HAMILTON, Bermuda, Feb. 18, 2014 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (TSX:TNP) (NYSE:TAT) (the "Company" or "TransAtlantic") today announced that it has entered into a farmout agreement with Onshore Petroleum Company AS ("Onshore"), a private oil and gas company based in Oslo, Norway.
The agreement between Onshore and TransAtlantic's wholly owned subsidiary, TransAtlantic Turkey, Ltd. ("TransAtlantic Turkey"), provides that Onshore will fund 100% of TransAtlantic Turkey's initial exploration well, up to $3.5 million, on its Idil License in southeastern Turkey. Expenses over $3.5 million will be split equally between Onshore and TransAtlantic Turkey. Under the agreement, TransAtlantic Turkey and Selsinsan Petrol Maden T.O. San ve Tic. Ltd. Sti. will assign Onshore a 50% interest in the Idil License, which covers approximately 123,000 acres. TransAtlantic Turkey and Selsinsan Petrol Maden T.O. San ve Tic. Ltd. Sti. currently hold a 100% interest in the license.
"We are very pleased to have a partnership with Onshore Petroleum on the Idil license. They bring valuable experience from Northern Iraq and Turkey to the project. We expect to spud our first exploration well to test the Mardin formation in the Cretaceous interval in the second quarter of 2014," commented Ian Delahunty, President of TransAtlantic.About TransAtlantic Petroleum Ltd. 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 transfer of interests in exploration licenses, 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.