Paris Shale-Oil Ban Makes Toreador Casualty of Public Outcry
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Toreador Resources Corp. Chief Executive Officer Craig McKenzie’s optimism about oil from the shale rock around Paris -- some even under the Eiffel Tower -- boosted the company’s shares to a record in January.
Six months on, France is set to become the first country in the world to outlaw the drilling technique that’s vital to Toreador’s success. The company has tumbled as much as 79 percent from its high to $3.77 in Nasdaq Stock Market trading, wiping out $374 million in market value.