TransAtlantic 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.
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