HAMILTON, Bermuda, Aug. 8, 2013 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (TSX:TNP) (NYSE-MKT:TAT) (the "Company" or "TransAtlantic") today announced that it has entered into a farmout agreement with Koynare Development Ltd. ("KDL"), a private oil and gas investment company. The agreement, between KDL and TransAtlantic's wholly owned subsidiary, TransAtlantic Worldwide, Ltd. ("Worldwide"), provides that KDL will fund 75% of TransAtlantic's initial $40 million work program in Bulgaria. The funds will be used by Worldwide's subsidiary and operator, Direct Petroleum Bulgaria EOOD ("Direct Bulgaria"). Under the agreement, Direct Bulgaria will assign KDL a 50% interest in the Koynare Concession Area. Direct Bulgaria will also assign a 50% interest in its ownership of the Stefanetz Concession Area in the event that the pending concession application is approved by the Bulgarian government.
TransAtlantic Petroleum Announces Joint Venture Agreement In Bulgaria
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