Exhibit 99.1

 

TransAtlantic Petroleum Announces Second Quarter 2020 Financial Results and Provides an Operations Update

 

Hamilton, Bermuda (August 12, 2020) – TransAtlantic Petroleum Ltd.

(TSX: TNP) (NYSE American: TAT) (the “Company” or “TransAtlantic”) today announced its financial results for the quarter ended June 30, 2020 and provided an operations update. Additional information can be found on the Company’s website at http://www.transatlanticpetroleum.com.

Pending Merger and Loan Agreement

As previously disclosed, on August 7, 2020, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which an affiliate of a group of holders (the “Preferred Shareholder Group”) representing 100% of the Company’s outstanding 12.0% Series A Convertible Redeemable Preferred Shares (“Series A Preferred Shares”), would acquire all of the outstanding common shares of the Company for $0.13 per share in cash (the “Merger”).  

The members of the Preferred Shareholder Group are each member of the Mitchell Group, KMF Investments Partners, LP, West Investment Holdings, LLC, Randall I. Rochman, and Betsy Rochman.  The members of the Mitchell Group are Longfellow Energy, LP (“Longfellow”), Dalea Partners, LP (“Dalea”), the Alexandria Nicole Mitchell Trust 2005, the Elizabeth Lee Mitchell Trust 2005, the Noah Malone Mitchell Trust 2005, and Stevenson Briggs Mitchell. Longfellow and Dalea are affiliates of the Chairman of the Company’s Board of Directors and Chief Executive Officer, N. Malone Mitchell 3rd.

The Merger is subject to approval by the Company’s common shareholders and holders of Series A Preferred Shares and the satisfaction of other customary closing conditions.

On August 7, 2020, the Company entered into a Loan and Security Agreement (the “Loan Agreement”) with Dalea Investment Group, LLC (the “Lender”), an entity controlled by the Preferred Shareholder Group. Pursuant to the Loan Agreement, the Lender committed to lend to the Company an aggregate principal amount of up to $8.0 million for working capital purposes pursuant to an approved budget.

Summary

 

Average daily net sales volumes were 2,185 barrels of oil equivalent per day (“BOEPD”) in the second quarter of 2020, as compared to 2,498 BOEPD in the first quarter of 2020 and 2,873 BOEPD in the second quarter of 2019.

1


The following information was filed by Transatlantic Petroleum Ltd. (TAT) on Wednesday, August 12, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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