2011-06-21-2010-11-12-2011-06-08

Acquired company with stake in 600,000 net onshore acres and 360,000 net offshore acres in the Thrace Basin of Turkey, gaining 25 MMcf/d.

TransAtlantic Worldwide Ltd., a subsidiary of TransAtlantic Petroleum Ltd., Dallas, (Toronto: TNP; Amex: TAT) has completed the acquisition of Thrace Basin Natural Gas (Turkiye) Corp. fromTurkey-based Mustafa Mehmet Corp. for approximately $71.2 million in cash and stock.

TransAtlantic issued 18.5 million shares valued at approximately US$61.2 million and paid US$10 million in cash in November 2010 as an option fee. The company also transferred certain overriding royalty interests (ranging from 1.0% to 2.5% of the working interests) to an affiliate of Mustafa Mehmet.

TransAtlantic also plans to close the purchase of related-company Pinnacle Turkey Inc.

The two companies' assets include approximately 600,000 net onshore acres and 360,000 net offshore acres in the Thrace Basin of Turkey. Production is approximately 25 million cubic feet of gas per day. The assets also include oil-field service equipment and related assets, including five drilling rigs.

The companies' assets include approximately 600,000 net onshore acres and 360,000 net offshore acres in the Thrace Basin of Turkey. Production is approximately 25 million cubic feet of gas per day.

TransAtlantic has effectively acquired 41.5% of the total production and acreage of TBNG and Pinnacle Turkey Inc. and all of the oilfield service assets of Thrace Basin Natural. Production is approximately 10 million cubic feet of gas per day, before royalty.

The acquisition of Thrace Basin Natural closed contemporaneously with the closing of the purchase of PTI by Pinnacle Turkey Holding Co. LLC and the purchase of another affiliate of Mustafa Mehmet by Valeura Energy Inc. Valeura and Pinnacle have effectively acquired 40% and 18.5%, respectively, of the production, acreage, and other assets held by Thrace Basin Naturaland PTI.