TransAtlantic Exercises Option to Acquire Thrace Basin Assets
TransAtlantic Petroleum announced that TransAtlantic Worldwide, a wholly owned subsidiary of TransAtlantic Petroleum Ltd., has exercised the option under the previously announced November 8, 2010 Option Agreement to acquire Thrace Basin Natural Gas Turkiye Corporation (TBNG) and Pinnacle Turkey (PTI). Total consideration for the acquisition will be $100.0 million in cash and the issuance of 18.5 million shares of TransAtlantic Petroleum Ltd. common stock. The effective date of the acquisition will be October 1, 2010.
TBNG and PTI currently produce an aggregate of approximately 25.0 million cubic feet of natural gas per day in the Thrace Basin region of northwestern Turkey and hold interests in approximately 600,000 net onshore acres and 360,000 net offshore acres in the Thrace Basin and approximately 305,000 net onshore acres in the Gaziantep region of southeastern Turkey.
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