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).