TransAtlantic to acquire concessions in Poland

|About: TransAtlantic Petroleum Ltd. (TAT)|By:, SA News Editor

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%.