TransAtlantic Petroleum Ltd. was incorporated in 1985 under the laws of British Columbia, changed domicile to Alberta in 1997 and then to Bermuda in 2009.
In 1992, the Company acquired a 30% interest in OML 109, a 215,000-acre concession located offshore Nigeria. TransAtlantic successfully drilled a discovery well in 1994 and an appraisal well in 1995 in the Ejulebe field on OML 109, and the Ejulebe field produced approximately 11 million barrels of crude oil through 2005. Following its participation in OML 109, TransAtlantic drilled several exploration wells offshore Benin and onshore Tunisia.
During 2005, 2006 and 2007, the Company focused on acquiring high-impact international properties, evaluating and acquiring lower-risk cash flow opportunities in the United States and disposing of its Nigerian property, which was sold in 2005. During 2005 and 2006, TransAtlantic acquired an exploration permit and a reconnaissance license in Morocco, three production blocks in Romania, three exploration licenses in Turkey, and two promote round licenses covering six blocks in the UK North Sea. During this same period, the Company also acquired properties in Texas and participated as a non-operator in four other properties in Texas, Oklahoma, and Louisiana.
In 2007, the Company determined to exit its U.S. operations and focus on the development of its onshore international properties. To that end, TransAtlantic acquired three additional exploration licenses in Turkey, converted a portion of its Moroccan reconnaissance license into two exploration permits, relinquished its UK North Sea licenses, sold its domestic properties.
In 2008, TransAtlantic changed its operating strategy from prospect generator to a vertically-integrated project developer. This followed the acquisition of 45% of the Company's shares by Mr. N. Malone Mitchell 3rd (TransAtlantic's Chairman), his family members, entities under Mr. Mitchell's control, and certain associates of Mr. Mitchell (collectively "Mitchell Group") in a series of private placements in April and May 2008.
To execute this new strategy, in December 2008 TransAtlantic acquired Longe Energy Limited, a business entity which provided oil field drilling equipment and services, from the Mitchell Group and undertook a concurrent private placement pursuant to which Mitchell Group invested an additional US $42.5 million in the Company.
In March 2009, TransAtlantic acquired Incremental Petroleum, formerly listed on the Australian Stock Exchange. Incremental's portfolio consisted of the producing Selmo oil field, a Thrace Basin gas field and additional exploration acreage in Turkey.
In June 2009, TransAtlantic raised aggregate gross proceeds of CDN $162 million from Mitchell Group and outside investors.
In July 2009, TransAtlantic acquired Energy Operations Turkey, LLC ("Talon"). Talon's assets included a 50% interest in License 3118, where in 2008 Talon participated in two oil discoveries, and interests in ten other Turkish exploration licenses.
In November 2009, TransAtlantic raised aggregate gross proceeds of CDN $114 million from Mitchell Group and outside investors.
In December 2009, TransAtlantic listed its common shares on the NYSE MKT Exchange under the trading symbol "TAT".
In August 2010, TransAtlantic acquired Amity Oil International Pty Ltd. ("Amity") and Petrogas Petrol Gaz ve Petrokemya Urunleri Insaat Sanayive Ticaret A.S. ("Petrogas"). The acquisition of Amity and Petrogas gave the Company working interests ranging from 50% to 100% in 18 exploration licenses and one production lease in Turkey.
In October 2010, the Company raised aggregate gross proceeds of US $85 million in a registered direct offering, and the Company fractured stimulated its first well in Turkey's Thrace Basin.
In February 2011, the Company acquired Direct Petroleum Bulgaria EOOD ("Direct Bulgaria") and Direct Petroleum Morocco, Inc. ("Direct Morocco"). The acquisition of Direct Bulgaria and Direct Morocco gave the Company 100% of the working interests in the A-Lovech exploration license and the Aglen block license in Bulgaria, as well as 100% of the working interests in the Asilah and Ouezzane-Tissa exploration permits in Morocco.
In June 2011, the Company acquired Thrace Basin Natural Gas (Turkiye) Corporation ("TBNG"). The acquisition of TBNG gave us interests ranging from 25% to 41.5% in ten exploration licenses and four production leases in Turkey.
In 2011, TransAtlantic determined to focus exclusively on its exploration and production business and exit operations in Morocco. To that end, in June 2012, TransAtlantic sold it oilfield services businesses to a joint venture owned by Dalea Partners, LP ("Dalea", an affiliate of Mr. Mitchell) and funds advised by Abraaj Investment Management Limited for a total sales price of $168.5 million.
TransAtlantic is applying technologies and practices developed in the mature sedimentary basins of the U.S. to the Company's underexplored, underdeveloped opportunities in Turkey, Bulgaria, and Romania. The Company has a balanced portfolio with meaningful growth potential from development drilling at Selmo oil field and The Thrace Basin and exploration upside from five million net undeveloped acres in Turkey, Bulgaria, and Romania.