TransAtlantic Petroleum Announces Closing of TBNG Sale and Presentation at EnerCom Dallas
February 24 2017 - 01:55PM
TransAtlantic Petroleum Ltd. (TSX:TNP)
(NYSE-MKT:TAT) (the “Company” or “TransAtlantic”) today announced
the closing of the sale of its wholly-owned subsidiary, Thrace
Basin Natural Gas (Turkiye) Corporation (“TBNG”), to Valeura Energy
Netherlands B.V. (“Valeura”). The Company also announced that
it will present at the EnerCom Dallas oil and gas investment
conference.
Sale of TBNG
TransAtlantic successfully closed the sale of
TBNG to Valeura for gross proceeds of US$20.9 million, and
approximate net proceeds of US$16.3 million effective as of
March 31, 2016. The purchase price is subject to post-closing
adjustments, and the Company has agreed to escrow US$3.1 million of
the gross proceeds for 30 days to satisfy any agreed upon purchase
price adjustments.
N. Malone Mitchell, 3rd, the Chairman of the
Board of Directors and Chief Executive Officer of the Company,
stated, “Valeura has been a great partner, and we are pleased to
see the transaction completed. We anticipate the success of
their further development of the associated licenses.”
Presentation at EnerCom
Dallas
TransAtlantic’s management will be presenting at
the EnerCom Dallas oil and gas conference in Dallas on Thursday,
March 2, 2017 at 4:00 p.m. Central Time.
A live webcast of the event and presentation of
slides will be available on TransAtlantic’s website at
www.transatlanticpetroleum.com. To access the webcast, click
on “Investors,” select “Events & Presentations,” and click on
“Listen to webcast” under the event listing.
About TransAtlantic
TransAtlantic Petroleum Ltd. is an international
oil and natural gas company engaged in the acquisition,
exploration, development and production of oil and natural gas. The
Company holds interests in developed and undeveloped properties in
Turkey, Albania and Bulgaria.
(NO STOCK EXCHANGE, SECURITIES
COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR
DISAPPROVED THE INFORMATION CONTAINED HEREIN.)
Forward-Looking Statements
This news release contains statements concerning
the Company's 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.
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 Company's
ability to continue as a going concern; access to sufficient
capital; ability to refinance, repay or restructure its debt;
success of cost reduction efforts; market prices for natural gas;
natural gas liquids and oil products; estimates of reserves and
economic assumptions; the ability to produce and transport natural
gas, natural gas liquids and oil; the results of exploration and
development drilling and related activities; economic conditions in
the countries and provinces in which the Company carries on
business, especially economic slowdowns; actions by governmental
authorities, receipt of required approvals, increases in taxes,
legislative and regulatory initiatives relating to fracture
stimulation activities, changes in environmental and other
regulations, and renegotiations of contracts; political uncertainty
and civil unrest, including actions by insurgent groups or other
conflict; outcomes of litigation; the negotiation and closing of
material contracts; and other risks described in the Company's
filings with the SEC.
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.
Contacts:
Chad D. Burkhardt
Vice President, General Counsel and Corporate Secretary
(214) 265-4705
TransAtlantic Petroleum Ltd.
16803 Dallas Parkway
Addison, Texas 75001
http://www.transatlanticpetroleum.com