TransAtlantic Petroleum Corporation - Corporate Info

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Overview

TransAtlantic Petroleum Corp. is an oil and gas exploration and production company. TransAtlantic currently has operations in Romania, Morocco and Turkey. These countries were selected as targets for our exploration and development activities because they all:

have established petroleum systems
are under exploited
offer low-risk exploration or redevelopment opportunities
are politically stable
have attractive fiscal terms

TransAtlantic's focus in each of the countries in which it operates is to:

acquire and redevelop previously discovered oil and gas fields
leverage its position as an established in-country operator to access higher impact exploration opportunities
reduce financial and exploration risk by promoting projects at an early stage
co-develop projects which are commercially viable

Geographically, we operate in the Mediterranean, North Africa and Eastern Europe but will consider other areas that meet our criteria if the opportunity arises.

We have an experienced management and technical team who are committed to converting opportunities into producing oil and gas properties expeditiously and cost effectively.

The corporate office of TransAtlantic is located in Calgary, Alberta. Certain operations of TransAtlantic are conducted out of the office of its wholly owned subsidiary, TransAtlantic Petroleum (USA) Corp., located in Dallas, Texas.

The common stock of TransAtlantic Petroleum Corp. is traded on the Toronto Stock Exchange in Canadian dollars under the symbol TNP. You can view all of the Company's public filings at www.sedar.com.

View our corporate presentation (pdf 4.16 MB)

History of the Business

Summary

In 2005, TransAtlantic implemented its plan to acquire oil and gas opportunities in under-explored countries with attractive fiscal terms. It has assembled a top quality team with international exploration and operations expertise and public company experience to implement this plan. The Company currently has eleven operated projects in Romania, Morocco and Turkey and has established offices in all three countries. During 2005 and 2006, the Company 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 U.K. North Sea. In 2007, the Company added three more exploration licenses in Turkey and agreed to a farmout of one of its Turkey licenses. It also farmed out each of its Moroccan blocks after converting the reconnaissance license into two exploration permits.

In 1993, the Company acquired a 30% interest in a 215,000 acre concession, OML 109, located offshore Nigeria and drilled a successful discovery well in 1994 followed by an appraisal well in 1995. In 1996, it farmed out further development on the concession to Nexen, who invested $100 million as operator. Subsequently, the field produced 11 million cumulative barrels of oil. For the next three years, the Company's focus was to exploit two onshore Egyptian oil and gas exploration blocks. In 2001, the Company sold its Egyptian properties.

Starting in 2002, the Company focused its efforts on evaluating and acquiring lower-risk cash flow opportunities in the U.S. and disposing of its Nigerian property. The Company participated in onshore U.S. projects in Louisiana and Oklahoma. The Nigerian property was sold in June 2005 with the Company retaining a net profits interest based on future exploration success. In 2005, the Company acquired and operated the South Gillock property in South Texas and the Jarvis Dome property in East Texas. In December 2006, the Company sold its interest in the Bayou Couba property in Louisiana. The Company sold its South Gillock and Jarvis Dome properties in the fourth quarter of 2007, and the remainder of its U.S. properties are currently held for sale. The U.K. North Sea licenses expired in December 2007.

Romania

In February 2006, the Company was awarded three production licenses in Romania. The Company received final approval of the petroleum agreements covering each of the licenses in September 2007. The three licenses, Izvoru, Vanatori and Marsa, each cover approximately five square kilometers (1,200 acres) and are located within 100 kilometers of Bucharest, in an area known as the Moesin platform. All three fields produced oil and gas but were not fully developed. The licenses were awarded to the Company based upon certain work programs, such as shooting seismic and drilling or reentering wells, on each of the respective fields over a three-year period. The work programs for the three fields total about $9 million. The Company is the operator and 100% working interest owner of the fields. The Company shot a 3D seismic survey over Izvoru and 2D surveys over the other two fields in late 2006. Subject to raising additional capital or taking on a partner, the Company plans to commence workover operations in the second quarter of 2008 and drilling operations in the third quarter of 2008.

Morocco

In May 2006, the Company was awarded the Tselfat exploration permit covering 900 square kilometers (222,345 acres) in northern Morocco. The Tselfat exploration license contains three abandoned fields, Haricha, Tselfat and a portion of the Bou Draa field, which were discovered in 1954, 1918 and 1934, respectively. The Company posted a $3 million bank guarantee against a work program commitment that includes shooting a 3D survey over the Bou Draa and Haricha fields and then drilling an exploratory well to test the previously untested deeper formations. The Company also anticipates being able to recover remaining resources from the previously produced formations in each of the abandoned fields. In August 2007, the Company announced that it had agreed to farmout 50% of the permit to Sphere Petroleum QSC. The 3D survey is scheduled to commence in the first quarter of 2008.

In June 2005, the Company was awarded the Guecif - Beni Znassen reconnaissance license covering 13,750 square kilometers (3.4 million acres) in northeastern Morocco. The Company held a 60% interest in the reconnaissance license, and Stratic Energy Corporation was a 40% partner in the project. The Company reprocessed 2D seismic, flew an aeromagnetic/aerogravity survey and conducted geochemical studies in an effort to identify prospective areas on the block. In August 2007, the Company farmed out 50% of its interest to Sphere Petroleum in return for Sphere funding the current work commitments on the block. In November 2007, the reconnaissance license converted into two exploration permits covering a total of 3,893 square kilometers (962,000 acres). The Company (30%), Stratic (20%) and Sphere Petroleum (50%) plan to reenter one well and shoot a 3D seismic survey over the next three years. The Company will remain operator for this period.

Turkey

In June 2006, the Company was awarded three exploration licenses in southeastern Turkey. Two of the licenses are located near the town of Bismil on the Tigris River adjacent to two producing oil fields. The third license is located near Cizre about 60 kilometers from the Iraq border. The three licenses together cover a total of 660 square kilometers (162,762 acres) and are for a term of four years. The licenses were awarded to the Company based upon work programs on each of the respective areas involving technical studies, reprocessing of data and contingent plans for drilling wells. In September 2007, the Company announced it entered into an option with a company to evaluate one of the blocks. The Company is the operator and 100% working interest owner of the licenses. In July 2007, the Company was awarded three additional licenses, all of which are in southeastern Turkey on the border with Iran. These additional licenses will also involve a work program, including technical studies, reprocessing of data and contingent plans for drilling wells.

Corporate

In April, 2007, the Company obtained a U.S. $3.0 million short-term standby bridge loan from Quest Capital Corp. ("Quest"). The loan is secured in part by a pledge of 100% of TransAtlantic Petroleum (USA) Corp.'s common stock. At closing, the Company paid Quest a loan fee totaling 132,353 shares of TransAtlantic common stock at a deemed price of $0.68 per share. In addition, the Company paid Quest an amount equal to 5% of the principal drawn down, payable in TransAtlantic common shares using a formula based on a discount to the five-day volume weighted average trading price. The Company drew down $1.0 million on April 16, 2007 and issued 64,766 shares to Quest at a deemed issue price of $0.77 per share. The Company drew down $1.5 million on May 9, 2007 and issued 102,174 shares to Quest at a deemed issue price of $0.73 per share. The Company drew down $500,000 on June 6, 2007 and issued 65,074 shares to Quest at a deemed issue price of $0.38 per share. On August 10, 2007, the Company and Quest increased the loan facility to $4.0 million, and the Company drew down the additional $1.0 million and issued 139,456 shares to Quest at a deemed issue price of $0.58 per share. On November 13, 2007, the Company paid down $2.0 million in principal on the loan in connection with the sale of the Company's South Gillock property and extended the maturity date on the outstanding principal balance of $2.0 million to March 31, 2008. The outstanding principal balance bears interest at an effective annual rate of 16.27%.

In December 2006, the Company completed a private placement resulting in gross proceeds of $3.85 million dollars. The Company issued a total of 4.5 million Units at a price of $0.85 per Unit and issued a total of 219,375 share purchase warrants as finders' fees. Each Unit consisted of one common share and one warrant entitling the holder to purchase one common share at $1.05. Each warrant is for a term of two years and will expire December 4, 2008 but may be accelerated if the weighted average trading price of the common shares of the Company on the Exchange exceeds $1.55 for 20 consecutive days.

In November 2005, the Company completed a private placement resulting in gross proceeds of $4.25 million dollars. The Company issued a total of 5.0 million Units at a price of $0.85 per Unit and issued a total of 375,000 Units as broker fees. Each Unit consisted of one common share and one half warrant with each whole warrant entitling the holder to purchase one common share at $1.05. Each warrant was for a term of two years and all expired unexercised in November 2007.

In January 2004, the Company reorganized its capital structure when its shareholders approved a five-for-one consolidation of the Company's outstanding common shares. In February 2004, the Company completed a private placement resulting in gross proceeds of $7.635 million dollars. The Company issued a total of 7.635 million Units at a price of $1.00 per Unit and issued a total of 337,500 Units as finders' fees. Each Unit consisted of one common share and one warrant entitling the holder to purchase one common share at $1.50. Each warrant was for a term of two years and all expired unexercised in January 2006.


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