Past year: ▼ 73%(17.0c – 64.0c CAD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Apr 2011capital raising announcement▲ GoodMajor
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.
21 Apr 2011material agreement● Neutral
Extended the Valeura Energy negotiating window again, to April 25, 2011 - the third extension without a signed deal.
6 Apr 2011listing compliance notice● Neutral
Got a waiver on its original Standard Bank facility excusing a delay in delivering audited 2010 financial statements without a going-concern qualification, plus more time for its Q1 2011 unaudited financials.
24 Mar 2011material agreement● Neutral
Extended its exclusive negotiating window with Valeura Energy over the PTI stake to April 4, 2011 - the second deadline push in this negotiation.
8 Mar 2011material agreement● Neutral
Extended the Petrogas gas-license compliance deadline under its Standard Bank facility a third time, to April 1, 2011.
24 Feb 2011capital raising announcement● Neutral
Issued 8.9 million shares to Direct Petroleum Exploration as part of a January 2011 asset purchase, with piggyback registration rights attached.
14 Feb 2011material agreement● Neutral
Opened talks to sell a 61.54% stake in Pinnacle Turkey (part of the TBNG/PTI package under option) to Valeura Energy for about $61.5 million - a possible partial exit from the MMC deal rather than buying it all itself.
29 Dec 2010material agreement● Neutral
Extended, for a second time, the deadline for its Petrogas subsidiary to obtain a Turkish natural gas wholesale license before triggering a required $4 million debt paydown under its Standard Bank facility.
30 Nov 2010material agreement▼ Bad
Got a waiver on its original Standard Bank credit facility after a reserves-report deadline slipped, but the waiver came with a borrowing-base cut to $37 million from $45 million until an updated reserve report was delivered.
12 Nov 2010capital raising announcement● Neutral
Paid $10 million for an option to acquire Thrace Basin Natural Gas Turkiye and Pinnacle Turkey for $100 million cash plus 18.5 million shares - the opening move in what would become a year-long, repeatedly-extended negotiation.
28 Sept 2010material agreement● Neutral
Its Viking International subsidiary agreed to provide management and marketing services to Viking Petrol Sahasi Hizmetleri, an entity indirectly owned by Chairman Mitchell, for cost reimbursement plus an 8% management fee - another related-party services arrangement.
28 Sept 2010material agreement● NeutralMajor
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.
30 Aug 2010asset acquisition disposition● Neutral
Borrowed $30 million from Standard Bank on a short-term basis to help finance the Amity/Petrogas purchase price, bridging until longer-term facilities were arranged.
9 July 2010debt financing▲ GoodMajor
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.
1 July 2010security holder rights change● NeutralMajor
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.
1 July 2010debt financing● Neutral
Its oilfield-services subsidiary Viking International borrowed up to $30 million in equipment financing from Dalea Partners at 10% interest, another slice of insider-provided capital.
28 Dec 2009debt financing▲ GoodMajor
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.
8 Dec 2009listing compliance notice▲ Good
Moved its common shares from the OTC Bulletin Board up to NYSE Amex, trading under ticker TAT starting December 8, 2009 - an upgrade, not a compliance issue.
7 Dec 2009listing compliance notice▲ GoodMajor
the New York Stock Exchange certified TRANSATLANTIC PETROLEUM LTD.'s securities for listing, clearing them to begin trading.
24 Nov 2009capital raising announcement● Neutral
Closed the follow-on offering, registering 44.0 million shares sold through underwriters and 4.3 million shares sold directly to Dalea, again giving the chairman's company a direct allocation alongside public investors.
5 Nov 2009capital raising announcement● Neutral
Filed another preliminary Canadian prospectus for a follow-on share offering to fund its 2010 capital program, targeting a close around November 23, 2009.
3 Nov 2009drilling progress report● Neutral
Gave an operational update across Turkey, Morocco and Romania: a third Selmo oil field well drilling, gas sales from the Thrace Basin's Edirne field expected to start in December 2009, and one exploration well (Atesler) abandoned as a dry hole.
7 Oct 2009capital raising announcement● NeutralMajor
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.
25 June 2009capital raising announcement● Neutral
Completed the public offering, registering for resale 56.6 million shares sold through underwriters and 41.8 million shares sold directly to Dalea (the chairman's company) - a large slice of the raise went straight to the insider lender rather than public investors.
3 June 2009capital raising announcement● Neutral
Filed a preliminary prospectus in Canada for a public share offering to fund its 2009 capital program and repay debt, expected to close around June 22, 2009.
1 June 2009material agreement● Neutral
Extended the deadline on its Dalea Partners credit line to June 30, 2009, by which point it had drawn $61.8 million from the chairman's company to fund the Incremental Petroleum takeover plus $2.8 million for general use.
4 May 2009debt financing● Neutral
Amended its credit line from Dalea Partners - a company wholly owned by Chairman N. Malone Mitchell, 3rd and his wife - trimming the loan funding its Incremental Petroleum takeover from $69 million to $62 million and adding a new $14 million working-capital tranche. Insider financing from the chairman would remain a recurring feature of this company's capital structure.
