History
Early History
TransAtlantic Petroleum was incorporated in 1985 under the laws of British Columbia, changed domicile to Alberta, Canada in 1997 and then to Bermuda in 2009.
In 2005, the Company explored offshore Nigeria, offshore Benin and onshore Tunisia.
From 2005 through 2007, the Company focused on the United States and divesting its Nigerian property, which was sold in 2005. TransAtlantic acquired an exploration license in Morocco, Romania, Turkey, and the UK North Sea during this time. Concurrently, the Company acquired properties in Texas, Oklahoma and Louisiana.
In 2007, the Company determined to exit its U.S. operations and focus on the development of its onshore international properties. To that end, TransAtlantic acquired additional exploration licenses in Turkey, converted a portion of its Moroccan reconnaissance license into two exploration permits, relinquished its UK North Sea licenses and sold its U.S. interests.
In 2005, the Company explored offshore Nigeria, offshore Benin and onshore Tunisia.
From 2005 through 2007, the Company focused on the United States and divesting its Nigerian property, which was sold in 2005. TransAtlantic acquired an exploration license in Morocco, Romania, Turkey, and the UK North Sea during this time. Concurrently, the Company acquired properties in Texas, Oklahoma and Louisiana.
In 2007, the Company determined to exit its U.S. operations and focus on the development of its onshore international properties. To that end, TransAtlantic acquired additional exploration licenses in Turkey, converted a portion of its Moroccan reconnaissance license into two exploration permits, relinquished its UK North Sea licenses and sold its U.S. interests.
Recent History
In April and May 2008, Mr. N. Malone Mitchell 3rd and entities under his control (collectively the "Mitchell Group") acquired 45% of TransAtlantic’s shares in a series of private placement offerings. TransAtlantic shifted its operating strategy from prospect generating to one of vertically-integrated project development.
In December 2008, TransAtlantic acquired Longe Energy Limited, an oilfield drilling equipment and services provider, from the Mitchell Group and undertook a concurrent private placement pursuant to which Mitchell Group invested an additional US $42.5 million in the Company. The oilfield service company was renamed Viking International and served TransAtlantic by providing equipment in countries where it was not readily available.
In March 2009, TransAtlantic acquired Incremental Petroleum, which was previously listed on the Australian Stock Exchange. Incremental's portfolio consisted of the producing Selmo oil field, a Thrace Basin natural gas field and additional exploration acreage in Turkey.
In June 2009, TransAtlantic raised aggregate gross proceeds of CDN $162 million from Mitchell Group and outside investors.
In July 2009, TransAtlantic acquired Energy Operations Turkey, LLC ("Talon"). Talon's assets included a 50% interest in License 3118 in Southeastern Turkey, where Talon participated in two oil discoveries in 2008. Also included were interests in ten other Turkish exploration licenses.
In November 2009, TransAtlantic raised aggregate gross proceeds of CDN $114 million from Mitchell Group and outside investors.
In December 2009, TransAtlantic listed its common shares on the NYSE MKT Exchange under the symbol TAT. In August 2010, TransAtlantic acquired Amity Oil International Pty Ltd. ("Amity") and Petrogas Petrol Gaz ve Petrokemya Urunleri Insaat Sanayive Ticaret A.S. ("Petrogas"). The acquisition of Amity and Petrogas gave the Company working interests ranging from 50% to 100% in 18 exploration licenses and one production lease in Turkey .
In October 2010, the Company raised gross proceeds of US $85 million in a registered direct offering. That same month, TransAtlantic fracture stimulated its first well in Turkey's Thrace Basin.
In February 2011, the Company acquired Direct Petroleum Bulgaria EOOD ("Direct Bulgaria") and Direct Petroleum Morocco, Inc. ("Direct Morocco"). The acquisition of Direct Bulgaria and Direct Morocco gave the Company 100% of the working interests in the A-Lovech exploration license and Aglen block license in Bulgaria, as well as 100% of the working interests in the Asilah and Ouezzane-Tissa exploration permits in Morocco.
In June 2011, the Company acquired Thrace Basin Natural Gas (Turkey) Corporation ("TBNG"). The acquisition of TBNG included interests ranging from 25% to 41.5% in ten exploration licenses and four production leases in Turkey.
In June 2011, TransAtlantic exited operations in Morocco.
In an effort to focus exclusively on its exploration and production business, TransAtlantic sold it's oilfield services businesses in June 2012 to a joint venture owned by Dalea Partners, LP (an affiliate of Mr. Mitchell) and funds advised by Abraaj Investment Management Limited for US $168.5 million resulting in a $36mm gain to TransAtlantic.
In May 2013, TransAtlantic acquired 100% of three additional exploration licenses in Turkey from ARAR Petrol ve Gaz Arama Uretim Pazarlama A.S. The licenses cover an aggregate of 150,000 acres and are located adjacent to its Molla licenses in Southeastern Turkey. In the same month, the Company relinquished its 50% interest in the Sud Craiova license in Romania after the Romanian government temporarily suspended the unconventional exploration of hydrocarbons, pending a government review of unconventional drilling and completion techniques.
In November 2014, TransAtlantic acquired 100% of Stream Oil & Gas Ltd for total consideration of approximately $28 million of TransAtlantic common stock (85% of which was paid at closing and 15% of which will be paid in the event that certain amendments to Stream’s Albanian license agreements are received by August 18, 2015). The assets include the Gorisht, Cakran and Ballsh oil fields and the Delvina gas field in Albania.
In December 2008, TransAtlantic acquired Longe Energy Limited, an oilfield drilling equipment and services provider, from the Mitchell Group and undertook a concurrent private placement pursuant to which Mitchell Group invested an additional US $42.5 million in the Company. The oilfield service company was renamed Viking International and served TransAtlantic by providing equipment in countries where it was not readily available.
In March 2009, TransAtlantic acquired Incremental Petroleum, which was previously listed on the Australian Stock Exchange. Incremental's portfolio consisted of the producing Selmo oil field, a Thrace Basin natural gas field and additional exploration acreage in Turkey.
In June 2009, TransAtlantic raised aggregate gross proceeds of CDN $162 million from Mitchell Group and outside investors.
In July 2009, TransAtlantic acquired Energy Operations Turkey, LLC ("Talon"). Talon's assets included a 50% interest in License 3118 in Southeastern Turkey, where Talon participated in two oil discoveries in 2008. Also included were interests in ten other Turkish exploration licenses.
In November 2009, TransAtlantic raised aggregate gross proceeds of CDN $114 million from Mitchell Group and outside investors.
In December 2009, TransAtlantic listed its common shares on the NYSE MKT Exchange under the symbol TAT. In August 2010, TransAtlantic acquired Amity Oil International Pty Ltd. ("Amity") and Petrogas Petrol Gaz ve Petrokemya Urunleri Insaat Sanayive Ticaret A.S. ("Petrogas"). The acquisition of Amity and Petrogas gave the Company working interests ranging from 50% to 100% in 18 exploration licenses and one production lease in Turkey .
In October 2010, the Company raised gross proceeds of US $85 million in a registered direct offering. That same month, TransAtlantic fracture stimulated its first well in Turkey's Thrace Basin.
In February 2011, the Company acquired Direct Petroleum Bulgaria EOOD ("Direct Bulgaria") and Direct Petroleum Morocco, Inc. ("Direct Morocco"). The acquisition of Direct Bulgaria and Direct Morocco gave the Company 100% of the working interests in the A-Lovech exploration license and Aglen block license in Bulgaria, as well as 100% of the working interests in the Asilah and Ouezzane-Tissa exploration permits in Morocco.
In June 2011, the Company acquired Thrace Basin Natural Gas (Turkey) Corporation ("TBNG"). The acquisition of TBNG included interests ranging from 25% to 41.5% in ten exploration licenses and four production leases in Turkey.
In June 2011, TransAtlantic exited operations in Morocco.
In an effort to focus exclusively on its exploration and production business, TransAtlantic sold it's oilfield services businesses in June 2012 to a joint venture owned by Dalea Partners, LP (an affiliate of Mr. Mitchell) and funds advised by Abraaj Investment Management Limited for US $168.5 million resulting in a $36mm gain to TransAtlantic.
In May 2013, TransAtlantic acquired 100% of three additional exploration licenses in Turkey from ARAR Petrol ve Gaz Arama Uretim Pazarlama A.S. The licenses cover an aggregate of 150,000 acres and are located adjacent to its Molla licenses in Southeastern Turkey. In the same month, the Company relinquished its 50% interest in the Sud Craiova license in Romania after the Romanian government temporarily suspended the unconventional exploration of hydrocarbons, pending a government review of unconventional drilling and completion techniques.
In November 2014, TransAtlantic acquired 100% of Stream Oil & Gas Ltd for total consideration of approximately $28 million of TransAtlantic common stock (85% of which was paid at closing and 15% of which will be paid in the event that certain amendments to Stream’s Albanian license agreements are received by August 18, 2015). The assets include the Gorisht, Cakran and Ballsh oil fields and the Delvina gas field in Albania.
Today
TransAtlantic is applying North American technologies and practices to underdeveloped reserves in Turkey. The Company has a balanced portfolio of oil and natural gas and expects to have meaningful production growth from development drilling and exploration. TransAtlantic’s technical team is experienced in horizontal drilling and hydraulic fracturing. The use of 3D seismic data is resulting in a deeper understanding of the basins where the Company operates. We invite you to learn more about our strategy in Turkey.
In December 2020, TransAtlantic’s shareholders approved an agreement and plan of merger pursuant to which TransAtlantic merged with and into TAT Merger Sub LLC. TAT Merger Sub LLC is a wholly-owned subsidiary of TAT Holdco LLC, an entity beneficially owned by the holders of TransAtlantic’s the Series A Preferred Stock. The transactions contemplated by the merger agreement closed on December 18, 2020, resulting in TransAtlantic becoming a privately-held company, with its common shares being suspended from trading on the NYSE American and the Toronto Stock Exchange. Soon thereafter, TAT Merger Sub LLC was renamed TransAlantic Petroleum LLC, with the company now operating under that name.
In December 2020, TransAtlantic’s shareholders approved an agreement and plan of merger pursuant to which TransAtlantic merged with and into TAT Merger Sub LLC. TAT Merger Sub LLC is a wholly-owned subsidiary of TAT Holdco LLC, an entity beneficially owned by the holders of TransAtlantic’s the Series A Preferred Stock. The transactions contemplated by the merger agreement closed on December 18, 2020, resulting in TransAtlantic becoming a privately-held company, with its common shares being suspended from trading on the NYSE American and the Toronto Stock Exchange. Soon thereafter, TAT Merger Sub LLC was renamed TransAlantic Petroleum LLC, with the company now operating under that name.
