TransAtlantic Petroleum Announces NYSE MKT Acceptance of Plan of Compliance
With Continued Listing Standards
HAMILTON, Bermuda, May 2, 2013 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum
Ltd. (TSX:TNP) (NYSE MKT:TAT) (the "Company") announced today that the Company
received notice from NYSE MKT LLC (the "Exchange") regarding the Company's
efforts to regain compliance with the Exchange's continued listing standards
and Sections 134 and 1101 of the Exchange's Company Guide (the "Company
The Company was afforded an opportunity to submit a plan of compliance to the
Exchange, and on April 16, 2013, the Company presented its plan to the
Exchange. On April 25, 2013, the Exchange notified the Company that it
accepted the Company's plan of compliance and granted the Company an extension
until July 1, 2013 to regain compliance with the continued listing standards.
The Company will remain listed and will be subject to the periodic review by
the staff of the Exchange during the extension period. Failure to make
progress consistent with the plan or to regain compliance with the continued
listing standards by July 1, 2013 could result in the Company being delisted
from the Exchange.
The Company had previously announced that it is not in compliance with
Sections 134 and 1101 of the Company Guide and is in material violation of its
listing agreement with the Exchange due to its failure to timely file its
Annual Report on Form 10-K for the year ended December 31, 2012 with the
Securities and Exchange Commission (the "SEC").
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.
(NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS
APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.)
This news release contains statements regarding the preparation of statements,
plans or reports, including financial statements, the filing of statements,
plans or reports with the SEC or the Exchange, 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; the negotiation and closing of
material contracts; and shortages of drilling rigs, equipment or oilfield
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
16803 Dallas Parkway, Suite 200
Addison, Texas 75001
TransAtlantic Petroleum Ltd. Logo
Press spacebar to pause and continue. Press esc to stop.