Canadian-based oil and gas company TransAtlantic Petroleum (TransAtlantic) through its wholly owned subsidiary TransAtlantic Worldwide has closed the acquisition of the Thrace Basin Natural Gas (TBNG) for $18.5m.
TransAtlantic Worldwide acquired its 100% shares from Mustafa Mehmet (MMC) in exchange of the common shares of the company and transfer of working interests to an affiliate of MMC ranging from 1.0% to 2.5%.
The company has even paid an option fee of $10.0m in cash in November 2010 and applied to the purchase price at closing.
TransAtlantic effectively acquired 41.5% of the total production approximately 10.0 million cubic feet of natural gas per day, before royalty and acreage of TBNG and Pinnacle Turkey. (PTI) as well as the entire oilfield service assets of TBNG.
The acquisition of TBNG was closed with the closing of purchase of PTI by Pinnacle Turkey Holding (Pinnacle) and the purchase of another affiliate of MMC by Valeura Energy (Valeura).
Valeura and Pinnacle have effectively acquired 40.0% and 18.5% of the production, acreage and other assets held by TBNG and PTI.
TransAtlantic Petroleum is a vertically integrated, international energy company engaged in the acquisition, development, exploration, and production of crude oil and natural gas.