TransAtlantic Petroleum
Company History
TransAtlantic Petroleum was incorporated in 1985 under the laws of British Columbia. In 1997, it changed its domicile to Alberta, Canada, and later to Bermuda in 2009. The company shifted its focus to developing onshore international properties in 2007. Significant milestones include acquiring Longe Energy Limited in December 2008, raising CDN $162 million in June 2009, and listing its common shares on the NYSE MKT Exchange under the symbol TAT in December 2009. TransAtlantic exited operations in Morocco in June 2011 and transitioned into a privately-held company in December 2020.
Major Acquisitions
In March 2009, TransAtlantic Petroleum acquired Incremental Petroleum, adding the Selmo oil field and a natural gas field in the Thrace Basin. The company acquired Energy Operations Turkey, LLC in July 2009, obtaining a 50% interest in License 3118 in Southeastern Turkey. Acquisitions continued with Amity Oil International Pty Ltd and Petrogas Petrol Gaz ve Petrokemya Urunleri Insaat Sanayive Ticaret A.S. in August 2010, and Direct Petroleum Bulgaria EOOD and Direct Petroleum Morocco, Inc. in February 2011. In November 2014, TransAtlantic acquired 100% of Stream Oil & Gas Ltd.
Technological Utilization
TransAtlantic Petroleum employs advanced North American technology to explore and develop resources in Turkey. The company utilizes 3D seismic data, horizontal and directional drilling, and hydraulic fracture stimulation to enhance oil and gas production. This technological approach is part of their three-part strategy to increase production and cash flow, which includes focusing on horizontal drilling in the Molla area and redeveloping the Selmo Field.
Fundraising and Financial Milestones
In June 2009, TransAtlantic Petroleum raised CDN $162 million from Mitchell Group and outside investors. In December 2009, the company raised an additional CDN $114 million from the same sources. October 2010 saw the company raising US $85 million in a registered direct offering. In June 2012, TransAtlantic sold its oilfield services businesses for US $168.5 million. These financial activities have supported the company's expansion and technological advancements.
Corporate Structure and Headquarters
TransAtlantic Petroleum's corporate office is located at 8115 Preston Road Suite 800, Dallas, TX 75225. The company underwent a domicile change to Bermuda in 2009, positioning itself strategically for its international operations. In December 2020, TransAtlantic merged with TAT Merger Sub LLC, resulting in its status as a privately-held company.