HAMILTON, Bermuda, Feb. 24, 2017 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (TSX:TNP) (NYSE-MKT:TAT) announced the closing of the sale of its wholly-owned subsidiary, Thrace Basin Natural Gas (Turkiye) Corporation, to Valeura Energy Netherlands B.V.. The Company also announced that it will present at the EnerCom Dallas oil and gas investment conference.
Sale of TBNG
TransAtlantic successfully closed the sale of TBNG to Valeura for gross proceeds of US$20.9 million, and approximate net proceeds of US$16.3 million effective as of March 31, 2016. The purchase price is subject to post-closing adjustments, and the Company has agreed to escrow US$3.1 million of the gross proceeds for 30 days to satisfy any agreed upon purchase price adjustments.
N. Malone Mitchell, 3rd, the Chairman of the Board of Directors and Chief Executive Officer of the Company, stated, “Valeura has been a great partner, and we are pleased to see the transaction completed. We anticipate the success of their further development of the associated licenses.”
Presentation at EnerCom Dallas
TransAtlantic’s management will be presenting at the EnerCom Dallas oil and gas conference in Dallas on Thursday, March 2, 2017 at 4:00 p.m. Central Time.
A live webcast of the event and presentation of slides will be available on TransAtlantic’s website at www.transatlanticpetroleum.com. To access the webcast, click on “Investors,” select “Events & Presentations,” and click on “Listen to webcast” under the event listing.
About TransAtlantic
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, Albania and Bulgaria.
