VLE Valeura Energy

CALGARY, Feb. 10 /CNW/ -- /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S./ CALGARY, Feb. 10 /CNW/ - Valeura Energy Inc. ("Valeura" or the "Corporation") (TSX-V: "VLE") is pleased to announce that it received notice today that TransAtlantic Worldwide Ltd. ("TransAtlantic"), a wholly-owned affiliate of TransAtlantic Petroleum Ltd., exercised the option set forth in the option agreement dated November 8, 2010 previously announced by TransAtlantic to acquire all of the shares of Thrace Basin Natural Gas Turkiye Corporation and Pinnacle Turkey, Inc. for consideration of US$100 million in cash and 18.5 million common shares of TransAtlantic Petroleum Ltd. The effective date of the acquisition will be October 1, 2010.  The exercise of the option by TransAtlantic was one of the conditions to the previously announced conditional offer (the "Offer") between TransAtlantic and Valeura whereby Valeura has agreed to acquire (the "Acquisition") natural gas production of approximately 10.0 mmcfd (net before royalties), 546,030 net acres of land in the Thrace and Anatolian basins of Turkey (the "Assets") and exposure to a world-class unconventional tight gas opportunity in the Thrace Basin for a purchase price of approximately US$61.5 million in cash. Additional information with respect to the Acquisition and the Assets, including other conditions required to be satisfied prior to closing of the Acquisition, are set forth in the Corporation's February 9, 2011 press release. The Corporation is also pleased to announce that, while trading of its stock was temporarily halted in accordance with TSX Venture Exchange's customary practices for a transaction of this nature, trading of its common shares on the TSX Venture Exchange resumed on February 10, 2011. ABOUT THE CORPORATION Valeura Energy Inc. is a Canada-based public company currently engaged in the exploration, development and production of petroleum and natural gas in Turkey and Western Canada. The Corporation is continuing to pursue a strategy to expand internationally in Turkey and to other selected countries in the Middle East and North Africa region, the Mediterranean Basin and Latin America. FORWARD-LOOKING INFORMATION This news release contains certain forward‐looking statements relating, but not limited, to the proposed Acquisition and the satisfaction of conditions for closing thereof and tight gas opportunities in the Thrace Basin of Turkey. The Corporation cautions readers and prospective investors in the Corporation's securities not to place undue reliance on forward‐looking information as, by its nature, it is based on current expectations regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could cause actual results to differ materially from those currently anticipated by the Corporation. Forward-looking information is based on management's current expectations and assumptions. The forward‐looking information included in this news release is expressly qualified in its entirety by this cautionary statement. The forward‐looking information included herein is made as of the date hereof and Valeura assumes no obligation to update or revise any forward‐looking information to reflect new events or circumstances, except as required by law. Additional information relating to Valeura is also available on SEDAR at www.sedar.com. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/February2011/10/c9897.html pJim McFarland, President and CEObr/ Valeura Energy Inc.br/ (403) 930-1150br/ a href="mailto:jmcfarland@valeuraenergy.com"jmcfarl/aa href="mailto:jmcfarland@valeuraenergy.com"and@valeuraenergy.com/a/p p align="justify"Steve Bjornson, CFObr/ Valeura Energy Inc.br/ (403) 930-1151br/ a href="mailto:sbjornson@valeuraenergy.com"sbjorn/aa href="mailto:sbjornson@valeuraenergy.com"son@valeuraenergy.com/a/p p align="justify"a href="http://www.valeuraenergy.com"www.valeuraenergy.com/a/p

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