Dalea would assign the acquired interests to a joint venture held by Dalea and funds advised by Abraaj Investment Management.

Sale proceeds were $167.2m of which $155.7m were offered in cash and $11.5m in promissory note from Dalea.

TransAtlantic said it a portion of the net proceeds from the sale were used to meet its $73m credit agreement with Dalea, $11m credit facility with Dalea, its $0.9 million promissory note with Viking Drilling and its $1.8m credit agreement with a Turkish bank.

TransAtlantic plans to use between $50m- $60m of the remaining net proceeds to reduce outstanding borrowings with Standard Bank and BNP Paribas.

TransAtlantic Petroleum chairman Malone Mitchell said, "The sale immediately strengthens the Company’s balance sheet and reduces administrative complexity just as we are evaluating the early stages of a development program in the Thrace Basin, continuing to test additional Thrace Basin structures, and testing potential resource plays in southeastern Turkey."