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TransAtlantic to acquire concessions in Poland

  • TransAtlantic Petroleum (TAT) signs a term sheet agreement with San Leon Energy (SLGYF) and Hutton Energy in which TAT would receive a 50% interest in nine Polish concessions encompassing 1.9M gross acres.
  • TAT will fund $5M of past expenses in the concession blocks and fund 100% of the cost to drill and complete two wells and re-enter and stimulate four wells.
  • TAT will take over operatorship of the concessions and fund its 50% share of all G&A costs going forward; San Leon's interest is reduced to 37.5%.
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