Past year: ▼ 73%(17.0c – 64.0c CAD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Nov 2011material agreement● Neutral
Extended repayment of its Dalea Partners credit line to March 2012 or the closing of a planned sale of its Viking oilfield-services subsidiaries, whichever came first - tying the insider loan's repayment to a divestment not yet publicly announced.
20 Sept 2011material agreement● Neutral
Got another short compliance-deadline extension on its Standard Bank facility, this time for Turkish regulatory approvals needed by its Amity and Petrogas subsidiaries.
25 Aug 2011material agreement● Neutral
Leased new Addison, Texas office space from Longfellow Energy - a company indirectly owned by Chairman Mitchell's family - adding another related-party contract to its books.
23 Aug 2011capital raising announcement▲ GoodMajor
Amended report on the June 7, 2011 closing of the TBNG purchase from Mustafa Mehmet Corporation: TransAtlantic paid 18.5 million common shares, certain overriding royalty interests and $10.0 million in cash (the $10.0 million option fee paid in Nov 2010 was applied toward this). It gained about 41.5% of the production and acreage of TBNG and Pinnacle (about 10.0 million cubic feet of gas per day before royalties), with Valeura taking about 40.0% and PTHC about 18.5%. The amendment itself only moves the closing disclosure from Item 2.01 to Item 8.01 and drops the financial statement requirement. This resolves the 2010-11 TBNG negotiation thread.
11 Aug 2011material agreement▲ Good
Increased its Standard Bank credit facility borrowing base to $95 million as Amity Oil formally joined as a borrower, reflecting the larger reserve base from 2010's acquisitions.
10 June 2011asset acquisition disposition▲ GoodMajor
Closed the purchase of all TBNG shares from Mustafa Mehmet Corporation for 18.5 million shares, royalty interests and $10.0 million cash, with the earlier $10.0 million option fee applied to the price. In a simultaneous multi-party closing it got about 41.5% of TBNG and Pinnacle's production and acreage, while Valeura took about 40.0%.
19 May 2011listing compliance notice▲ GoodMajor
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.
3 May 2011material agreement● Neutral
Extended the Valeura Energy talks over the PTI stake once more, to May 11, 2011, even as it moved ahead separately on directly acquiring TBNG.
28 Apr 2011capital raising announcement▲ GoodMajor
TransAtlantic Worldwide signed a share purchase agreement with Mustafa Mehmet Corporation to buy all of TBNG for 18.5 million shares plus 1.0%-2.5% overriding royalty interests. Separately, it extended its letter agreement with Valeura to May 2, 2011.
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
Agreed to sell 30,357,143 shares at $2.80 each in a registered direct offering, for about $85.0 million gross and an estimated $80.6 million net. Shares sold to Chairman Mitchell or his affiliates were excluded from the 5% placement agent fee.
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.
7 Jan 2010debt financing● NeutralMajor
Amended filing restating the December 2009 bank credit line: a three-year senior facility with Standard Bank and BNP Paribas, with a $30 million initial borrowing base and lender commitments of $30 million (borrowing base can rise to a $250 million maximum). It carries interest at three-month LIBOR plus 6.25% and matures on the earlier of Dec 21, 2011 or a sharp fall in Turkish reserves. It is secured on substantially all borrower assets, and it counts as a default if Chairman Mitchell stops being executive chairman or he and his affiliates fall below 35% ownership. The amendment only corrects typos in the exhibit and updates the Item 1.01 text. This continues the Dec 28, 2009 summary, which described the line as up to $250 million, although actual commitments are $30 million.
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.
