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2 Forward
Looking Statements All statements other than statements of historical facts
included in this presentation, including, without limitation, statements
containing the words "believes," "anticipates,"
"intends," "expects," "assumes,"
"trends" and similar expressions, constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are based upon the Company's
current plans, expectations and projections. However, such statements involve
known and unknown risks, uncertainties and other factors that may cause the
actual results, performance or achievements of the Company to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking statements. These factors include, among
others, certain risks and uncertainties inherent in petroleum exploration,
development and production, including, but not limited to, our need and
ability to raise additional capital; our ability to maintain or renew our
existing exploration permits or exploitation concessions or obtain new ones;
our ability to execute our business strategy; our ability to replace
reserves; the loss of the purchaser of our oil production; results of our
hedging activities; the loss of senior management or key employees;
political, legal and economic risks associated with having international
operations; disruptions in production and exploration activities in the Paris
Basin; indemnities granted by us in connection with dispositions of our
assets; results of legal proceedings; assessing and integrating acquisition
prospects; declines in prices for crude oil; our ability to obtain equipment
and personnel; extensive regulation to which we are subject; terrorist
activities; our success in development, exploitation and exploration
activities; reserves estimates turning out to be inaccurate; differences
between the present value and market value of our reserves and other risks
and uncertainties described in the company's filings with the U.S. Securities
and Exchange Commission (“SEC”). Any one or more of these factors or others
could cause actual results to differ materially from those expressed in any
forward-looking statement. All written and oral forward-looking statements
attributable to Toreador or persons acting on its behalf are expressly
qualified in their entirety by the cautionary statements disclosed herein. The
historical results achieved by Toreador are not necessarily indicative of its
future prospects. Toreador undertakes no obligation to publicly update or
revise any forward looking-statements, whether as a result of new
information, future events or otherwise. Cautionary Note regarding
Hydrocarbon Disclosures The SEC permits oil and gas companies, in their
filings, to disclose only resources that qualify as “reserves” as defined by
SEC rules. We may use terms describing hydrocarbon quantities in this presentation,
including “original oil in place” (OOIP), “oil in place” (OIP), “barrels in
place” and “EUR” (estimated ultimate recovery), that the SEC does not allow
in our filings. These estimates are more speculative than estimates of proved
reserves prepared in accordance with SEC rules. Investors are urged to
consider closely the reserves disclosures in our Annual Report on Form 10-K/A
for the year ended December 31, 2010 and in our other filings with the SEC.
In this presentation, the terms other than “proved reserves” refer to the
Company’s internal estimates of hydrocarbon volumes that may be discovered
through exploratory drilling or recovered with additional drilling or
recovery techniques. Those estimates are based on economic assumptions that
differ from those required by the SEC to be used in calculating proved
reserves and may not constitute reserves within the meaning of the Society of
Petroleum Engineer’s Petroleum Resource Management System or the SEC’s rules.
The terms “original oil in place” and “oil in place” are not intended to
reflect recoverable volumes, which are dependent upon achievable recovery
rates using available technologies. Unless otherwise stated, hydrocarbon
volume estimates have not been risked by Company management. Factors affecting
ultimate recovery include the scope of our drilling program, which will be
directly affected by capital availability, drilling and production costs,
commodity prices, availability of services and equipment, permit expirations,
transportation constraints, regulatory approvals and other factors, and
actual drilling results, including geological and mechanical factors
affecting recovery rates. Accordingly, actual quantities that may be
recovered from our interests will differ from our estimates, and could be
significantly less than our targeted recovery rate. In addition, our
estimates may change significantly as we receive additional data. Important
Information ZaZa Energy Corporation, the new company that will be established
in connection with the proposed transaction, will file a registration
statement and Toreador Resources Corporation will file a proxy statement with
the Securities and Exchange Commission (the “SEC”). Investors are urged to
read the registration statement and proxy statement (including all amendments
and supplements to it) when they become available because they will contain
important information. Investors may obtain free copies of the registration
statement and proxy statement when it becomes available, as well as other
filings containing information about Toreador Resources Corporation and ZaZa
Energy Corporation, without charge, at the SEC’s Internet site (www.sec.gov).
These documents may also be obtained for free from Toreador’s Investor
Relations web site (www.toreador.net) or by directing a request to Toreador
at Toreador at: Investor Relations, Toreador Resources Corporation, c/o
Toreador Holding SAS, 5 rue Scribe, Paris France, 75009.
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