8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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)       May 9, 2006                                                                                      

Toreador Resources Corporation

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

0-02517	75-0991164
(Commission File Number)	(IRS Employer Identification No.)
4809 Cole Avenue, Suite 108 Dallas, Texas	75205
(Address of Principal Executive Offices)	(Zip Code)

(214) 559-3933

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

     o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

     o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

     o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

     o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition

     Attached hereto as Exhibit 99.1 is a press release (the “Press Release”) issued by Toreador Resources Corporation (“Toreador”) on May 9, 2006 in part announcing its financial results for the first quarter 2006 and the three months ended March 31, 2006. The Press Release is incorporated by reference into this Item 2.02, and the foregoing description of the Press Release is qualified in its entirety by reference to this exhibit.

     In the Press Release, Toreador has included as a “non-GAAP financial measure” as defined in Item 10 of Regulation S-K of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) earnings before interest, taxes, depreciation, amortization and exploration expense (“EBITDAX”). In the Press Release, Toreador has provided reconciliations of this non-GAAP financial measure to the most directly comparable financial measure calculated and presented in accordance with generally accepted accounting principles (“GAAP”) in the United States. In addition, Toreador has provided in the Press Release the reasons why Toreador believes this non-GAAP financial measure provides useful information to investors.

     Pursuant to General Instruction B.2 of Form 8-K, the information in this Form 8-K, including the exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, and is not incorporated by reference into any filing of Toreador, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 7.01. Regulation FD Disclosure.

     Attached hereto as Exhibit 99.1 is the Press Release issued by Toreador on May 9, 2006.

     Pursuant to General Instruction B.2 of Form 8-K, the information in this Form 8-K, including the exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, and is not incorporated by reference into any filing of Toreador, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01. Financial Statements and Exhibits.

(d)	Exhibits
	Pursuant to General Instruction B.2 of Form 8-K, the following exhibit is furnished with this Form 8-K.
	99.1    Press Release, dated May 9, 2006

* * * * *

SIGNATURES

     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 hereunto duly authorized.

	TOREADOR RESOURCES CORPORATION
Date: May 9, 2006
	By:	/s/ G. Thomas Graves III
		G. Thomas Graves III, President and CEO

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release, dated May 9, 2006.

EX-99.1

EXHIBIT 99.1

Toreador Resources
4809 Cole Avenue
Suite 108
Dallas, Texas 75205
214 559 3933
Fax 214 559 3945
www.toreador.net

N E W S  R E L E A S E

TOREADOR REPORTS SIGNIFICANT IMPROVEMENT IN FIRST QUARTER 2006
OPERATING RESULTS

• Income available to common shares up 20% from first quarter of 2005

• EBITDAX* up 92% from the same period last year

• Total revenues up 53% from last year

($ millions, except where noted)	Q1 2006		Q1 2005		($)		(%)
Revenue	$	9.8	$	6.4	3.4			53	%
Operating income		0.8		1.2	(0.4	)		-33	%
EBITDAX*		4.8		2.5	2.3			92	%
Income available to common shares		1.2		1.0	0.2			20	%
Basic income per share ($/share)	$	0.08	$	0.08	—			0	%
Diluted income per share ($/share)	$	0.08	$	0.08	—			0	%
Production (MBOE)		176		149	27			18	%

     DALLAS, TEXAS — (May 9, 2006) — Toreador Resources Corporation (NASDAQ: TRGL) today announced financial results for the first quarter of 2006.

     For the first quarter of 2006, Toreador reported income available to common shares of $1.2 million, or $0.08 per diluted share, compared to $1.0 million in the first quarter of 2005, or $0.08 per diluted share. Diluted weighted average shares outstanding in the first quarter of 2006 were 16.3 million, compared to 14.1 million diluted weighted average shares outstanding in the first quarter of 2005.

     Earnings before interest, taxes, depreciation, amortization and exploration expense (EBITDAX)* was $4.8 million in the three months ended March 31, 2006 compared to $2.5 million for the same period last year. Total revenues for the three months ended March 31, 2006 were $9.8 million, compared to $6.4 million for the same period in 2005.

     Operating income in the first quarter of 2006 was $0.8 million, compared to $1.2 million in the first quarter of 2005. A non-cash loss contingency of $1.5 million was recorded on an insurance receivable related to the previously announced re-drilling of two wells in the Ayazli structure. This is a required reserve in the event that the insurance carrier does not pay the full amount of claims. However, management believes the full amount will ultimately be recovered.

Toreador Reports First Quarter 2006 Financial Results Page 2 of 5

     “Operating results for this quarter improved significantly compared to last year,” said G. Thomas Graves III, President and Chief Executive Officer of Toreador, “as we begin to see some positive effects from our planned production growth this year. During the quarter we had good success with the drill bit in Turkey and will soon begin an exploration well in Hungary. During the course of the year we will have active exploration programs in all of our core portfolio holdings while we simultaneously bring on new production from Romania, Hungary and Turkey. We are at the beginning of a period of fundamental change in our reserve base and production profile as we concentrate on executing our growth plans.”

     In the first quarter of 2006, Toreador’s oil and gas production was approximately 176 thousand barrels of oil equivalent (MBOE) compared to 149 MBOE during the same period last year. The average realized price on a BOE basis in the first quarter of 2006 was $55.11 per BOE compared to $42.59 per BOE in the first quarter of 2005. The average realized price of oil in the first quarter of 2006 was $57.42 per barrel compared to $43.49 per barrel in the first quarter of 2005. The average realized price of natural gas in the quarter ended March 31, 2006 was $6.12 per thousand cubic feet (Mcf), compared to $6.17 per Mcf for the same period last year.

OPERATIONAL UPDATE

Turkey

     Offshore Turkey in the Black Sea, the Akkaya-2 development well tested 6.2 million cubic feet per day of dry gas through a 32/64” choke at a flowing wellhead pressure of 1,077 psi. The production test was from two zones totaling approximately 16 meters (53 feet) out of 21 meters (69 feet) of net pay in the well.

     The Akkaya-3 development well encountered approximately 23 meters (75 feet) of net pay in 3 zones from 843 meters (2,166 feet) to 1,212 meters (3,977 feet) true vertical depth, in line with expectations, and will be tested as soon as operations on the Akkaya-2 well are finished. The Akkaya-3 was drilled to a bottom hole location approximately 1,150 meters (3, 774 feet) east of the Akkaya-1A well.

     The Bayhanli-1 exploratory well was spudded during the second week in April, and is expected to reach total depth in the next two to three weeks. The well is testing a prospect to the east of the Dogu Ayazli structure located along the same thrust fault trend in the South Akcakoca Sub-basin project area.

Toreador Reports First Quarter 2006 Financial Results Page 3 of 5

CONFERENCE CALL

     A conference call to discuss first quarter 2006 results and operational activities will be held today at 8:30 am Central, 9:30 am Eastern time.

     Active participants who wish to ask questions during the conference call should dial toll free 866-272-9941 (international dial 1-617-213-8895), passcode 27986478 approximately 10 minutes before the scheduled call time to access the call.

     Those who wish to listen only to the live audio webcast may access the webcast via Toreador’s internet home page at www.toreador.net by selecting the “Investor Relations” link on the home page and then selecting the “Conference Calls” link.

     Those unable to participate in the live call may hear a rebroadcast for up to twelve months after the conference call at www.toreador.net by selecting the “Investor Relations” link on the home page and then selecting the “Conference Calls” link or may dial toll-free 888-286-8010 (international dial 1-617-801-6888), passcode 50155785 to listen to a replay of the call. Phone replays will be available for 14 days after the call.

ABOUT TOREADOR

     Toreador Resources Corporation is an independent international energy company engaged in the acquisition, development, exploration and production of natural gas, crude oil and other income-producing minerals. The company holds interests in developed and undeveloped oil and gas properties in France, Hungary, Romania, Turkey and Trinidad. In the United States, Toreador primarily owns working interests in five states. More information about Toreador may be found at the company’s web site, www.toreador.net.

*Explanation and Reconciliation of Non-GAAP Financial Measures

     Earnings before interest, taxes, depreciation, amortization and exploration expense (EBITDAX) is a non-GAAP measure presented because of its acceptance as an indicator of an oil and gas exploration and production company’s ability to internally fund exploration and development activities and to service or incur additional debt. EBITDAX should not be considered in isolation or as a substitute for operating income prepared in accordance with generally accepted accounting principles. Table 1 below reconciles EBITDAX with income from continuing operations as derived from the company’s financial information.

Toreador Reports First Quarter 2006 Financial Results Page 4 of 5

Table 1: Reconciliation of EBITDAX to Income from continuing operations

	Three months ended
	March 31,
($ thousands)	2006			2005
Income from continuing operations	$	1,284		$	1,553
Income tax provision		377			62
Interest expense		1,265			(69	)
Interest and other income		(940	)		(245	)
Foreign currency exchange gains		(630	)		(13	)
Gain on sale of assets		(471	)		—
Equity in earnings of unconsolidated subsidiaries		(96	)		(89	)
Depletion, depreciation and amortization		1,471			917
Exploration and acquisition cost		1,053			374
Loss contingency on insurance receivable		1,500			—
EBITDAX	$	4,813		$	2,490

Safe-Harbor Statement — 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. Toreador intends that all such statements be subject to the “safe-harbor” provisions of those Acts. Many important risks, factors and conditions may cause Toreador’s actual results to differ materially from those discussed in any such forward-looking statement. These risks include, but are not limited to, estimates of reserves, estimates of production, future commodity prices, exchange rates, interest rates, geological and political risks, drilling risks, product demand, transportation restrictions, actual recoveries of insurance proceeds, the ability of Toreador to obtain additional capital, and other risks and uncertainties described in the company’s filings with the Securities and Exchange Commission. The historical results achieved by Toreador 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.

# # #

CONTACT:

Toreador Resources
Stewart P. Yee, VP Investor Relations
214-559-3933 or 800-966-2141

Toreador Reports First Quarter 2006 Financial Results Page 5 of 5

TOREADOR RESOURCES CORPORATION
(in thousands, except per share amounts)

	Three Months Ended
	March 31,
SELECTED FINANCIAL RESULTS	2006			2005
Oil and natural gas sales revenues	$	9,769		$	6,414
Costs and expenses:
Lease operating		2,435			2,120
Exploration and acquisition		1,053			374
Depreciation, depletion, and amortization		1,471			917
Loss contingency on insurance receivable		1,500			—
General and administrative		2,521			1,804
Total costs and expenses		8,980			5,215
Operating income		789			1,199
Other income (expense):
Equity in earnings of unconsolided investments		96			89
Gain on sale of assets		471			—
Foreign currency gain		630			13
Interest and other income		940			245
Interest expense		(1,265	)		69
Total other income		872			416
Provision for income taxes		377			62
Income from continuing operations		1,284			1,553
Income from discontinued operations, net of tax		—			10
Net income		1,284			1,563
Dividends on preferred shares		41			563
Income available to common shares	$	1,243		$	1,000
Basic earnings per share	$	0.08		$	0.08
Diluted earnings per share	$	0.08		$	0.08
Weighted average shares outstanding:
Basic		15,507			12,801
Diluted		16,338			14,142
SELECTED OPERATING RESULTS
Production
Oil production (MBbl)		156			128
Natural gas production (MMcf)		118			125
Equivalent production (MBOE)		176			149
Prices
Average oil price per Bbl	$	57.42		$	43.49
Average natural gas price per Mcf		6.12			6.17
Average equivalent price per BOE		55.11			42.59

	March 31,		December 31,
	2006		2005
SELECTED BALANCE SHEET INFORMATION
Cash and cash equivalents	$	78,264	$	92,507
Total assets		265,165		263,180
Long-term liabilities		104,278		104,739
Stockholders’ equity		136,787		134,244