<PAGE> 1
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
TOREADOR RESOURCES CORPORATION ANNOUNCES REDEMPTION OF "POISON PILL" RIGHTS
DALLAS, TEXAS, JUNE 5, 2000 -- TOREADOR RESOURCES CORPORATION (NASDAQ - NMS:
TRGL) Toreador Resources Corporation announced today that it will redeem the
Company's preferred stock purchase rights issued pursuant to the Rights
Agreement dated April 3, 1995. This Rights Agreement is more commonly known as a
"poison pill."
The commitment to eventually redeem the poison pill was made by Toreador's Board
of Directors at the time of the re-structuring of the Company's Board and
management in July 1998. Removal of this device will precisely align the
economic interests of the Board, the management and the stockholders of the
Company. Tom Graves, President and CEO of Toreador, notes "that the Board and
management own a substantial position in the shares of the Company. No useful
purpose was served by creating an artificial barrier to a possible bid for the
Company or the entrenchment of a Board and management not serving the best
interest of all the stockholders."
In redeeming the rights, the Board authorized a one-time payment of $.01 per
common share, which will be paid on June 15, 2000 to stockholders of record on
June 5, 2000. Stockholders do not have to take any action to receive the
redemption payment and do not have to exchange their stock certificates.
Toreador owns perpetual oil and gas mineral and royalty interests in
approximately 2.6 million gross acres or 1.4 million net acres located primarily
in Alabama, Arkansas, California, Kansas, Louisiana, Michigan, Mississippi,
Montana and Texas. In addition, the Company owns working interests primarily in
Texas, Kansas, New Mexico and Oklahoma.
Contact: G. Thomas Graves III, President and Chief Executive Officer
Edward C. Marhanka, Vice President-Operations
Douglas W. Weir, Vice President-Finance and Treasurer
214/559-3933 or 800/966-2141
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. Business plans included herein may change as
circumstances warrant. Risk factors and additional information are included in
the Company's reports on file with the Securities and Exchange Commission.
