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.
"We are very pleased to have reached an agreement to invest in our natural gas development in Bulgaria. KDL agrees with our assessment of the potential in the country, and we will proceed as planned to recommence drilling the Deventci-R2 well in the next 60-90 days," commented Mr. Malone Mitchell 3 rd, Chairman and Chief Executive Officer of TransAtlantic.
The assignment of the 50% interest in the Koynare Concession Area is subject to Bulgarian government approval. Direct Bulgaria currently holds a 100% interest in the concession.About TransAtlantic TransAtlantic Petroleum Ltd. is an international oil and natural gas company engaged in the acquisition, exploration, development and production of oil and natural gas. The Company holds interests in developed and undeveloped properties in Turkey and Bulgaria. (NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.) Forward-Looking Statements This news release contains statements concerning the drilling, completion and cost of wells, the production and sale of oil and natural gas, the acquisition of seismic data, as well as other expectations, plans, goals, objectives, assumptions or information about future events, conditions, results of operations or performance that may constitute forward-looking statements or information under applicable securities legislation. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. In addition to other assumptions identified in this news release, assumptions have been made regarding, among other things, the ability of the Company to continue to develop and exploit attractive foreign initiatives.