Investor Update July 2005

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Investor UpdateJuly 2005

• Tom Graves, President and CEO
• Doug Weir, SVP and CFO
• Mike FitzGerald, SVP Exploration and Production

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Safe-Harbor Statement

• Except for the historical information contained
  herein, the matters set forth in this
  presentation 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. The company intends that all such
  statements be subject to the safe-harbor
  provisions of those acts. Many important risks,
  factors and conditions may cause the companys
  actual results to differ materially from those
  discussed in any such forward-looking statement.
  These risks include, but are not limited to,
  estimates or forecasts of reserves, estimates or
  forecasts of production, future commodity prices,
  exchange rates, interest rates, geological and
  political risks, drilling risks, product demand,
  transportation restrictions, the ability of
  Toreador to obtain additional capital, and other
  risks and uncertainties described in the
  companys filings with the Securities and
  Exchange Commission. The historical results
  achieved by the company 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.

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Cautionary Note to Investors

• The Securities and Exchange Commission (SEC)
  permits oil and gas companies, in their filings
  with the SEC, to disclose only proved reserves
  that a company has demonstrated by actual
  production or conclusive formation tests to be
  economically and legally producible under
  existing economic and operating conditions. We
  use certain terms in this presentation, such as
  probable reserves and potential reserves, that
  the SECs guidelines strictly prohibit us from
  including in filings with the SEC. Investors are
  urged to also consider closely the disclosure in
  our Form 10-K for the fiscal year ended December
  31, 2004, available from us by calling (214)
  559-3933. You can also obtain this form from the
  SEC at www.sec.gov.
• The term potential, when referring to
  Toreadors reserves or its percentage of
  reserves, represents Toreador managements
  current belief or judgment, based on information
  available to it, regarding the potential reserves
  that could be recovered or could be recoverable.
  These numbers should not be viewed as reliable
  for the purposes of estimating Toreadors
  reserves or its prospects. Additionally, the term
  potential has no engineering significance and
  is not related to the term possible as that
  term may be used by the Society of Petroleum
  Engineers.

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Company Overview

• Capital expenditures 46.0 mm 2005 est.
• Production 1,700 BOEPD currently
• Proved reserves _at_ 12/31/04 13.8 MMBOE with
  discounted present value _at_ 10 (pretax) of 115 mm

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Strategic Highlights

• Reserve/production growth upside
• 13.8 MMBOE proved reserves _at_ 12/31/04
• 49.0-87.0 MMBOE expected increase in potential
  reserves by year-end 2007
• Strategic balance exploration and development
• Limit exploratory expenditures to 1/3 of total
  capital budget
• Substantial acreage position
• 5.2 million acres gross (4.2 million acres net)

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Strategic Highlights continued

• World-Class technical team experience in 40
  countries
• Target countries
• Net oil and gas importers
• Stable governments
• Attractive fiscal policies
• Strong balance sheet/minimal debt position

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Growth of Potential Reserves (Net)

• Additions of Potential Reserves by 12/31/07
• Turkey
• Black Sea (So. Akcakoca Sub-Basin)
• Sinop Permit
• Calgan Permit
• France
• Romania
• U.S.
• Total

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International Portfolio Turkey, France, Romania

• Exploration
• Turkey Ayazli-1 gas discovery in Black Sea 9/04
• Black Sea Ayazli-2 well currently drilling
• Black Sea Ayazli-3 well logs indicate 45 meters
  of gas producing sands
• Black Sea Akkaya-1 well successfully tested in
  May 2005
• Sinop area Seismic reprocessing underway
• Calgan area re-entry 2H 2005
• France four shallow exploratory wells
  Courtenay permit
• Romania seismic reprocessing underway
• Development on-going all countries

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Turkey Prospective Onshore/Offshore Acreage
BP Well to be drilled
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Turkey Black Sea Prospects
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So. Akcakoca Sub-Basin Development Project
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South Akcakoca Sub-Basin Development Plan

• Phase 1
• First production planned 2H 2006
• Up to 8 shallow water wells
• Initial projected production rate 50-75 MMcfd
  (gross)
• Projected net annual gas sales less operating
  costs 33.0-50.0 mm Toreadors interest
• Phase 2
• Plan details after delineation drilling
  completed, evaluated
• Semi-submersible rig negotiations underway

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Summary Turkey

• 2.3 million net acres
• Current production 200 BOPD
• Proved reserves _at_ 12/31/04 .6 MMBOE
• Operational advantages
• Readily accessible industrial markets
• Strong, stable gas prices
• Strategic infrastructure
• Extensive in-house database

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France Paris Basin Offers Solid Production,
Exploration Upside
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Charmottes Field Significant Development
Opportunity
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Charmottes Field Dogger Structure
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Charmottes Field Donnemarie Structure
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Summary France

• 300,000 net acres
• Current production 1,100 BOPD
• Proved reserves _at_ 12/31/04 12 MMBOE
• Five producing oil fields (100 owned/operated)
• Favorable economics
• No royalty interest on first 1,000 BOPD/field
• Existing infrastructure
• Limited competition

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Romania Rehabilitation, Exploration Balance
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Fauresti FieldDogger I Structure
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Summary Romania

• 600,000 net acres
• Proved reserves _at_ 12/31/04 none
• Rehabilitation and development opportunities
• Fauresti permit re-entry program underway
• Up to 2 development wells on Fauresti permit
• 1 re-entry on Viperesti permit

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Hungary Exploration Upside
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Hungary Pipeline System
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Szolnok Permit Analogs
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Tompa Permit Analogs
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Summary Hungary

• 764,000 net acres
• Proved reserves _at_ 12/31/04 none
• Exploration and development opportunities
• Partially delineated field with two wells tested
  at over 4 MCFD
• 930 km of 2D and 562 square km of 3D seismic
• Several delineated prospects in 15 to 25 BCF
  range
• Royalty 12 on net profit and 16 corporate tax
  rate (64 million evergreen tax loss carry
  forward)
• 6 million plus of casing, tubulars and wellhead
  equipment in inventory

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U.S. Assets Part of Strategic Base
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Summary U.S.

• 76,000 net acres
• Current production 400 BOEPD
• Proved reserves _at_ 12/31/04 1.6 MMBOE
• Cowherd-1 well, Marion County, Texas, 17 WI
• Travis Peak objective successfully tested
• Large acreage position

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