TransAtlantic Petroleum Corp.

TransAtlantic Petroleum Corp.

September 07, 2005 09:36 ET

TransAtlantic Petroleum Corp. Awarded Licenses Covering 6 Blocks In North Sea

CALGARY, ALBERTA--(CCNMatthews - Sept. 7, 2005) - TransAtlantic Petroleum Corp. (TSX:TNP.U) announces it that its wholly owned subsidiary, TransAtlantic Worldwide Ltd., has been awarded licenses covering six (6) blocks in the U.K North Sea 23rd Seaward Licensing Round.

TransAtlantic was awarded 100% interest and operatorship in the 6 blocks which cover 1,500 sq. km. (370,500 acres) in the Mid North Sea High identified as Blocks 36/3, 36/4, 36/5, 36/8, 36/9 and 37/1. The acreage is in an under-explored area of the North Sea, approximately 90 miles to the east of Newcastle, between the larger producing areas of the Southern Gas Basin and Central North Sea. The blocks have been awarded to TransAtlantic under the "Promote License" initiative. TransAtlantic has a two-year period within which to conduct technical studies, acquire and reprocess seismic data on the licensed area and can perpetuate the license by committing, prior to the end of the second year, to drilling an exploratory well before the forth anniversary of license.

The 6 blocks awarded to TransAtlantic are adjacent to 20 contiguous blocks awarded to an ExxonMobil/Shell partnership. The ExxonMobil/Shell partnership has committed to drill one exploration well in the initial four-year term on their awarded blocks.

TransAtlantic is engaged in the exploration, development and production of crude oil and natural gas in the USA, has interests in Morocco and Turkey and is pursuing other 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