TRANSATLANTIC PETROLEUM LTD.

TRANSATLANTIC PETROLEUM LTD. terminated the registration of a class of securities, ending its reporting obligation for them.

listing compliance notice

TRANSATLANTIC PETROLEUM LTD.'s exchange filed to remove a class of its securities from listing.

listing compliance notice

Completed the going-private merger effective December 18, 2020: every common share not already held by the buying group was cancelled for $0.13 cash, and the shares were delisted from NYSE American - ending TransAtlantic's run as a public company after 13 years, with ownership consolidated in the hands of Chairman Mitchell's family and the other Series A Preferred holders.

business combination

Received a NYSE American listing-deficiency notice after reporting a $17.3 million shareholders' equity deficit and net losses in each of the last five fiscal years - a stark confirmation of the financial deterioration behind the pending buyout.

listing compliance notice

Signed a definitive merger agreement: a new entity controlled by 100% of its Series A Preferred holders (essentially Chairman Mitchell's family and a handful of other preferred investors) would buy out every other common shareholder for $0.13 cash per share - taking the company fully private under the same insiders who had financed and partly owned it for over a decade.

business combination

Disclosed a non-binding letter of intent for a going-private buyout: a group holding about 80% of its Series A Preferred Shares - led by Chairman Mitchell's own Longfellow and Dalea entities - proposed buying out all remaining common shareholders at $0.13 cash per share.

material agreement

Took on a new $20 million DenizBank term loan while simultaneously amending the Dalea promissory note and the PSIL services agreement (both Mitchell-linked) - insider financing arrangements and bank debt kept being renegotiated in parallel.

debt financing

Borrowed a further $20.4 million from DenizBank at 6% to launch a new drilling program at Selmo, deepening its reliance on Turkish bank debt, and decided to pay the upcoming dividends on its 12% preferred shares in cash; a related party pledged Ankara real estate as extra collateral in return for a fee of 5% a year on its $5.2 million deemed value.

debt financing

Exchanged most of its 13% convertible notes for a new 12% Series A Convertible Redeemable Preferred Stock at $50/share, plus a small $5.3 million cash raise - swapping one expensive security for another rather than paying down debt with cash it didn't have.

capital raising announcement

Agreed to sell Thrace Basin Natural Gas Turkiye - the asset it fought to keep for itself back in 2011 rather than let Valeura Energy have it - to that same Valeura Energy for $22 million, a fraction of what it had once been prepared to pay to acquire it.

material agreement

Refinanced away from its longstanding Standard Bank/BNP Paribas/IFC senior facility onto a new $30 million term loan with Turkey's DenizBank, unwinding hedges and freeing up $8.5 million of previously restricted cash in the process.

debt financing

Reduced the $11.5 million note it was owed by Dalea (from the 2012 Viking sale) to about $7.96 million, in exchange for canceling a $3.5 million payable a former subsidiary owed to Viking International - effectively forgiving debt in the chairman's favor rather than collecting it in cash.

material agreement

Borrowed against a new $5 million convertible note from ANBE Holdings - an entity owned by Chairman Mitchell's children - at 13% interest, deepening the company's reliance on the Mitchell family for financing as public capital markets stayed shut to it.

capital raising announcement

Launched a process to sell its Albania assets and operations - barely a year after acquiring them in the Stream deal - as it looked to raise cash amid the prolonged oil price downturn.

production update

Raised $37.7 million (with another $9.7 million pending) through a private placement of 13% convertible notes maturing 2017 - expensive debt reflecting how much harder financing had gotten as oil prices collapsed through late 2014.

capital raising announcement

Closed the Stream Oil & Gas acquisition, gaining three onshore oil fields and a natural gas concession in Albania covering about 75,000 net acres - though Viking International, still linked to Chairman Mitchell, already held a services relationship and a promissory note with Stream.

asset acquisition disposition

Announced an agreement to acquire Calgary-listed Stream Oil & Gas Ltd., adding Albania oil and gas assets to its Turkey-centered portfolio.

business combination

Closed the sale of its Viking oilfield-services business to the Dalea/Abraaj joint venture, and immediately signed ongoing master services agreements to keep buying drilling, stimulation and other oilfield services from the newly independent (but still insider-linked) Viking companies.

asset acquisition disposition

Signed the definitive agreement to sell Viking to Dalea for $164 million ($152.5 million cash plus an $11.5 million note from Dalea, guaranteed by Mr. Mitchell personally); the deal was negotiated and approved by a special committee of independent directors given the obvious conflict of interest, with Dalea expected to bring in Abraaj as a partner before closing.

material agreement

Agreed, in a non-binding letter of intent, to sell its entire oilfield-services business (Viking International and Viking Geophysical) to a new entity jointly owned by Dalea Partners (Chairman Mitchell's company) and private-equity firm Abraaj Investment for $164 million - a major related-party divestment that would hand a profitable unit to the chairman's own venture.

material agreement

Closed its direct purchase of Thrace Basin Natural Gas Turkiye from Mustafa Mehmet Corporation, paying an extra $10 million cash on top of the shares already committed for an additional 6.5% interest in production and acreage - ending the year-long TBNG/PTI saga with TransAtlantic itself as owner rather than Valeura Energy.

asset acquisition disposition

Replaced its original three-year Standard Bank/BNP Paribas facility with a new five-year amended and restated credit facility, using part of the proceeds to repay the $30 million bridge loan taken out for the Amity/Petrogas purchase.

listing compliance notice

Signed a direct purchase agreement with Mustafa Mehmet Corporation to buy all of Thrace Basin Natural Gas Turkiye itself, for 18.5 million shares plus royalty interests - choosing to acquire the asset outright rather than route it through the stalled Valeura negotiation.

capital raising announcement

Raised roughly $80.6 million by placing 30.4 million shares at $2.80 each - though shares sold to Chairman Mitchell or his affiliates were carved out of the placement agents' fee, underscoring how large a role insider participation played even in its 'public' raises.

material agreement

Agreed to buy Amity Oil International and Petrogas from Zorlu Holding for about $96.5 million cash, gaining interests in 18 exploration licenses and one production lease across roughly 2 million gross acres in Turkey's Thrace Basin and central Turkey - the company's biggest acquisition yet.

debt financing

Arranged up to $100 million in new financing from Dalea Partners (the chairman's company) specifically to fund the pending acquisitions of Amity Oil International and Petrogas - the company's largest deal to date depended on insider capital to close.

security holder rights change

Lined up its first real bank facility - a three-year, up-to-$250 million senior credit line with Standard Bank and BNP Paribas - to fund Turkish oil and gas development, starting with a $30 million initial borrowing base. This began weaning the company off pure insider financing and onto conventional reserve-based bank debt.

debt financing

the New York Stock Exchange certified TRANSATLANTIC PETROLEUM LTD.'s securities for listing, clearing them to begin trading.

listing compliance notice

Completed a court-approved continuance from Alberta, Canada to Bermuda, formally renaming itself TransAtlantic Petroleum Ltd. - the identity this company's SEC record carries for the rest of its life - with 253.6 million common shares outstanding.

capital raising announcement