TransAtlantic Completes Acquisition of Albania-Focused Stream Oil &Gas

TransAtlantic Petroleum, an oil and natural gas company with operations in Turkey and Bulgaria, said that it has completed the acquisition of Albania-focused peer Stream Oil & Gas.

"Effective today, TransAtlantic closed the acquisition of all of Stream's outstanding common shares in exchange for up to 3.8 million common shares of TransAtlantic in accordance with an Arrangement Agreement with Stream," TransAtlantic said in a statement posted on its website on Tuesday.

"Per the Arrangement Agreement, 0.04812 of a common share of TransAtlantic was issued at closing for each Stream common share and an additional 0.00845 of a common share of TransAtlantic will be issued for each Stream common share if certain amendments to Stream's Albanian license agreements are received on or before August 18, 2015," it added.

TransAtlantic also announced Douglas Nester as its vice president of Albania. Nester has so far served as the chief operating officer of Iraq for the Korea Gas Corporation (KOGAS).

According to the statement, Stream's common shares will be delisted from trading on the TSX Venture Exchange shortly following closing.

On September 3, Canadian-based Stream Oil &Gas, an oil and gas production and exploration company, said it had entered into an agreement to to be acquired 100% by TransAtlantic in an all-share deal valuing the company at $41.2 million (32.8 million euro).

Source: SeeNews