Past year: ▼ 73%(17.0c – 64.0c CAD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Nov 2016capital raising announcement▼ BadMajor
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.
13 Oct 2016material agreement▼ BadMajor
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.
7 Sept 2016debt financing● NeutralMajor
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.
5 July 2016capital raising announcement▼ Bad
Extended the ANBE Holdings note's deadlines and paid a chunk of its 2017 convertible-note and ANBE interest in shares rather than cash, at a steep discount to market - a sign cash was tight enough that even insider lenders were being paid in equity.
13 May 2016auditor change● Neutral
Filed a routine KPMG letter confirming the terms of its prior auditor-change disclosure, with no new substantive information.
22 Apr 2016material agreement▼ BadMajor
Cut the $11.5 million Dalea note from the 2012 Viking sale to about $7.96 million in exchange for cancelling a roughly $3.5 million payable owed by former subsidiary TransAtlantic Albania to Viking International. It also extended the note's maturity to June 2019 and took a pledge of Dalea's $2.05 million of 13% convertible notes.
4 Mar 2016asset acquisition disposition● Neutral
After Chairman Mitchell sold his own stake in Viking Services to a third party, his affiliate Dalea Investment Group set up a new entity, PSIL, to take over the equipment and oilfield-services relationship with the company on similar terms - the insider-linked services chain simply changed hands rather than ending.
6 Jan 2016capital raising announcement▼ BadMajor
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.
16 Nov 2015production update▼ BadMajor
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.
14 Aug 2015capital raising announcement▼ Bad
Issued a second round of warrants to Mitchell for extending the same Gundem resort pledge, at a lower exercise price reflecting the falling share price.
27 Apr 2015capital raising announcement▼ Bad
Issued warrants to Chairman Mitchell personally as compensation for pledging his stake in a Turkish resort (through Gundem Turizm) to secure an extension on one of the company's Turkish bank facilities - the company was now leaning on the chairman's personal real estate to keep its financing in place.
25 Feb 2015capital raising announcement▼ Bad
Completed the note offering at $55.0 million total and exchanged the notes for registered Exchange Notes under a formal indenture - closing out an expensive financing round taken right as the oil price crash was deepening.
10 Feb 2015capital raising announcement▼ Bad
Sold a further $1 million of the notes, bringing the total to $49.7 million, as the fundraising continued in smaller tranches.
14 Jan 2015capital raising announcement▼ Bad
Sold another $1.3 million of the 13% convertible notes, bringing the total raised to $48.7 million.
5 Jan 2015capital raising announcement▼ BadMajor
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.
19 Nov 2014asset acquisition disposition▲ GoodMajor
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.
8 Sept 2014business combination● Neutral
Detailed the Stream Oil & Gas deal terms: up to $41.2 million in newly issued shares (0.04812 shares per Stream share, plus a contingent 0.00845 more if certain Albanian license amendments came through), structured as an arm's-length Canadian plan of arrangement.
3 Sept 2014business combination▲ GoodMajor
Announced an agreement to acquire Calgary-listed Stream Oil & Gas Ltd., adding Albania oil and gas assets to its Turkey-centered portfolio.
28 Mar 2014material agreement● Neutral
Signed an equipment-yard services agreement with Viking International (now roughly half-owned by Chairman Mitchell's family) for yards in Turkey, continuing to route oilfield logistics through insider-linked entities even after the 2012 divestment.
10 July 2013material agreement▼ Bad
Issued $2.5 million of shares to Direct Petroleum Exploration as partial liquidated damages for missing a drilling deadline on the Deventci-R2 well in Bulgaria, and reset the deadline to May 2014 with a further $2.5 million penalty if missed again.
23 May 2013listing compliance notice▼ Bad
Received a third NYSE MKT late-filing deficiency notice in seven months, this time for its Q1 2013 10-Q - a persistent reporting-timeliness problem heading into mid-2013.
14 May 2013material agreement● Neutral
Signed a smaller replacement office lease with Longfellow Energy (still a Mitchell family company), continuing the related-party leasing arrangement.
5 Apr 2013listing compliance notice▼ Bad
Received a second NYSE MKT deficiency notice, this time for a late 2012 annual report - reporting delays were becoming a pattern.
21 Nov 2012listing compliance notice▼ Bad
Received a NYSE MKT deficiency notice for failing to file its Q3 2012 10-Q on time, with until February 2013 to regain compliance - the first sign of reporting delays that would recur through 2013.
19 June 2012asset acquisition disposition● NeutralMajor
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.
26 Apr 2012material agreement● Neutral
Signed a new services agreement with Viking Petrol Sahasi Hizmetleri, a company 97% owned by Chairman Mitchell, his children and son-in-law - yet another related-party administrative-services contract.
29 Mar 2012auditor change▼ Bad
Amended report that TransAtlantic replaced its auditor KPMG Canada with KPMG USA once the 2011 audit was finished on March 23, 2012; the KPMG USA appointment for 2012 still needs shareholder approval. The filing says there were no disagreements with KPMG Canada, but its reports for 2010 and 2011 carried going-concern doubt warnings, and its reports for 2009-2011 flagged material weaknesses in internal controls over financial reporting.
20 Mar 2012material agreement● NeutralMajor
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.
28 Feb 2012material agreement● NeutralMajor
Entered a non-binding letter of intent to sell its oilfield services business (Viking International and Viking Geophysical) for $164 million to a newco owned by Dalea Partners, an affiliate of Chairman Mitchell, and Abraaj. The price was $152.5 million cash plus an $11.5 million note, and the deal needed special committee and regulatory approval.
24 Feb 2012auditor change● Neutral
Switched its audit engagement from KPMG's Canadian practice to KPMG's US practice for fiscal 2012, without any reported disagreements over its books.
