TransAtlantic Petroleum Announces Engagement of Financial Advisor to Market the Company and Provides Updates on Drilling Program & Prospects in the Thrace Basin
The Company has formed a strategic committee of the board of directors, headed by
There is no assurance that the strategic alternatives process will result in the Company completing a sale of the Company or its assets. Except as described below, the Company does not intend to make any further announcements regarding strategic alternatives unless and until a final decision has been made by its board of directors. The Company will provide a management presentation and investor update in the first two weeks of February. At that time, the Company will provide further views on the timeline of this process.
Update on Drilling Program and 3-D Seismic Program
As previously disclosed, on
With receipt of proceeds from the 2017 Term Loan, the Company has launched a new drilling program. The Company has executed a drilling contract with
The Company has acquired approximately 116 square miles of new 3D seismic data during the summer of 2017 as an extension to the Company’s existing 3D seismic coverage in the Molla Area of southeast
Update on the Evaluation of Prospects in the
The Company is continuing to evaluate its prospects in the
The Company is an international oil and natural gas company engaged in the acquisition, exploration, development, and production of oil and natural gas. The Company holds interests in developed and undeveloped properties in
(NO STOCK EXCHANGE, SECURITIES COMMISSION, OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.)
This news release contains statements concerning the marketing of the Company, the entry 2017 Term Loan and the use of proceeds therefrom, the Company’s drilling program, the 3D seismic program, and the evaluation of the Company’s prospects in the
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, access to sufficient capital; market prices for natural gas, natural gas liquids and oil products; estimates of reserves and economic assumptions; the ability to produce and transport natural gas, natural gas liquids, and oil products; the results of exploration and development drilling and related activities; economic conditions in the countries and provinces in which the Company carries on business, especially economic slowdowns; actions by governmental authorities; receipt of required approvals; increases in taxes; legislative and regulatory initiatives relating to fracture stimulation activities; changes in environmental and other regulations; renegotiations of contracts; political uncertainty, including actions by insurgent groups or other conflict; outcomes of litigation; the negotiation and closing of material contracts; and other risks described in the Company’s filings with the
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.
Vice President, General Counsel and Corporate Secretary
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Source: TransAtlantic Petroleum Ltd.