TransAtlantic Petroleum Corp.

TransAtlantic Petroleum Corp.

September 01, 2005 12:28 ET

TransAtlantic Petroleum Corp. Announces Purchase of ANEC Common Shares

CALGARY, ALBERTA--(CCNMatthews - Sept. 1, 2005) - TransAtlantic Petroleum Corp. (TSX:TNP.U), by press release dated September 1, 2005, announced that it has purchased 2,237,136 shares of American Natural Energy Corporation ("ANEC") pursuant to ANEC's private placement dated August 16, 2005. The purchase price was U.S. $268,456.32 or U.S. $0.12 per share, and was effectively paid by an offset of monies owed by ANEC to TransAtlantic in respect of oil and gas interests held by TransAtlantic in properties operated by ANEC.

TransAtlantic also owns U.S. $3 million principal amount of 8% convertible secured debentures of ANEC, which are convertible into 20 million common shares of ANEC at a price of US$0.15 per share. The common shares acquired on the private placement and the shares issuable on conversion of the debentures would aggregate 22,237,136 common shares of ANEC, which would represent 32.5% of the issued and outstanding common shares of ANEC if TransAtlantic converted all of its debentures into common shares of ANEC and no other debentures were converted (or 17.8% 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.

TransAtlantic acquired and holds the ANEC debentures and common shares for investment purposes and except as aforesaid has no current plans to acquire additional securities, or control over additional securities, of ANEC, although TransAtlantic may acquire or dispose of securities of ANEC 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