TransAtlantic Petroleum Corp. (TSX:TNP.U) announces it has entered into an agreement to acquire a 50% interest in five (5) onshore exploration licenses in southeastern Turkey. This participation is in furtherance of the Company's objectives of pursuing foreign objectives while building a base of domestic US production.
The Company has the exclusive option to acquire a 50% interest in five (5) exploration licenses which cover 239,744 hectares (approximately 500,000 acres) in southeastern Turkey located on the border with Syria from Polmak Sondaj Sanayii A.S. The Polmak licenses are adjacent to the existing production. The Company will reprocess 2D seismic over five (5) prospects which have been identified on the licenses and analyze other available data to confirm their potential. Provided the outcome of the Company's evaluation of the data supports the drilling of one or more of the prospects, the Company will acquire a 50% interest in the licenses on a "heads up" basis. The Company expects to complete its evaluation of the data by September and anticipates drilling the initial well on the licenses prior to year end.
TransAtlantic is engaged in the exploration, development and production of crude oil and natural gas in the USA, has interests in Nigeria and is pursuing other foreign opportunities.
(NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.)
Contacts:
Scott C. Larsen, President
Phone: (214) 220-4323
Internet: http://www.tapcor.com
Address: 5910 N. Central Expressway, Suite 1755
Dallas, Texas 75206
This press release includes projections and other "forward-looking" statements. All statements other than statements of historical facts included in this press release, including statements regarding projected reserves and upside potential are forward-looking statements. The statements involve risks that could significantly impact TransAtlantic Petroleum Corp. These projections and statements reflect the Company's current views with respect to future events and financial performance. No assurances can be given that these events will occur or that these projections will be achieved and actual results could differ materially from those projected. Important factors that could cause actual results to differ from the Company's expectations include, but are not limited to, adverse general economic conditions, operating hazards, drilling risks, inherent uncertainties in interpreting engineering and geological data, competition, reduced availability and costs of drilling and other well services, fluctuations in oil and gas prices, government regulation and foreign political risks, as well as other risks.
