TransAtlantic Petroleum Corp.

TransAtlantic Petroleum Corp.

July 27, 2005 11:23 ET

CORRECTION FROM SOURCE: TransAtlantic Petroleum Corp. Announces Correction to ANEC Debenture Terms Press Release

CALGARY, ALBERTA--(CCNMatthews - July 27, 2005) - TransAtlantic Petroleum Corp. (TSX:TNP.U), by press release dated July 20, 2005, announced that the conversion price at which its debentures of American Natural Energy Corporation ("ANEC") can be converted into common shares of ANEC has been reduced to U.S. $0.15 per share, and concurrently the maturity date of the debentures has been extended to September 30, 2006. The following corrects certain inaccuracies contained in the press release dated July 20, 2005.

TransAtlantic currently owns U.S. $3 million principal amount of 8% convertible secured debentures of American Natural. If TransAtlantic converted all of its debentures into common shares of American Natural and no other debentures were converted, it would own, on a fully diluted basis, 20 million (corrected from 22.4 million) shares of American Natural which would represent 34.5% of the issued and outstanding common shares of American Natural (or 17.8% (corrected from 20.4%) if all debenture holders converted their debentures to common shares). However, in the original Debenture offering by ANEC in October 2003, TransAtlantic entered into an undertaking with the TSX Venture Exchange that it would not convert its Debentures into ANEC shares to the extent that its holdings of ANEC shares issued upon conversion of the Debentures would equal or exceed 20% of the outstanding common shares of ANEC at the time of such conversion.

In addition, American Natural has proposed and is presently offering up to 16.7 million (corrected from 2 million) common shares of American Natural at a price of U.S. $0.12 per share in a private placement offering. TransAtlantic is currently contemplating participating in American Natural's private placement offering. TransAtlantic acquired and holds the American Natural debentures for investment purposes and except as aforesaid has no current plans to acquire additional securities, or control over additional securities, of American Natural, although TransAtlantic may acquire or dispose of securities of American Natural from time to time in the future.

TransAtlantic is engaged in the exploration, development and production of crude oil and natural gas in Morocco, Turkey and the USA and is pursuing other selected foreign opportunities.

This press release includes projections and other "forward-looking" statements. All statements other than statements of historical facts included in this press release, including statements regarding projected reserves and upside potential are forward-looking statements. The statements involve risks that could significantly impact TransAtlantic Petroleum Corp. These projections and statements reflect the Company's current views with respect to future events and financial performance. No assurances can be given that these events will occur or that these projections will be achieved and actual results could differ materially from those projected. Important factors that could cause actual results to differ from the Company's expectations include, but are not limited to, adverse general economic conditions, operating hazards, drilling risks, inherent uncertainties in interpreting engineering and geological data, competition, reduced availability and costs of drilling and other well services, fluctuations in oil and gas prices, government regulation and foreign political risks, as well as other risks.


Contact Information

  • TransAtlantic Petroleum Corp.
    Scott C. Larsen
    (214) 220-4323
    5910 N. Central Expressway, Suite 1755, Dallas, Texas 75206