TransAtlantic Petroleum Corp.

TransAtlantic Petroleum Corp.

April 17, 2007 14:02 ET

TransAtlantic Petroleum Corp. Announces Closing of $3.0 Million Bridge Loan

CALGARY, ALBERTA--(CCNMatthews - April 17, 2007) - TransAtlantic Petroleum Corp. (TSX:TNP.U) announced that it has closed a U.S. $3.0 million short-term standby bridge loan. The financing is being provided by Quest Capital Corp. ("Quest").

The loan is secured in part by a mortgage of the South Gillock property held by the Company's wholly-owned subsidiary, TransAtlantic Petroleum (USA) Corp., and a pledge of 100% of TransAtlantic Petroleum (USA) Corp.'s common stock. At closing, TransAtlantic paid Quest a loan fee totaling 197,119 shares of TransAtlantic common stock. In the event of any future draws under the loan, TransAtlantic will pay Quest an amount equal to 5% of the principal drawn down, payable in TransAtlantic common shares using a formula based on a discount to the five-day volume weighted average trading price. The loan must be repaid by November 30, 2007.

The additional capital will be used for the Company's ongoing exploration and production activities, as well as for working capital.

TransAtlantic is engaged in the exploration, development and production of crude oil and natural gas in the United States and in Romania, Morocco, Turkey and the U.K. North Sea. More information about TransAtlantic can be found at its website:

This news release contains statements concerning drilling plans, estimates of the costs to drill and estimates of when such plans will be executed as well as other expectations, plans, goals, objectives, assumptions, information or statements 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, oil and gas prices remaining relatively consistent with their current prices, access to the fields, availability of drilling rigs and other equipment, obtaining drilling success consistent with expectations, regulatory approvals being obtained and estimated timelines being met and the actual costs being consistent with estimated costs.

Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Company and described in the forward-looking statements or information. These risks and uncertainties include but are not limited to the tax laws and regulations, operating hazards, drilling risks, inherent uncertainties in interpreting engineering and geological data, competition, reduced availability of drilling and other well services, volatility of oil and gas prices, fluctuations in currency and interest rates, the Company's ability to access external sources of debt and equity capital, imprecision in estimating the timing and costs of drilling and development, the Company's ability to secure adequate product transportation, changes in environmental and other regulations or the interpretation of such regulations, the ability to obtain necessary regulatory approvals, weather and general economic and business conditions.

The forward-looking statements or information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.


Contact Information

  • TransAtlantic Petroleum Corp.
    Scott C. Larsen
    (214) 220-4323