (the "Board") and that Donald E. August resigned as a director of the
Company.
Toreador also announced that the Board authorized the purchase of up
to 300,000 shares of the Company's common stock, representing approximately
5.8% of Toreador's currently outstanding shares. Purchases will be made in
open market or through privately negotiated transactions from time to time and
depending upon market conditions.
Item 7. FINANCIAL STATEMENTS IN EXHIBITS.
(c) Exhibits
Item Exhibit
---- -------
99 Press Release issued by
Toreador Royalty Corporation
on April 21, 1997.
-2-
<PAGE> 3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
TOREADOR ROYALTY CORPORATION
Date: April 23, 1997 By: /s/ John Mark McLaughlin
-------------------------------------
John Mark McLaughlin, Chairman
of the Board and President
-3-
<PAGE> 4
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Item
Number Exhibit
------ -------
<S> <C>
99 Press Release issued by Toreador Royalty
Corporation on April 21, 1997.
</TABLE>
-4-
<PAGE> 1
EXHIBIT 99
<PAGE> 2
DALLAS, Texas, April 21, 1997
TOREADOR ROYALTY ANNOUNCES RESIGNATION OF PETER R. VIG AS CHAIRMAN AND CHIEF
EXECUTIVE OFFICER; TO REMAIN A DIRECTOR. BOARD AUTHORIZES THE REPURCHASE OF UP
TO 300,000 SHARES.
DALLAS, TEXAS, APRIL 21, 1997 - TOREADOR ROYALTY CORPORATION (NASDAQ -
NMS:TRGL) Toreador Royalty announced today that Peter R. Vig had resigned as
Chairman and Chief Executive Officer, but will remain a Toreador Director. Mr.
Vig will become a Managing Director of Tiger Management L.L.C., a large
investment management firm located in New York City with additional offices in
London and Tokyo.
Mr. Donald E. August has resigned as director.
John Mark McLaughlin, a Toreador director, was named Chairman of the Board and
President. Exploration and production operations will report to Jack L.Woods,
also a Toreador director. Mr. Woods is formerly Vice President
Exploration-Gulf Coast, Celeron Oil and Gas; Senior Vice President Exploration,
General American Oil; and prior thereto had over 20 years with Texaco Inc. in
various exploration assignments.
Mr. McLaughlin said "We are grateful to Peter Vig for his contribution here and
we are pleased that he will continue as a director. Toreador currently has
more 3-D seismic projects on its mineral acreage than at any time in its
history. Assuming successful results from these surveys, the second half of
this year should be a very active drilling period for the company."
The board also announced the authorization of a 300,000 share repurchase plan.
This is the third repurchase plan, the first and second having been a for a
total of 100,000 and 150,000 shares, respectively. Purchases will be made in
the open market or through privately negotiated transactions from time to time
and depending on market conditions.
Except for historical information contained herein, the matters set forth in
this new 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, that are dependent on certain
risks and uncertainties inherent in petroleum exploration, development and
production, including, but not limited to, the risk that no commercially
productive oil and gas reservoirs will be encountered; inconclusive results
from 3-D seismic projects; delays or cancellation of drilling operations as a
result of a variety of factors; volatility of oil and gas prices due to
economic and other conditions; intense competition in the oil and gas industry;
operational risks (e.g., fires, explosions, blowouts, catering and loss of
production); insurance
<PAGE> 3
coverage limitations and requirements; and potential liability imposed by
intense governmental regulation of oil and gas production; all of which are
beyond the control of the Company.
Toreador owns in excess of 530,000 net mineral acres located primarily in the
Texas Panhandle and West Texas. In addition, the company owns working or
royalty interests in Texas, New Mexico, Oklahoma, Arkansas and Louisiana.
Contact: Peter R. Vig
214/369-0080
