On 14 April 2010, the company ccompleted the assignment of overriding royalty rights (ORRI) to a proven multi billion cubic feet of natural gas property in North-West Bulgaria, 130km from the capital city Sofia.
The company can confirm TransAtlantic Worldwide has recently said it will close an agreement to buy Direct Petroleum Bulgaria EEOD (the current operators), Direct Petroleum Morocco and Anschutz Morocco Corp.
As per the terms of the purchase agreement, at closing, TransAtlantic Worldwide Ltd will pay DPE $2.0m in cash and will issue to DPE 8,924,478 shares of the company’s common stock in a private placement.
The deal is expected to close on 15 February 2011.1
Upon the closing of the transaction, TransAtlantic Worldwide Ltd will be the parent company of Direct Bulgaria, which owns 100% of the working interests in the A-Lovech exploration license and the Aglen block license, covering an aggregate of approximately 600,000 acres (2,288sq km) in Bulgaria.
