TransAtlantic Petroleum Announces Changes in Senior Management
HAMILTON, Bermuda, May 22, 2014 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum
Ltd. (TSX:TNP) (NYSE-MKT:TAT) (the "Company" or "TransAtlantic") today
announced that its board of directors has accepted the resignation of
President Ian J. Delahunty effective May 27, 2014. Mr. Delahunty plans to
start his own oil and gas company, but will continue to be employed by
TransAtlantic in an advisory capacity for a brief transition period.
TransAtlantic's board of directors expects to appoint Todd C. Dutton as
President of the Company and James R. Huling as Chief Operating Officer of the
Company effective May 27, 2014.
Chairman and Chief Executive Officer N. Malone Mitchell 3^rd commented, "We
are disappointed for the Company to lose Ian. He has streamlined our
operations and made significant improvements at TransAtlantic. However, I am a
longstanding supporter of entrepreneurship, and I will encourage and assist
Ian in his new venture."
Mr. Delahunty remarked, "TransAtlantic is an efficient operator with an
experienced technical team and an established framework within which to
develop its assets in Turkey and Bulgaria. With its recently acquired 3D
seismic and focused strategy, the Company is stronger than it has ever been."
Mr. Dutton, 60, has served as President of Longfellow Energy, LP
("Longfellow"), a Dallas, Texas-based independent oil and natural gas
exploration and production company owned by the Company's Chairman and Chief
Executive Officer, N. Malone Mitchell 3^rd and his family, since January 2007,
where his primary responsibility is to originate and develop oil and natural
gas projects. He brings 37 years of experience in the oil and natural gas
industry, focusing on exploration, acquisitions and property evaluation. He
has served in various supervisory and management roles at Texas Pacific Oil
Company, Coquina Oil Corporation, BEREXCO INC. and Riata Energy, Inc. Mr.
Dutton earned a B.B.A. in Petroleum Land Management from the University of
Mr. Huling, 52, has served as Chief Operating Officer of Longfellow since May
2012. From 2007 until May 2012, Mr. Huling served as President of Kiamichi
Energy Corporation, a Fort Worth, Texas-based consulting and production
company that he founded. He brings nearly 30 years of experience in reservoir
engineering, drilling and completion operations and production optimization.
Mr. Huling began his career with Kerr-McGee Corporation and subsequently held
engineering and operational roles with Encore Acquisition Company, Riata
Energy, Inc. and Ovation Energy Partners before founding Kiamichi Energy
Corporation. Mr. Huling earned a B.S. in Petroleum Engineering from the
University of Oklahoma.
"I have a longstanding working relationship with Todd and James," commented
Mr. Mitchell. "Their deep industry knowledge and ability to successfully
execute projects will result in continuity for TransAtlantic's operations, and
I am confident that our 2014 capital plan will progress as scheduled. In 2013,
they delivered 98% production growth and 202% reserves growth for Longfellow
Energy." Mr. Dutton and Mr. Huling will continue to have management
responsibilities within Longfellow Energy, which will be delineated in the
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 changes in senior management,
as well as other expectations, plans, goals, objectives, assumptions or
information about future events, conditions, capital plans, 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 Beach
Director of Investor Relations
VP & CFO
TransAtlantic Petroleum Ltd.
16803 Dallas Parkway
Addison, Texas 75001
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