2009-09-21-2009-07-24-2009-07-24

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
7MM
Description

Purchased half interest of License 3118 in southeastern Turkey with 2 oil discoveries in 2008, interests in 10 additional exploration licenses, gaining 120 BO/d gross.

Calgary-based TransAtlantic Petroleum Corp. (Toronto: TNP; OTCBB: TAPFF) has acquired Energy Operations Turkey LLC for US$7.08 million (C$7.75 million). Acquired assets include a half interest of License 3118 in southeastern Turkey, where Energy Operations Turkey participated in two oil discoveries in 2008 and had interests in 10 additional exploration licenses, inventory and seismic data. The purchase will allow TransAtlantic to expand its operations and vertical integration in Turkey. The license area covers some 96,000 gross acres near Diyarbakir, Turkey. Energy Operations Turkey participated in drilling the Arpetepe-1 and Arpetepe-2 wells, which were the first two economic discoveries from the nation's deeper Paleozoic sands, with unstimulated production of 440 barrels of oil per day 190 barrels per day gross from limited perforations. Currently, the two wells produce 120 gross barrels per day.