HAMILTON, Bermuda, March 4, 2014 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (TSX:TNP) (NYSE-MKT:TAT) (the "Company" or "TransAtlantic") today announced that the Company's shareholders have approved a one-for-ten reverse stock split of the Company's issued and outstanding common shares (the "Reverse Split"). The Reverse Split will become effective on March 6, 2014. On the NYSE-MKT, trading of the Company's common shares on a split-adjusted basis is expected to begin on Friday, March 7, 2014. On the TSX, trading of the Company's common shares on a split-adjusted basis is expected to begin on Monday, March 10, 2014.
The Reverse Split was previously disclosed in the proxy materials distributed to the Company's shareholders in connection with the special shareholders' meeting held on March 4, 2014 to approve an amendment to the Company's Memorandum of Continuance and the Company's Bye-laws to effect the Reverse Split. TransAtlantic's common shares will continue to trade on the NYSE-MKT under the symbol TAT and on the TSX under the symbol TNP with a new CUSIP number of G89982 113.
As a result of the Reverse Split, every ten common shares of TransAtlantic will be consolidated into one common share of TransAtlantic, thus reducing the number of common shares issued and outstanding from approximately 373.8 million to approximately 37.4 million (subject to adjustment for fractional shares). As a result of the Reverse Split, proportional adjustments will be made automatically to the number of authorized common shares and to all restricted stock units (subject to adjustment for fractional shares).
No fractional shares will be issued in connection with the Reverse Split. Instead, the Company's transfer agent will aggregate all fractional shares that otherwise would have been issued as a result of the Reverse Split and those shares will be sold into the market. Shareholders who would have held a fractional share of the Company will receive a cash payment from the net proceeds of that sale in lieu of such fractional share.
TransAtlantic has retained its transfer agent, Computershare Investor Services, Inc., to act as exchange agent for the Reverse Split. The exchange agent will manage the exchange of pre-split shares for post-split shares. As soon as practicable, the exchange agent will provide TransAtlantic shareholders of record as of the effective time of the Reverse Split with a letter of transmittal providing instructions for the exchange of certificates representing pre-split common shares for post-split common shares. Shareholders who hold their shares in street name may be contacted by the banks or brokers holding the shares with any relevant instructions.
About TransAtlantic Petroleum Ltd.
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 and Bulgaria.
(NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.)
This news release contains forward-looking statements, including information concerning the Reverse Split. 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 are disclosed in the Company's reports filed with the Securities and Exchange Commission. These risks and uncertainties could cause actual results to differ materially from those anticipated by the Company and described in the forward-looking statements or information. 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: Taylor Miele Director of Investor Relations (214) 265-4746 Ian Delahunty President (214) 220-4323 TransAtlantic Petroleum Ltd. 16803 Dallas Parkway Addison, Texas 75001 http://www.transatlanticpetroleum.com
Source:TransAtlantic Petroleum Ltd.