TransAtlantic Petroleum Completes Acquisition of Thrace Basin Natural Gas

Thursday, June 9, 2011      
 

TransAtlantic Petroleum Ltd. announces 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.

 

Join 80,000 oil and gas professionals who receive our weekly newsletter.

You may unsubscribe at any time with one click.

Article Tags

TransAtlantic Petroleum Turkey Middle East Acquisitions & Mergers


This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More


Related News


Upcoming OilVoice Training Course

Petroleum Geology of West Africa (Two Day Course)
Please note that this course is spread over two days. The course reviews the key regional controls on petroleum systems and prospectivity across the West African continental margin, covering all onshore, shelfal and deepwater settings between South Africa and Morocco. This second run of the course h...
London - 10 Jun


Trainer
Duncan Macgregor

Cost
£1000

Discount Code
OilVoice-10 for 10% off any course.View Course

All OilVoice Training Courses
Popular Headlines View all
Latest Opinion View all
Join 80,000 other oil and gas professionals

Network with others, build your profile, and receive the latest oil and gas news in your inbox. It's free!

Create profile
OilVoice Training All upcoming

About

OilVoice, established in 2002, is your leading source of upstream news, jobs and industry information.


Newsletter

Each week we send our weekly industry round-up. Why not try it? You may unsubscribe at any time.

Contact OilVoice

Milton Keynes
United Kingdom
Phone: +44 207 993 5991
Contact Us


Stay Connected


2015 © OilVoice  .  Privacy Policy  .  Terms of Service  .  Oil Careers  .  Advertise with us