sc13d07142006_11282008.htm

0000921895-08-002997.txt : 20081205 0000921895-08-002997.hdr.sgml : 20081205 20081204182100 ACCESSION NUMBER: 0000921895-08-002997 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 5 FILED AS OF DATE: 20081205 DATE AS OF CHANGE: 20081204 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: TOREADOR RESOURCES CORP CENTRAL INDEX KEY: 0000098720 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 750991164 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-16472 FILM NUMBER: 081230755 BUSINESS ADDRESS: STREET 1: 13760 NOEL ROAD, SUITE 1100 CITY: DALLAS STATE: TX ZIP: 75240 BUSINESS PHONE: 2145593933 MAIL ADDRESS: STREET 1: 13760 NOEL ROAD, SUITE 1100 CITY: DALLAS STATE: TX ZIP: 75240 FORMER COMPANY: FORMER CONFORMED NAME: TOREADOR ROYALTY CORP DATE OF NAME CHANGE: 19920703 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Nanes Delorme Partners I LP CENTRAL INDEX KEY: 0001429149 IRS NUMBER: 261808145 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: C/O NANES BALKANY PARTNERS LLC STREET 2: 230 PARK AVENUE, 7TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10169 BUSINESS PHONE: (212) 499-2993 MAIL ADDRESS: STREET 1: C/O NANES BALKANY PARTNERS LLC STREET 2: 230 PARK AVENUE, 7TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10169 SC 13D 1 sc13d07142006_11282008.htm sc13d07142006_11282008.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

§ 240.13d-2(a)

(Amendment No. )1

Toreador Resources Corporation

(Name of Issuer)

Common Stock, $0.15625 par value

(Title of Class of Securities)

891050106

(CUSIP Number)

STEVEN WOLOSKY, ESQ.

OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP

Park Avenue Tower

65 East 55th Street

New York, New York 10022

(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

November 28, 2008

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ¨.

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.

_______________

1 The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP NO. 891050106

1	NAME OF REPORTING PERSON NANES BALKANY PARTNERS I LP
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP		(a) o (b) o
3	SEC USE ONLY
4	SOURCE OF FUNDS WC
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)		¨
6	CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER 1,030,139 (1)
	8	SHARED VOTING POWER - 0 -
	9	SOLE DISPOSITIVE POWER 1,030,139 (1)
	10	SHARED DISPOSITIVE POWER - 0 -
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,030,139 (1)
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES		¨
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.1%
14	TYPE OF REPORTING PERSON PN

(1) Includes 35,039 shares of Common Stock currently issuable upon the conversion of certain convertible notes.

CUSIP NO. 891050106

1	NAME OF REPORTING PERSON NANES BALKANY PARTNERS LLC
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP		(a) o (b) o
3	SEC USE ONLY
4	SOURCE OF FUNDS AF
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)		¨
6	CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER 1,030,139 (1)
	8	SHARED VOTING POWER - 0 -
	9	SOLE DISPOSITIVE POWER 1,030,139 (1)
	10	SHARED DISPOSITIVE POWER - 0 -
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,030,139 (1)
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES		¨
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.1%
14	TYPE OF REPORTING PERSON OO

(1) Includes 35,039 shares of Common Stock currently issuable upon the conversion of certain convertible notes.

CUSIP NO. 891050106

1	NAME OF REPORTING PERSON NANES BALKANY MANAGEMENT LLC
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP		(a) o (b) o
3	SEC USE ONLY
4	SOURCE OF FUNDS AF
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)		¨
6	CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER 1,030,139 (1)
	8	SHARED VOTING POWER - 0 -
	9	SOLE DISPOSITIVE POWER 1,030,139 (1)
	10	SHARED DISPOSITIVE POWER - 0 -
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,030,139 (1)
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES		¨
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.1%
14	TYPE OF REPORTING PERSON OO

(1) Includes 35,039 shares of Common Stock currently issuable upon the conversion of certain convertible notes.

CUSIP NO. 891050106

1	NAME OF REPORTING PERSON JULIEN BALKANY
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP		(a) o (b) o
3	SEC USE ONLY
4	SOURCE OF FUNDS AF
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)		¨
6	CITIZENSHIP OR PLACE OF ORGANIZATION FRANCE
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER 1,030,139 (1)
	8	SHARED VOTING POWER - 0 -
	9	SOLE DISPOSITIVE POWER 1,030,139 (1)
	10	SHARED DISPOSITIVE POWER - 0 -
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,030,139 (1)
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES		¨
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.1%
14	TYPE OF REPORTING PERSON IN

(1) Includes 35,039 shares of Common Stock currently issuable upon the conversion of certain convertible notes.

CUSIP NO. 891050106

1	NAME OF REPORTING PERSON DARYL NANES
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP		(a) o (b) o
3	SEC USE ONLY
4	SOURCE OF FUNDS AF
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)		¨
6	CITIZENSHIP OR PLACE OF ORGANIZATION USA
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER 1,030,139 (1)
	8	SHARED VOTING POWER - 0 -
	9	SOLE DISPOSITIVE POWER 1,030,139 (1)
	10	SHARED DISPOSITIVE POWER - 0 -
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,030,139 (1)
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES		¨
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.1%
14	TYPE OF REPORTING PERSON IN

(1) Includes 35,039 shares of Common Stock currently issuable upon the conversion of certain convertible notes.

CUSIP NO. 891050106

The following constitutes the Schedule 13D filed by the undersigned (the “Schedule 13D”).

Item 1.

Security and Issuer.

This statement relates to Common Stock, par value $0.15625 per share (the “Shares”), of Toreador Resources Corporation, a Delaware corporation (the “Issuer”). The address of the principal executive offices of the Issuer is 13760 Noel Road, Suite 1100, Dallas, Texas 75240.

Item 2.

Identity and Background.

(a) This statement is filed by Nanes Balkany Partners I LP, a Delaware limited partnership (“Nanes Balkany Partners I”), Nanes Balkany Partners LLC, a Delaware limited liability company (“Nanes Balkany Partners”), Nanes Balkany Management LLC, a Delaware limited liability company (“Nanes Balkany Management”), Julien Balkany and Daryl Nanes. Each of the foregoing is referred to as a “Reporting Person” and collectively as the “Reporting Persons.” Each of the Reporting Persons is party to that certain Joint Filing Agreement as further described in Item 6.

Nanes Balkany Partners is the general partner of Nanes Balkany Partners I. Nanes Balkany Management is the investment manager of Nanes Balkany Partners I. The managing members of Nanes Balkany Partners and Nanes Balkany Management are Julien Balkany and Daryl Nanes. By virtue of their positions with Nanes Balkany Partners and Nanes Balkany Management, Messrs. Balkany and Nanes have the sole power to vote and dispose of the Issuer’s Shares owned by Nanes Balkany Partners I. Accordingly, the Reporting Persons are hereby filing a joint Schedule 13D.

(b) The principal business address of each of the Reporting Persons is 400 Madison Avenue, Suite 12C, New York, New York 10017.

(c) The principal business of Nanes Balkany Partners I is investing in securities. Nanes Balkany Partners I pursues primarily active investments in publicly traded oil and gas exploration and production companies that it believes are trading at a significant discount to their intrinsic values or where one or more potential catalysts exist that could materially unlock the inherent value of those companies. The principal business of Nanes Balkany Partners is acting as the general partner of Nanes Balkany Partners I. The principal business of Nanes Balkany Management is acting as the investment manager of Nanes Balkany Partners I. The principal occupation of Mr. Balkany is serving as a managing member of Nanes Balkany Partners and Nanes Balkany Management. Concurrently, Mr. Balkany is a managing director of Nanes Delorme Capital Management LLC, a Delaware corporation (“Nanes Delorme Capital”), whose principal business is to provide financial advisory and broker-dealer services. The principal occupation of Mr. Nanes is serving as the managing partner of Nanes Delorme Capital and as a managing member of Nanes Balkany Partners and Nanes Balkany Management.

(d) No Reporting Person has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).

CUSIP NO. 891050106

(e) No Reporting Person has, during the last five years, been party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

(f) Mr. Balkany is a citizen of France and Mr. Nanes is a citizen of the United States of America.

Item 3.

Source and Amount of Funds or Other Consideration.

The aggregate purchase price of the 1,030,139 Shares owned in the aggregate by Nanes Balkany Partners I is approximately $8,422,239, including brokerage commissions and $1,500,000 for the purchase of the Issuer’s 5% Convertible Senior Notes due October 1, 2025 (the “Convertible Notes”). The Shares owned by Nanes Balkany Partners I were acquired with partnership funds.

Item 4.

Purpose of Transaction.

The Reporting Persons purchased the Shares based on the Reporting Persons’ belief that the Shares, when purchased, were significantly undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase of additional Shares desirable, the Reporting Persons may endeavor to increase their position in the Issuer through, among other things, the purchase of Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable.

No Reporting Person has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D except as set forth in this Schedule 13D or such as would occur upon completion of any of the actions discussed above. The Reporting Persons intend to review their investment in the Issuer on a continuing basis. The Reporting Persons have engaged in discussions with management, the Board of the Issuer and other stockholders of the Issuer concerning the business, operations, board composition and future plans of the Issuer and intend to continue to do so. Depending on various factors including, without limitation, the Issuer’s financial position and investment strategy, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, seeking Board representation, making proposals to the Issuer concerning changes to the capitalization, ownership structure, business or operations of the Issuer, purchasing additional Shares, selling some or all of their Shares, engaging in short selling of or any hedging or similar transaction with respect to the Shares or changing their intention with respect to any and all matters referred to in Item 4.

CUSIP NO. 891050106

On December 4, 2008, Nanes Balkany Partners I sent a letter to the Board of Directors of the Issuer describing a number of concerns it has with the Issuer’s performance. The letter included certain recommendations including, without limitation, that the Board of Directors of the Issuer should reduce the Company’slarge debt, reduce overhead expenses, initiate a share buyback program for at least two million Shares, and retain an investment bank to initiate an open bid process to sell certain assets of the Issuer. A copy of this letter is attached as an exhibit to this Schedule 13D and is incorporated herein by reference.

Item 5.

Interest in Securities of the Issuer.

(a) The aggregate percentage of Shares reported owned by each person named herein is based upon 20,263,333 Shares outstanding, which is the total number of Shares reported to be outstanding as of November 7, 2008, as reported in the Issuer’s Quarterly Report on Form 10-Q, as filed with the Securities and Exchange Commission on November 10, 2008.

As of the date hereof, Nanes Balkany Partners I beneficially owns 1,030,139 Shares, constituting approximately 5.1% of the Shares outstanding, consisting of 995,100 Shares and $1,500,000 of Convertible Notes which are immediately convertible into 35,039 Shares. As the general partner of Nanes Balkany Partners I, Nanes Balkany Partners may be deemed to beneficially own the 1,030,139 Shares owned by Nanes Balkany Partners I, constituting approximately 5.1% of the Shares outstanding. As the investment manager of Nanes Balkany Partners I, Nanes Balkany Management may be deemed to beneficially own the 1,030,139 Shares owned by Nanes Balkany Partners I, constituting approximately 5.1% of the Shares outstanding. As the managing members of Nanes Balkany Partners and Nanes Balkany Management, Messrs. Balkany and Nanes may be deemed to beneficially own the 1,030,139 Shares owned by Nanes Balkany Partners I, constituting approximately 5.1% of the Shares outstanding. Messrs. Balkany and Nanes have sole voting and dispositive power with respect to the 1,030,139 Shares owned by Nanes Balkany Partners I by virtue of their authority to vote and dispose of such Shares. Nanes Balkany Partners, Nanes Balkany Management and Messrs. Balkany and Nanes disclaim beneficial ownership of the Shares held by Nanes Balkany Partners I, except to the extent of their pecuniary interest therein.

(b) By virtue of their position with Nanes Balkany Partners and Nanes Balkany Management, Messrs. Balkany and Nanes have the sole power to vote and dispose of the Shares beneficially owned by Nanes Balkany Partners I reported in this Schedule 13D.

(c) Schedule A annexed hereto lists all transactions in the Shares during the past sixty days by the Reporting Persons. All of such transactions were effected in the open market.

(d) No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Shares.

(e) Not applicable.

CUSIP NO. 891050106

Item 6.

Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.

On December 4, 2008, Nanes Balkany Partners I, Nanes Balkany Partners, Nanes Balkany Management and Messrs. Balkany and Nanes entered into a Joint Filing Agreement (the “Joint Filing Agreement”) in which the parties agreed to the joint filing on behalf of each of them of statements on Schedule 13D with respect to the securities of the Issuer to the extent required by applicable law. The Joint Filing Agreement is attached as an exhibit hereto and is incorporated herein by reference.

Other than as described herein, there are no contracts, arrangements, understandings or relationships among the Reporting Persons, or between the Reporting Persons and any other person, with respect to the securities of the Issuer.

Item 7.

Material to be Filed as Exhibits.

99.1. Letter to the Board of Directors of Toreador Resources Corporation dated December 4, 2008.

99.2. Joint Filing Agreement by and among Nanes Balkany Partners I LP, Nanes Balkany Partners LLC, Nanes Balkany Management LLC, Julien Balkany and Daryl Nanes, dated December 4, 2008.

CUSIP NO. 891050106

SIGNATURES

After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: December 4, 2008	NANES BALKANY PARTNERS I LP

	By:	Nanes Balkany Partners LLC
		General Partner

	By:	/s/ Julien Balkany
	Name:	Julien Balkany
	Title:	Managing Member


	NANES BALKANY PARTNERS LLC

	By:	/s/ Julien Balkany
	Name:	Julien Balkany
	Title:	Managing Member


	NANES BALKANY MANAGEMENT LLC


	By:	/s/ Julien Balkany
	Name:	Julien Balkany
	Title:	Managing Member


	/s/ Julien Balkany
	Julien Balkany


	/s/ Daryl Nanes
	Daryl Nanes

CUSIP NO. 891050106

SCHEDULE A

Transactions in the Shares During the Past 60 Days

Shares of Common Stock

Purchased/(Sold)

Price Per

Share ($)

Date of

Sale

NANES BALKANY PARTNERS I LP

58,000	7.1878	10/06/2008
43,000	7.0772	10/07/2008
33,000	6.0344	10/08/2008
30,000	5.8396	10/09/2008
55,000	5.4550	10/10/2008
4,498	6.3724	10/13/2008
14,843	6.1735	10/14/2008
31,000	5.7990	10/15/2008
5,000	5.5584	10/16/2008
16,000	6.1756	10/24/2008
15,909	5.8411	10/27/2008
6,000	5.6042	10/28/2008
10,000	6.9724	10/30/2008
16,500	7.3078	10/31/2008
9,591	5.9159	11/07/2008
14,000	3.3558	11/21/2008
6,000	3.7565	11/24/2008
12,100	4.4233	11/28/2008
5,000	3.9164	12/02/2008

NANES BALKANY PARTNERS LLC

None

NANES BALKANY MANAGEMENT LLC

None

JULIEN BALKANY

None

DARYL NANES

None

CUSIP NO. 891050106

EXHIBIT INDEX

Exhibit

99.1. Letter to the Board of Directors of Toreador Resources Corporation dated December 4, 2008.

99.2. Joint Filing Agreement by and among Nanes Balkany Partners I LP, Nanes Balkany Partners LLC, Nanes Balkany Management LLC, Julien Balkany and Daryl Nanes, dated December 4, 2008.

EX-99.1 2 ex991to13d07142006_112808.htm ex991to13d07142006_112808.htm

Exhibit 99.1

December 04, 2008

The Board of Directors

Toreador Resources Corp.

13760 Noel Road #1100

Dallas, Texas 75240

Attn: Nigel J. Lovett

Chief Executive Officer and President

Gentlemen,

Nanes Balkany Partners I LP (“we”) currently beneficially owns approximately 1,030,139 of the outstanding common shares of Toreador Resources Corp. (“Toreador” or the “Company”), representing approximately 5.1% of the Company, including 35,039 common shares currently issuable upon the conversion of the Company’s 5% Convertible Senior Notes due October 1, 2025 (the “Convertible Notes”).

As a significant stockholder in Toreador we have a substantial interest in seeing that its management (the "Management") and board of directors (the "Board") are strongly committed to maximizing value for all stockholders. We appreciate the recent discussions, correspondence, and meetings with Management and the Board and remain willing to assist the Company at any time. However, we have serious concerns about the recent actions and strategic direction of the Company under the current Board. We are not the only stockholder to raise such concerns publicly and believe that a significant portion of the Company’s stockholder base will support our belief that it is time to implement a cohesive plan to turnaround Toreador.

We are extremely frustrated by Toreador’s dismal share price performance compared to its peers, which cannot be excused by the exceptional turmoil in world financial markets. For example, we estimate the net asset value (the “NAV”) of the Company at approximately $10.61 per share (see enclosed Table 1), which represents a 137% premium to the price of the shares as of December 1, 2008. In addition, in the two year period ending December 1, 2008, Toreador’s share price has declined approximately 80%, while the S&P 500 Oil and Gas Exploration and Production Index (the “Index”) has decreased by approximately 16%, and in the two month period ending December 1, 2008, Toreador’s share price has declined more than 50%, while the Index has decreased by approximately 28%.

We believe the Board should immediately take the following proactive steps to reverse this severe downward trend and rebuild value for all stockholders:

Develop and disclose to the public market a contingency plan in case the sale (the “Transaction”) of the 26.75% working interest in the South Akcakoca Sub-basin natural gas project (the “SASB Project”) does not close as planned (which was originally scheduled to close in October 2008). The Company’s credibility has already been eroded with the unexpected failure of the sale of a portion of the SASB Project in June 2008. We are also concerned that if the Transaction does not close promptly, Toreador will not have the cash to meet its capital requirements for the second phase of the SASB Project that we estimate to be approximately $45 million. We therefore believe it is critical for the Company to exit the entire SASB Project as soon as possible in order for Toreador to avoid facing a very dangerous liquidity event;

·	Use the entire net proceeds from the Transaction to repay the IFC credit facility, buy back a large portion of the Convertible Notes and use the remaining proceeds to initiate a share buyback program for at least two million common shares;

Retain an investment bank to initiate a transparent open bid process to sell the remaining assets in Turkey and Romania in order to fully exit these two countries. Although the Company hired Merrill Lynch in July 2008 to assist the Company in reviewing strategic alternatives, we strongly question whether Merrill Lynch is an effective financial advisor to the Company, since the Company has failed to announce any new plans to improve stockholder value from such date. Upon the sale of assets in Turkey and Romania, we believe the Company should close the offices in Ankara and Bucharest in order to significantly reduce the high SG&A expenses that have been associated with such assets. Proceeds from these future divestitures should be specifically allocated to pay down the Company’s remaining debt and to facilitate a share buyback program.

·	Immediately refocus the Company’s efforts on its core operations in France and its tremendous exploration potential on the Tompa Block in Hungary;

Significantly cut Toreador’s exploration efforts in Hungary (apart from the Tompa Block), reduce the headcount of its local staff in Hungary and freeze the entire exploration program that is not free-carried in France and Hungary. The Company has repeatedly oversold its exploration potential and has been unwisely spending cash on exploration failures. We need not remind you of Toreador’s disastrous operational record with the drilling of 12 dry holes in a row.

Take all the appropriate measures to continue reducing the Company’s administrative costs to $6 million in 2009 instead of the $12 million recently budgeted by Management. Corporate overhead is outrageously high, mainly because the Company’s headquarters are located in Texas, a state where the Company has no other business purpose and no oil and gas properties. In order to remedy this immediately, we recommend that the Company reduce its staff located in Dallas and relocate the Company’s headquarters to Europe, where all the Company’s assets are based. We also believe that the Company should be taking into account the current low oil price environment and the state of the credit and equity markets when planning its budgets. These market conditions will seriously impede the Company’s ability to refinance its debt or raise additional capital and we recommend that the Company adopt a far more conservative budget and reevaluate its unsustainable drilling plans. We also remain extremely concerned by the Company’s current inflated CAPEX and SG&A expenses, which we believe have contributed greatly to the dismal financial performance of the Company.

In addition, we are extremely disappointed by the recent decision to adopt a Shareholder Rights Plan (the “Poison Pill”) announced on November 24, 2008. This sub-standard corporate governance practice perpetuates the cycle of value destruction at Toreador and only serves to entrench the incumbent Board and Management. The Board’s defensive measure to adopt the Poison Pill without seeking the prior approval of stockholders leads us to question whether the Board is truly acting in the best interests of stockholders. Leading advocates of stockholder democracy, such as Institutional Shareholder Services (RiskMetrics Group) and Glass, Lewis & Co., believe poison pills are contrary to the guidelines for corporate governance best practices and strongly recommend redeeming poison pills. As result, we are requesting that you immediately redeem the Company’s Poison Pill or we will seriously consider submitting the issue to a stockholder vote at the 2009 Annual Meeting of Shareholders.

We are committed to being a long-term stockholder and one that acts in the best interest of all stockholders. However, we reserve all rights to take any and all action required to maximize value for all stockholders, if our concerns continue to fall on deaf ears, including but not limited to, seeking Board representation. We hope such action will be unnecessary and that you will promptly take the proactive steps mentioned above to restore stockholder value.

Sincerely,

Nanes Balkany Partners I LP

By: Nanes Balkany Partners LLC, General Partner



By:	/s/ Julien Balkany
	Name:	Julien Balkany
	Title:	Managing Member and Chief Investment Officer

Table 1 - Toreador Preliminary Valuation Analysis
	Est. Value ($MM)	Est. Value / Share
Estimated NPV for the French Assets (1)	150	$7.40
Estimated NPV for the Turkish Assets (2)	120	$5.92
Other Assets (including Romania and Hungarian properties) (3)	20	$0.98
Net Debt (4)	(110)	($5.43)
Cash in Bank (4)	35	$1.72
Implied Total NAV for Toreador	215	$10.61

Current Share Price (5)		$4.47
Implied Total Premium to Current Share Price		137%

(1) Discounted net present value at 10% (post-tax) of proved and probable (2P) reserves for Toreador in France, as of December 31, 2007 and using a long term oil price of $60 per barrel with an annual escalation rate of 2.5%. 2P reserves are based on the information published in the 2007 Company Annual Report

2) Using as a benchmark transaction and at a pro rata of Toreador’s working interest, the announced sale of a 26.75% in the SASB Project to Petrol Ofisi AS

(3) Exploration risked value for the Company’s working interest in various licenses in Hungary and Romania

(4) According to the Company’s Form 10-Q for the quarterly period ended September 30, 2008

(5) As of December 1, 2008

The estimates and information shown above represent the opinions of Nanes Balkany Partners I LP and should not be regarded by any recipient as providing the basis for any investment decision nor should it be interpreted as a fairness opinion.

NOTHING IN THIS LETTER CONSTITUTES TAX, LEGAL (INCLUDING WITHOUT LIMITATION INTELLECTUAL PROPERTY), OR INVESTMENT ADVICE. THE COMPANY, ITS MANAGEMENT, AND ITS BOARD OF DIRECTORS SHOULD CONSULT ITS OWN ADVISERS FOR ADVICE CONCERNING THE VARIOUS CONSIDERATIONS RELATING TO THE MATTERS OUTLINED OR REFERRED TO IN THIS LETTER. NONE OF NANES BALKANY PARTNERS I LP, NANES BALKANY PARTNERS (ITS GENERAL PARTNER), AND ANY OTHER ENTITY OR PERSON IN THE NANES BALKANY GROUP; NOR THEIR AFFILIATES; NOR ANY STOCKHOLDERS, PARTNERS, MEMBERS, MANAGERS, DIRECTORS, PRINCIPALS, PERSONNEL, TRUSTEES, OR AGENTS OF ANY OF THE FOREGOING IS RESPONSIBLE FOR GIVING, OR IS LIABLE FOR, ANY LEGAL, INVESTMENT, OR TAX ADVICE WITH RESPECT TO THE COMPANY NOR SHALL BE LIABLE FOR ANY ERRORS (AS A RESULT OF NEGLIGENCE OR OTHERWISE TO THE FULLEST EXTENT PERMITTED BY LAW IN THE ABSENCE OF FRAUD) IN THE INFORMATION, BELIEFS, AND/OR OPINIONS INCLUDED IN THIS LETTER, OR FOR THE CONSEQUENCES OF RELYING ON SUCH INFORMATION, BELIEFS, OR OPINIONS. ANY INFORMATION, BELIEFS, AND/OR OPINIONS PROVIDED IN THIS LETTER CONSTITUTE THE UNDERSTANDING OF THE ENTITY PROVIDING SUCH INFORMATION, BELIEFS, AND/OR OPINIONS AS OF THE DATE OF THIS LETTER, ARE SUBJECT TO CHANGE WITHOUT NOTICE, AND MAY NOT REFLECT THE CRITERIA EMPLOYED BY THE ENTITIES IN THE NANES BALKANY GROUP TO EVALUATE INVESTMENTS. NO REPRESENTATION IS MADE THAT THE STATISTICS AND OTHER INFORMATION DESCRIBED IN THIS LETTER ARE COMPLETE OR ADEQUATE OR THAT THEY WOULD BE USEFUL IN SUCCESSFULLY EVALUATING THE COMPANY’S BUSINESS OR STRATEGIC DECISIONS. CERTAIN INFORMATION AND OPINIONS INCLUDED IN THIS LETTER HAVE BEEN OBTAINED FROM THIRD-PARTY SOURCES BELIEVED TO BE APPROPRIATE FOR CONSIDERATION. SOURCES FOR SUCH INFORMATION AND OPINIONS MAY HAVE SELF-INTERESTED REASONS FOR PROVIDING INCORRECT INFORMATION. MOREOVER, NO ASSURANCE CAN BE GIVEN THAT SUCH INFORMATION OR OPINIONS ARE RELIABLE, AND THEY SHOULD NOT BE TAKEN AS SUCH.

EX-99.2 3 ex992to13d07142006_112808.htm ex991to13d07142006_112808.htm

Exhibit 99.2

JOINT FILING AGREEMENT

In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of a Statement on Schedule 13D dated December 4, 2008 (including amendments thereto) with respect to shares of Common Stock of Toreador Resources Corporation, a Delaware corporation. This Joint Filing Agreement shall be filed as an Exhibit to such Statement.

Dated: December 4, 2008	NANES BALKANY PARTNERS I LP

	By:	Nanes Balkany Partners LLC
		General Partner

	By:	/s/ Julien Balkany
	Name:	Julien Balkany
	Title:	Managing Member


	NANES BALKANY PARTNERS LLC

	By:	/s/ Julien Balkany
	Name:	Julien Balkany
	Title:	Managing Member


	NANES BALKANY MANAGEMENT LLC


	By:	/s/ Julien Balkany
	Name:	Julien Balkany
	Title:	Managing Member


	/s/ Julien Balkany
	Julien Balkany


	/s/ Daryl Nanes
	Daryl Nanes

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