Development

• Maximizing returns by reducing drilling and operating costs
• Pursue projects that will permit development from existing cash flow, without the need to tie up excessive capital "building reserves"

Exploration

• Prioritizing opportunities, balancing risk with reward and near-term with longer-term projects, resulting in advancing projects with asymmetric upside
• Working to reduce costs by utilizing the Company's own equipment, planning for "scale," and partnering out risk

Joint Venture Opportunities

• Seek to lower risk and accelerate activity
• Expand TransAtlantic's opportunities

Goal

• Create a fully funded, international, vertically integrated E&P company