TransAtlantic acquires Energy Operations Turkey

Published Jul 27, 2009
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TransAtlantic Petroleum announces award of exploration permit in Morocco-Spotlight

TransAtlantic Petroleum Corp. has acquired Energy Operations Turkey, LLC (EOT) for total consideration of $7.75 million, including a $1.5 million promissory note payable in one year. EOT's assets include a 50% interest in License 3118, where in 2008 EOT participated in two oil discoveries, interests in ten other exploration licenses, inventory and seismic data. The acquisition provides TransAtlantic with the opportunity to expand its operations, achieve scale, and extend its vertical integration strategy in southeastern Turkey.

License 3118 (50% interest), which covers approximately 96,000 gross acres, is located near the city of Diyarbakir in southeastern Turkey. In April and September 2008, EOT participated in the drilling of the Arpatepe-1 and Arpatepe-2 wells, which represent Turkey's first and second economic discoveries of crude oil from deeper, Paleozoic sandstone formations. The wells, which flowed naturally and were not stimulated, had initial production rates of 440 and 190 gross barrels per day from limited perforations.

The wells are currently producing an aggregate of approximately 120 gross barrels per day. Matthew McCann, the Company's CEO, said, "Arpatepe represents an opportunity to establish an additional leg of production to complement our production in the Selmo oil field and the Thrace Basin gas field. In addition to the two existing producing wells, which have potential beyond their current production rates, EOT has a number of highly prospective drilling locations."

Tags: TransAtlantic Petroleum Corp.


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