TransAtlantic Petroleum Ltd. Signs Agreement With Shell Regarding Sivas Basin Exploration Activities
HAMILTON, BERMUDA -- (MARKET WIRE) -- 03/20/12 -- TransAtlantic Petroleum Ltd. (TAT) (TSX: TNP) (NYSE Amex: TAT) is pleased to announce that it has signed an agreement with Shell Upstream Turkey BV ("Shell") pursuant to which Shell will co-fund a 2012 TransAtlantic program to collect 1,000 kilometers of 2D seismic data and approximately 8,000 kilometers of airborne gravity gradiometry and magnetic data in Turkey's Sivas Basin, where TransAtlantic holds exploration licenses covering approximately 1.6 million acres. The agreement provides an option for Shell to farm in on the leases after it assesses the data collected.
N. Malone Mitchell, 3rd, TransAtlantic's Chairman and Chief Executive Officer, stated, "We are pleased to have Shell join TransAtlantic in exploring the complex geology of the Sivas Basin. This region is underexplored but has the potential to hold meaningful accumulations of hydrocarbons. We welcome the knowledge, technical capabilities and commitment that Shell brings to the project and look forward to working with Shell's team in reviewing the seismic and aeromag data, collection of which has already begun."
TransAtlantic Petroleum Ltd. is an international oil and natural gas company engaged in the acquisition, development, exploration and production of oil and natural gas. The Company holds interests in developed and undeveloped oil and gas properties in Turkey, Bulgaria and Romania.
(NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.)
Forward Looking Statements
This news release contains statements regarding the Company's plans for the acquisition and interpretation of seismic, gravity gradiometry and magnetic data, implementation agreements and future activity in Turkey with Shell, as well as other expectations, plans, goals, objectives, assumptions or information about future events, conditions, results of operations or performance that may constitute forward-looking statements or information under applicable securities legislation. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. In addition to other assumptions identified in this news release, assumptions have been made regarding, among other things, the ability of the Company to continue to develop and exploit attractive foreign initiatives.
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 the continuing ability of the Company to operate effectively internationally, reliance on current oil and gas laws, rules and regulations, volatility of oil and gas prices, fluctuations in currency and interest rates, imprecision of resource estimates, the results of exploration, development and drilling, imprecision in estimates of future production capacity, changes in environmental and other regulations or the interpretation of such regulations, the ability to obtain necessary regulatory approvals, weather and general economic and business conditions.
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.
Contact: Chad Potter VP, Financial and Investor Relations Phone: (214) 220-4323 Internet: http://www.transatlanticpetroleum.com Address: 16803 Dallas Parkway Suite 200 Addison, Texas 75001
Source: TransAtlantic Petroleum Ltd.