ENERGY

Palo Alto Investors owns 1,906,800 shares (9.5%), after selling 65,300 from Dec. 1 to 26 at prices ranging from 4.50 to $5.45 apiece.

Nanes Balkany Partners recently sent a letter to Toreador nominating three directors for election to the company's board: Julien Balkany, Craig McKenzie and Marc Senges. If elected, they will constitute a minority of the board. The investor previously called for Toreador to initiate a share-buyback program for at least two million shares and to retain an investment bank to initiate an open-bid process to sell certain assets. It also called for Toreador to trim its debt and overhead expenses. Nanes Balkany holds 1,082,439 shares (5.3%).

Nanes Balkany Partners is urging Toreador Resources to cut debt and overhead, buy back shares, and retain an investment bank to initiate open bidding to sell certain assets. NB writes that it is disappointed that the company recently adopted a "poison-pill" anti-takeover plan. NB threatens to seek board seats if its "concerns continue to fall on deaf ears."

MatlinPatterson Capital Management, which has 2,200,599 shares (10.8%), suggested the Dallas energy company be sold.

Palo Alto Investors said it has expressed views about strategies for maximizing shareholder value, both in meetings with TRGL management and at the most recent shareholders' meeting; it intends to continue expressing such views. Palo Alto reported owning 1,825,000 shares (9.2%).

Two Directors and an Officer of the company have recently purchased 118,000 shares or $1,600,236 worth of stock.

As of 4-21 the Turkish gas facility is now finally in operation at 1MM CFPD. The bad news appears to be over here for the time being.

Downgraded by Jefferies & Co from Buy to Hold