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Wednesday, June 22, 2005
PRESS RELEASE–TransAtlantic Petroleum Corp. announces that effective June 20, 2005, it has sold its Bahamian subsidiary which owns the 30% interest in the concession OML 109, offshore Nigeria, to Summit Oil Limited. As part of the transaction, TransAtlantic will receive deferred payments of up to a maximum of US $16 million based on the success of the future exploration and development on the concession, and cash payments in excess of US $700,000. In addition, US $1.76 million out of the US $2.5 million reserved by TransAtlantic as an abandonment fund will be deposited into an escrow fund to address any Nigerian liabilities and claims relating to the Company’s operations in Nigeria over the past 10 years, with the balance of approximately US $720,000 to be returned to the Company. TransAtlantic believes that the funds in escrow are in excess of any potential liabilities.
In a complex multi-party transaction, a new service contractor, Tetra Petroleum Services, has replaced Nexen as service contractor on OML 109. An affiliate of Tetra has purchased the existing Ejulebe production platform and facilities and Tetra is obligated to drill at least two (2) wells in adjacent fault blocks near the currently producing Ejulebe Field. If successful, it is anticipated these wells will put into immediate production through the existing Ejulebe facilities. Drilling is anticipated to commence in the next 30 days, subject to rig availability.
TransAtlantic is engaged in the exploration, development and production of crude oil and natural gas in Morocco, Turkey and the USA and is pursuing other selected foreign opportunities.
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