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Strategies & Market Trends : Value Investing

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To: Madharry who wrote (26990)	6/1/2007 8:49:06 PM
From: E_K_S	Read Replies (1) of 78768

Hi Madharry - TRGL (Toreador Resources Corp) has exploration wells through out Europe including France, Hungry, Romania and Turkey. toreador.net They also hold interests in non-active wells in the U.S.. Their France property is producing good cash flow that is helping to pay the exploration costs for their other Euro sites. They just started production on their South Akcakoca Sub-Basin project located in Turkey. I like that their operations are not in the middle east (eg. IRAQ) and that most of their proven reserves are in France. As to the political risk, I believe it is low but there is significant risk that new exploration wells come up dry. You do raise a good point regarding Turkey and the EU. They own a 31% interest in their Turkey property with their production sold to BOTAS (a Turkish national pipeline company). Prices and tariffs are adjusted monthly but if Turkey becomes an EU member, its possible that these reserves could be worth more (especially is prices are fixed to the Euro). My position is small and my portfolio needs more international exposure. I thought this might be an interesting way to accomplish this with the added kicker that some of these new wells might be big producers. EKS

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