TransAtlantic Petroleum Announces the Payment of the Upcoming Dividend on its Series A Preferred Shares in Common Shares
August 28 2020 - 5:10PM
TransAtlantic Petroleum Ltd. (TSX: TNP) (NYSE
American: TAT) (the “Company” or “TransAtlantic”) today announced
that it has elected to pay the upcoming quarterly dividends on its
12.0% Series A Convertible Redeemable Preferred Shares (“Series A
Preferred Shares”) in its Common Shares, par value $0.10 per share
(“Common Shares”), as permitted by the certificate of designation
for the Series A Preferred Shares. The upcoming quarterly dividends
are payable on September 30, 2020 to holders of record on September
15, 2020. The Common Shares issued as dividends on the Series A
Preferred Shares will be listed on the NYSE American and the
Toronto Stock Exchange.
About TransAtlantic
The Company 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 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 upcoming dividend on the Series A Preferred Shares as well as
the Company’s expectations, plans, goals, objectives, assumptions,
and information about future events, conditions, exploration,
production, results of operations, and 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 occurrence of
any event, change, or other circumstances that could give rise to
the termination of the Agreement and Plan of Merger (the “Merger
Agreement”), dated August 7, 2020, pursuant to which an affiliate
of a group of holders representing 100% of the Series A Preferred
Shares would acquire all of the outstanding common shares of the
Company for $0.13 per share in cash (the “Merger”); the inability
to obtain the requisite shareholder approval for the proposed
Merger or the failure to satisfy other conditions to completion of
the proposed Merger; risks that the proposed transaction disrupts
current plans and operations; the ability to recognize the benefits
of the Merger; the amount of the costs, fees, and expenses and
charges related to the Merger; the Company’s ability to continue as
a going concern; well development results; access to sufficient
capital; market prices for natural gas, natural gas liquids, and
oil products, including price changes resulting from coronavirus
fears as well as oil oversupply concerns; estimates of reserves and
economic assumptions; the ability to produce and transport natural
gas, natural gas liquids, and oil products; the results of
exploration and development drilling and related activities; the
effects of the coronavirus on the Company’s operations, demand for
oil and natural gas as well as governmental actions in response to
the coronavirus; economic conditions in the countries and provinces
in which the Company carries on business, especially economic
slowdowns; actions by governmental authorities; the unwinding of
the Company’s hedges against a decline in the price of oil; receipt
of required approvals; increases in taxes; legislative and
regulatory initiatives relating to fracture stimulation activities;
changes in environmental and other regulations; renegotiations of
contracts; political uncertainty, including sanctions, armed
conflicts, and actions by insurgent groups; outcomes of litigation;
the negotiation and closing of material contracts; and other risks
described in the Company’s filings with the Securities and Exchange
Commission.
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.
Contact:
Tabitha T. BaileyVice President, General Counsel, and Corporate
Secretary(214) 265-4708
TransAtlantic Petroleum Ltd.16803 Dallas ParkwayAddison, Texas
75001http://www.transatlanticpetroleum.com
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