Toreador in Play?

An article in the New York Times reports that several big energy conglomerates are in initial discussions to buy or partner with Toreador Resources Corporation.

Royal Dutch Shell plc, BP plc and Statoil ASA have been reported to have have signed confidentiality agreements with Toreador and concluded technical due diligence on the firm’s oil properties.

In November, Toreador said it would explore strategic alternatives, including raising capital through equity or debt offerings, and a possible partnership in its primary asset, the Paris Basin oil shale. The company’s property on the Paris Basin is estimated to hold about 30 billion barrels of oil. Toreador hopes to begin drilling there by the third quarter this year.