Houston, Texas – Black Stone Acquisitions Partners I, L.P., announced it has agreed to buy all of the U.S. producing and non-producing mineral and royalty assets of Toreador Resources Corporation and TORMIN, Inc., for approximately $45 million, effective January 1, 2004.

The properties are located in nine states -- primarily in Mississippi, Texas, Alabama, California and Louisiana – and cover approximately 2.6 million gross acres, or 1.4 million net acres. They include royalty and overriding royalty interests in approximately 4,000 wells, with net daily production of approximately 675 barrels per day on an oil equivalent basis. The transaction has been approved by the boards of directors of both companies, and is expected to close in January 2004.

"This acquisition is a major step forward for Black Stone," said President Thomas L. Carter, Jr. "We like the Toreador and TORMIN minerals for their geographic diversity, solid production base and acreage position. This acquisition fits very well into our existing portfolio of assets and continues to provide our investors and limited partners the returns on investment and opportunities for the business plan we have established.”