TransAtlantic Petroleum Announces Joint Venture Agreement in Bulgaria
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
"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 3^rd,
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
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
TransAtlantic Petroleum Ltd.
16803 Dallas Parkway
Addison, Texas 75001
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