TransAtlantic Petroleum Announces Resignation of Chief Operating Officer
HAMILTON, Bermuda, Feb. 4, 2013 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum
Ltd. (TSX:TNP) (NYSE-AMEX:TAT) (the "Company" or "TransAtlantic") announced
today that Mustafa Yavuz, TransAtlantic's Chief Operating Officer, has
resigned from the Company effective January 31, 2013. In light of the recent
appointments of Ian Delahunty to the position of President, Mitch Whatley as
Vice President, Drilling and Justin Davis as Vice President, Engineering, and
the Company's ongoing evolution to a U.S.-based hub-and-spoke management
structure, TransAtlantic does not intend to seek a replacement for the Chief
Operating Officer position. Selami Uras will continue as the Company's Turkey
Country Manager, overseeing staff, government relations and in-country
business development, as he has since TransAtlantic's entry into Turkey in
N. Malone Mitchell 3^rd, TransAtlantic's Chairman and Chief Executive Officer,
said, "Mustafa Yavuz accomplished much to integrate the previous companies we
acquired and set a professional order to our operations in Turkey. He
contributed greatly to the growth of Thrace Basin Natural Gas into an
efficient and well regarded natural gas producer. Our decision to implement an
aggressive push to utilize North American technology and management to exploit
our recent discoveries resulted in a change of organizational structure
whereby we are relocating many of the senior geoscientists to Dallas and
engineering and production disciplines will also answer to Dallas-based
departmental management. Mustafa felt that his time would be best served in
Tekirdag near his family and his personal businesses. I will continue to seek
Mustafa's advice and value his friendship."
TransAtlantic Petroleum Ltd. is an international energy company engaged in the
acquisition, development, exploration and production of oil and natural gas.
The Company holds interests in developed and undeveloped oil and natural gas
properties in Turkey, Bulgaria and Romania.
The TransAtlantic Petroleum Ltd. logo is available at
(NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS
APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.)
This news release contains statements regarding the resignation of the
Company's Chief Operating Officer, the Company's intention to not replace its
Chief Operating Officer, the realignment of staff, 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. 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 we carry 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; 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: Chad Potter, VP, Financial and Investor Relations
Phone: (214) 220-4323
Address: 16803 Dallas Parkway, Suite 200, Addison, Texas 75001
TransAtlantic Petroleum Ltd. Logo
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