TransAtlantic Petroleum Ltd

16803 Dallas Parkway, Addison, Texas, United States | Oil & Gas

TransAtlantic Petroleum was incorporated in 1985 under the laws of British Columbia, changed domicile to Alberta, Canada in 1997 and then to Bermuda in 2009. 

In 2005, the Company explored offshore Nigeria, offshore Benin and onshore Tunisia. 

From 2005 through 2007, the Company focused on the United States and divesting its Nigerian property, which was sold in 2005. TransAtlantic acquired an exploration license in Morocco, Romania, Turkey, and the UK North Sea during this time. Concurrently, the Company acquired properties in Texas, Oklahoma and Louisiana. 

In 2007, the Company determined to exit its U.S. operations and focus on the development of its onshore international properties. To that end, TransAtlantic acquired additional exploration licenses in Turkey, converted a portion of its Moroccan reconnaissance license into two exploration permits, relinquished its UK North Sea licenses and sold its U.S. interests.

Development

  • Pursue projects that will permit development from existing cash flow, without the need to tie up excessive capital building reserves.
  • Maximizing returns by reducing drilling and operating costs by efficient drilling practices, planning for scale, and partnering out risk.
  • Utilize modern technology developed in the U.S. in relation to seismic, horizontal drilling, and stimulation to enhance and commercialize production.

Mission Statement

TransAtlantic Petroleum is committed to utilizing North American technology to prove, define, and develop resource play potential and deliver growth for its shareholders.

Exploration

  • Prioritize opportunities and execute a balance of near-term and longer-term projects to maximize potential.
  • Acquire assets with known production or verifiable show wells.
  • Work in countries with favorable fiscal terms where we earn world market prices.
    • Turkey  
      • 12.5% royalty, no production tax
      • VAT exempt on exploration licenses, refunded on production leases
      • Oil: Brent less $3-5, Natural gas: +/- $7/mcf
      • Currently produces less than 5% of oil and gas consumed
    • Albania  
      • 12% royalty (until 1.0x payout), 13-16% royalty and 50% net profit tax thereafter
      • VAT exempt
      • Currently produces less than 60% of oil consumed, consumes all available gas
    • Bulgaria
      • 2.5% royalty (until 1.5x payout), graduated royalty thereafter to 35%
      • No production tax
      • Natural gas: +/- $9/mcf
      • Currently produces less than 5% of oil and gas consumed

Corporate Governance

TransAtlantic Petroleum Ltd. and its subsidiaries conduct business in a manner that complies with both the letter and the spirit of the law. The Company is committed to having strong principles and the highest ethical standards in conducting its business operations. 

It is the responsibility of each employee or contractor working on behalf of the Company to promptly report actual or perceived violations of the Code of Conduct or laws. For this purpose, the Company maintains a compliance line that is operated by an independent third party. Potential violations of accounting, internal controls, financial reporting, auditing practices, and other governance issues can be reported to the compliance line via telephone twenty-four hours a day, seven days a week or through a secure internet website. 

At the request of the reporting person, reports received through the compliance line will be kept strictly confidential and anonymous. The Company will see that individuals who truthfully, in good faith, report potential violations will be protected from any adverse action for having made the report.

Company Details
Company NameTransAtlantic Petroleum Ltd
Business CategoryOil & Gas
Address16803 Dallas Parkway
Addison
Texas
United States
ZIP: 75001
PresidentTodd Dutton
Year EstablishedNA
Employees500
MembershipsNA
Hours of OperationNA
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