Press release from GlobeNewswire (a Nasdaq OMX company)
TransAtlantic Petroleum Announces Joint Venture Agreement in Bulgaria
Thursday, August 08, 2013
TransAtlantic Petroleum Announces Joint Venture Agreement in Bulgaria13:15 EDT Thursday, August 08, 2013
HAMILTON, Bermuda, Aug. 8, 2013 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (TSX:TNP) (NYSE-MKT:TAT) (the "Company" or "TransAtlantic") today announced that it has entered into a farmout agreement with Koynare Development Ltd. ("KDL"), a private oil and gas investment company. The agreement, between KDL and TransAtlantic's wholly owned subsidiary, TransAtlantic Worldwide, Ltd. ("Worldwide"), provides that KDL will fund 75% of TransAtlantic's initial $40 million work program in Bulgaria. The funds will be used by Worldwide's subsidiary and operator, Direct Petroleum Bulgaria EOOD ("Direct Bulgaria"). Under the agreement, Direct Bulgaria will assign KDL a 50% interest in the Koynare Concession Area. Direct Bulgaria will also assign a 50% interest in its ownership of the Stefanetz Concession Area in the event that the pending concession application is approved by the Bulgarian government.
"We are very pleased to have reached an agreement to invest in our natural gas development in Bulgaria. KDL agrees with our assessment of the potential in the country, and we will proceed as planned to recommence drilling the Deventci-R2 well in the next 60-90 days," commented Mr. Malone Mitchell 3rd, Chairman and Chief Executive Officer of TransAtlantic.
The assignment of the 50% interest in the Koynare Concession Area is subject to Bulgarian government approval. Direct Bulgaria currently holds a 100% interest in the concession.
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 statements concerning the drilling, completion and cost of wells, the production and sale of oil and natural gas, the acquisition of seismic data, as well as 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. In addition to other assumptions identified in this news release, assumptions have been made regarding, among other things, the ability of the Company to continue to develop and exploit attractive foreign initiatives.
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, 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, including actions by insurgent groups or other conflict; outcomes of litigation; the negotiation and closing of material contracts; shortages of drilling rigs, equipment or oilfield services.
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