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TransAtlantic Petroleum Ltd

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TransAtlantic Petroleum was incorporated in 1985 under the legal guidelines of British Columbia, modified domicile to Alberta, Canada in 1997 and then to Bermuda in 2009.

In 2005, the corporate explored offshore Nigeria, offshore Benin and onshore Tunisia.
From 2005 by 2007, the company focused on the United States and divesting its Nigerian property, which was sold in 2005. TransAtlantic acquired an exploration license in Morocco, Romania, Turkey, and the UK North Sea throughout this time. Concurrently, the company acquired properties in Texas, Oklahoma and Louisiana.

In 2007, the company decided to exit its U.S. operations and focus on the event of its onshore worldwide properties. To that finish, TransAtlantic acquired extra exploration licenses in Turkey, transformed a portion of its Moroccan reconnaissance license into two exploration permits, relinquished its UK North Sea licenses and bought its U.S. pursuits.
Latest History

In April and should 2008, Mr. N. Malone Mitchell 3rd and entities under his control (collectively the “Mitchell Group”) acquired forty five% of TransAtlantic’s shares in a sequence of non-public placement offerings. TransAtlantic shifted its working technique from prospect producing to one in all vertically-integrated undertaking growth.

In December 2008, TransAtlantic acquired Longe Vitality Restricted, an oilfield drilling equipment and services supplier, from the Mitchell Group and undertook a concurrent personal placement pursuant to which Mitchell Group invested an extra US $forty two.5 million in the corporate. The oilfield service company was renamed Viking Worldwide and served TransAtlantic by providing equipment in nations the place it was not readily obtainable.

In March 2009, TransAtlantic acquired Incremental Petroleum, which was previously listed on the Australian Inventory Alternate. Incremental’s portfolio consisted of the producing Selmo oil area, a Thrace Basin natural fuel area and extra exploration acreage in Turkey.

In June 2009, TransAtlantic raised aggregate gross proceeds of CDN $162 million from Mitchell Group and out of doors traders.

In July 2009, TransAtlantic acquired Power Operations Turkey, LLC (“Talon”). Talon’s property included a 50% interest in License 3118 in Southeastern Turkey, the place Talon participated in two oil discoveries in 2008. Additionally included have been pursuits in ten different Turkish exploration licenses.

In November 2009, TransAtlantic raised aggregate gross proceeds of CDN $114 million from Mitchell Group and outdoors buyers.

In December 2009, TransAtlantic listed its frequent shares on the NYSE MKT Change why are oil prices so low underneath the image TAT. In August 2010, TransAtlantic acquired Amity Oil International Pty Ltd. (“Amity”) and Petrogas Petrol Gaz ve Petrokemya Urunleri Insaat Sanayive Ticaret A.S. (“Petrogas”). The acquisition of Amity and Petrogas gave the company working pursuits ranging from 50% to 100% in 18 exploration licenses and one manufacturing lease in Turkey .

In October 2010, the company raised gross proceeds of US $eighty five million in a registered direct providing. That very same month, TransAtlantic fracture stimulated its first well in Turkey’s Thrace Basin.

In February 2011, the company acquired Direct Petroleum Bulgaria EOOD (“Direct Bulgaria”) and Direct Petroleum Morocco, Inc. (“Direct Morocco”). The acquisition of Direct Bulgaria and Direct Morocco gave the company 100% of the working interests in the A-Lovech exploration license and Aglen block license in Bulgaria, in addition to a hundred% of the working pursuits in the why are oil prices so low Asilah and Ouezzane-Tissa exploration permits in Morocco.

In June 2011, the corporate acquired Thrace Basin Pure Fuel (Turkey) Corporation (“TBNG”). The acquisition of TBNG included interests ranging from 25% to forty one.5% in ten exploration licenses and four manufacturing leases in Turkey.

In June 2011, TransAtlantic exited operations in Morocco.
In an effort to focus exclusively on its exploration and production business, TransAtlantic offered it’s oilfield services businesses in June 2012 to a joint enterprise owned by Dalea Partners, LP (an affiliate of Mr. Mitchell) and funds suggested by Abraaj Investment Administration Limited for US $168.5 million resulting in a $36mm gain to TransAtlantic.

In May 2013, TransAtlantic acquired one hundred% of three extra exploration licenses in Turkey from ARAR Petrol ve Gaz Arama Uretim Pazarlama A.S. The licenses cowl an aggregate of one hundred fifty,000 acres and are located adjacent to its Molla licenses in Southeastern Turkey. In the same month, the company relinquished its 50% interest in the Sud Craiova license in Romania after the Romanian government quickly suspended the unconventional exploration of hydrocarbons, pending a authorities evaluate of unconventional drilling and completion strategies.

In November 2014, TransAtlantic acquired one hundred% of Stream Oil & Gas Ltd for total consideration of approximately $28 million of TransAtlantic common inventory (eighty five% of which was paid at closing and 15% of which will probably be paid within the event that certain amendments to Stream’s Albanian license agreements are obtained by August 18, 2015). The assets embrace the Gorisht, Cakran and Ballsh oil fields and the Delvina gasoline field in Albania.

At the moment
TransAtlantic is making use of North American technologies and practices to underdeveloped reserves in Turkey and Bulgaria. The company has a balanced portfolio of oil and pure gasoline and expects to have meaningful production growth from development drilling and exploration. TransAtlantic’s technical staff is experienced in horizontal drilling and hydraulic fracturing. Using 3D seismic data is resulting in a deeper understanding of the basins the place the company operates. We invite you to learn extra about our technique in Turkey and progress in Bulgaria, where we have been awarded Bulgaria’s first onshore manufacturing concession in latest history.

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