HAMILTON, Bermuda, Nov. 18, 2014 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (NYSE-MKT:TAT) (TSX:TNP) (the "Company" or "TransAtlantic") announced today the successful completion of its previously announced acquisition of Stream Oil & Gas Ltd. (TSX-V:SKO) ("Stream"). The Company also announced Douglas Nester as its Vice President of Albania.
Effective today, TransAtlantic closed the acquisition of all of Stream's outstanding common shares in exchange for up to 3.8 million common shares of TransAtlantic in accordance with an Arrangement Agreement with Stream. Per the Arrangement Agreement, 0.04812 of a common share of TransAtlantic was issued at closing for each Stream common share and an additional 0.00845 of a common share of TransAtlantic will be issued for each Stream common share if certain amendments to Stream's Albanian license agreements are received on or before August 18, 2015. In connection with the closing today, TransAtlantic issued approximately 3.2 million common shares.
TransAtlantic's Vice President of Albania, Douglas Nester, 57, has more than 30 years of global experience in the management of oil and gas operations. Most recently, he served as the Chief Operating Officer of Iraq for the Korea Gas Corporation (KOGAS), which included operating Iraq's largest free gas reservoir, the Akkas Field, located near the Syrian border. He also served as Chief Operating Officer and Director of Prime Offshore LLC, where he managed the development of its U.S. offshore oil and gas fields. Mr. Nester began his career as a geoscientist with Pennzoil, before co-founding 3DX Technologies Inc., a technology-based company that merged engineering and sub-surface disciplines with the emerging use of 3D seismic data. After the public offering of 3DX Technologies, he joined Devon Energy Corporation (Santa Fe Energy Resources Inc.) as Vice President of International Exploration and later served as International E&P Manager for Latin America, Africa and the Middle East. Mr. Nester holds a B.S. degree in Geology from the Indiana University of Pennsylvania, performed his Master's studies in Geology at the University of Houston and received an M.B.A. in Finance from the University of Saint Thomas.
"We see significant potential for growth in Albania and look forward to increasing the value of these assets," commented TransAtlantic Chairman and Chief Executive Officer Malone Mitchell 3rd. "Doug Nester has both the experience and the integrity to manage their development, and we are very pleased to have him at TransAtlantic. With his leadership, we expect to implement significant engineering and technology upgrades to a broader base of oil and gas reserves."
Stream's common shares will be de-listed from trading on the TSX Venture Exchange shortly following closing.
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.)
This news release contains statements concerning the possible issuance of TransAtlantic shares in connection with certain amendments to Stream's Albanian license agreements being received on or before August 18, 2015, and other 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 failure of the parties to obtain necessary approvals, or to otherwise satisfy the remaining conditions to the arrangement in a timely manner, or at all.
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 Beach Director of Investor Relations (214) 265-4746 TransAtlantic Petroleum Ltd. 16803 Dallas Parkway Addison, Texas 75001 http://www.transatlanticpetroleum.com
Source:TransAtlantic Petroleum Ltd.