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TransAtlantic Petroleum Ltd. Completes Acquisition of Thrace Basin Natural Gas


June 8, 2011 - HAMILTON, BERMUDA

TransAtlantic Petroleum Ltd. (TSX: TNP) (NYSE Amex: TAT) (the "Company" or "TransAtlantic") is pleased to announce that it has closed on the previously announced acquisition of Thrace Basin Natural Gas (Turkiye) Corporation ("TBNG"). TransAtlantic Worldwide, Ltd., a wholly owned subsidiary of the Company, acquired 100% of the shares of TBNG from Mustafa Mehmet Corporation ("MMC") in exchange for 18,500,000 of the Company's common shares, the transfer of certain overriding royalty interests (ranging from 1.0% to 2.5% of the working interests owned by TBNG on specified exploration licenses) to an affiliate of MMC and $10.0 million in cash, which was paid in November 2010 as an option fee and applied to the purchase price at closing.

With the acquisition, the Company has effectively acquired 41.5% of the total production (approximately 10.0 million cubic feet of natural gas per day, before royalty) and acreage of TBNG and Pinnacle Turkey, Inc. ("PTI") as well as all of the oilfield service assets of TBNG. The acquisition of TBNG closed contemporaneously with the closing of the purchase of PTI by Pinnacle Turkey Holding Company, LLC ("Pinnacle") and the purchase of another affiliate of MMC by Valeura Energy, Inc. ("Valeura"). Valeura and Pinnacle have effectively acquired 40.0% and 18.5%, respectively, of the production, acreage, and other assets held by TBNG and PTI.

About TransAtlantic
TransAtlantic Petroleum Ltd. is a vertically integrated, international energy company engaged in the acquisition, development, exploration, and production of crude oil and natural gas. The Company holds interests in developed and undeveloped oil and gas properties in Turkey, Morocco, Bulgaria and Romania. The Company owns its own drilling rigs and oilfield service equipment, which it uses to develop its properties in Turkey and Morocco. In addition, the Company's drilling services business provides oilfield services and drilling services to third parties in Turkey and Iraq.

(NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.)

This news release contains statements regarding the production of natural gas, as well as other expectations, plans, goals, objectives, assumptions or information about future events, conditions, results of operations or performance that may constitute forward-looking statements or information under applicable securities legislation. Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. In addition to other assumptions identified in this news release, assumptions have been made regarding, among other things, the ability of the Company to continue to develop and exploit attractive foreign initiatives.

Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Company and described in the forward-looking statements or information. These risks and uncertainties include but are not limited to the continuing ability of the Company to operate effectively internationally, reliance on current oil and gas laws, rules and regulations, volatility of oil and gas prices, fluctuations in currency and interest rates, imprecision of resource estimates, the results of exploration, development and drilling, imprecision in estimates of future production capacity, changes in environmental and other regulations or the interpretation of such regulations, the ability to obtain necessary regulatory approvals, weather and general economic and business conditions.

The forward-looking statements or information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Boe is derived by the Company by converting natural gas to oil in the ratio of six thousand cubic feet (mcf) of natural gas to one barrel (bbl) of oil. A boe conversion ratio of 6 mcf to 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Boe may be misleading, particularly if used in isolation.

Contact:
N. Malone Mitchell, 3rd
CEO
Phone: (214) 220-4323
Internet: http://www.transatlanticpetroleum.com
Address:
5910 N. Central Expressway
Suite 1755
Dallas, Texas 75206


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