TransAtlantic Petroleum Corp.
TSX : TNP.U

TransAtlantic Petroleum Corp.

November 08, 2006 16:41 ET

TransAtlantic Petroleum Corp. Announces U.S. $3.9 million Non-Brokered Financing

CALGARY, ALBERTA--(CCNMatthews - Nov. 8, 2006) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

TransAtlantic Petroleum Corp. (TSX:TNP.U) announced that it has reached agreement for a U.S. $3.9 million non-brokered private placement financing. Pursuant to the financing, TransAtlantic will issue 4,600,000 Units at U.S. $0.85 per Unit. Each Unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to acquire one common share at a price of U.S. $1.05 for a period of 24 months following the closing of the financing, provided however, that if the volume weighted average closing price of TransAtlantic's common shares exceeds U.S. $1.55 per share for 20 consecutive trading days, the Company will be entitled to accelerate expiration of the warrants (thereby requiring the warrant holder to exercise the warrant within 30 days of being notified of the accelerated expiration). In connection with issuance of the Units, the Company will pay a commission of 6.5% of the gross proceeds raised.

The additional capital will be used for TransAtlantic's ongoing exploration and production activities. The financing is subject to completion of definitive agreements and due diligence, as well as approval by the Toronto Stock Exchange and other applicable regulatory agencies.

At the conclusion of this transaction, TransAtlantic will have outstanding approximately 42.7 million shares and 7.9 million share purchase warrants. The Company expects the financing to close by November 30, 2006.

TransAtlantic Petroleum Corp. is a Calgary-based oil and natural gas company with operations in the United States, Romania, Morocco, Turkey and the U.K. North Sea. Common shares of TransAtlantic are listed on the Toronto Stock Exchange under the symbol TNP.U.

This press release shall not constitute an offer to sell or the solicitation of any offer to buy the securities in any jurisdiction. The securities offered will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States, or to a U.S. Person, absent registration or an applicable exemption therefrom.

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.

NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.

Contact Information

  • TransAtlantic Petroleum Corp.
    Scott C. Larsen
    President
    (214) 220-4323
    Website: www.tapcor.com