TransAtlantic Petroleum Corp.

TransAtlantic Petroleum Corp.

July 20, 2005 18:38 ET

TransAtlantic Petroleum Corp. Announces Change in ANEC Debenture Terms

CALGARY, ALBERTA--(CCNMatthews - July 20, 2005) - TransAtlantic Petroleum Corp. (TSX:TNP.U) announces that the conversion price at which its debentures of American Natural Energy Corporation can be converted into common shares of American Natural 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.

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, 22.4 million shares of American Natural which would represent 36.27% of the issued and outstanding common shares of American Natural (or 20.4% if all debenture holders converted their debentures to common shares).

In addition, American Natural has proposed and is presently offering up to 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
    5910 N. Central Expressway, Suite 1755, Dallas, Texas 75206
    (214) 220-4323