New TD announcement:
Attention Business Editors:
TransAtlantic Petroleum Corp. - New Officers Appointed; Proposed Sale of Egyptian
Properties Announced; Nigerian and West Texas Wells Reach T.D.
CALGARY, July 18 /CNW/ - TransAtlantic Petroleum Corp. (TSE: TNP.U)
announced the appointment of Mr. John J. Fleming of Calgary as President and
Chief Executive Officer and Mr. Kyle Willis of Houston, Texas, as Chief
Financial Officer and Assistant Secretary. Such appointments are effective
immediately and follow the Company's recently held Shareholders' Meeting.
The Company also announced that it has entered into a Letter of Intent to
sell for cash its two wholly-owned Egyptian subsidiaries to Centurion Energy
International Inc. The dispositions include the Company's 30% interest in the
West Gharib Concession near the Gulf of Suez and 25% interest in the Central
Sinai Concession in the Sinai Desert. The sale which is subject to legal and
financial due diligence and entering into formal agreements and approval of
required regulatory authorities will be effective June 30, 2001, and is
expected to close on August 15, 2001. The proceeds of approximately
$2.2 million U.S. subject to closing adjustments will be used to pay down
outstanding loans.
The Company also stated that the Ejulebe No. 6 exploitation well on the
OML 109 offshore Nigeria, West Africa, has reached total depth and logging and
testing operations have commenced. The well is being drilled by the Company's
service contractor at no cost to the company.
The Company also stated that the Winfield Ranch No. 17 well (11% working
interest) being drilled in Pecos County, Texas has reached total depth of
25,875 feet. Logging and testing operations will commence immediately.
TransAtlantic is engaged in the exploration, development and production
of crude oil and natural gas in Egypt, Nigeria and in the USA.
(NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY
HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.)
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For further information: John J. Fleming, President,
Tel. (403) 262-5600 |
