TransAtlantic Petroleum completes acquisition of Direct Petroleum Bulgaria.

By bne IntelliNews February 22, 2011
Canadas TransAtlantic Petroleum informed on its website that it has completed the acquisition of the local Direct Petroleum Bulgaria, part of the US company Direct Petroleum Exploration Inc. The concentration has been carried out through its subsidiaries TransAtlantic Worldwide, Ltd. and TransAtlantic Petroleum Cyprus Limited and comprises also the full stakes in Direct Petroleum Morocco, Inc. and Anschutz Morocco Corporation. TransAtlantic issued 8,924,478 of its common shares to Direct Petroleum Exploration and paid USD 2mn in cash consideration at closing in addition to USD 492,000 in cash adjustments. TransAtlantic holds interests in developed and undeveloped oil and gas properties in Turkey, Morocco, Romania, and Bulgaria.

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