Toreador Resources buying Pogo Hungary

By OGJ editors

HOUSTON, June 10 -- Toreador Resources Corp., Dallas, agreed to buy Pogo Hungary Ltd. for $9 million in a transaction that will mark Toreador's entry into Hungary. Pogo Hungary is a subsidiary of Pogo Producing Co., Dallas.

Closing is expected by June 30. After closing, the company's name will be changed to Toreador Hungary Ltd., and it will hold exploration permits covering 764,300 acres.

Toreador said the acquisition includes casing, tubulars, and other oil field equipment, a partially delineated natural gas field with two wells tests indicating flow of more than 4 MMcfd, and a tax loss carry-forward of more than $20 million.

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