2/9/2010-Shares of Toreador Resources (NASDAQ:TRGL) are trading 15.3% lower to $8.60 Tuesday and earlier dropped to $8.54, the lowest intraday price since Dec. 11, 2009, after the independent oil and gas company said it's selling 3 million shares at $8.50 each, which represents a 16% discount to the stock's Monday close.

Toreador plans to use the net proceeds of $23.5 million to buy back convertible notes, with some holders expected to exercise their right on Oct. 1.

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