TransAtlantic Petroleum Ltd. announced that as of 5:00 p.m. (Vancouver Time) on August 18, 2015, neither TransAtlantic nor its indirect, wholly-owned subsidiary, TransAtlantic Albania Ltd. (formerly Stream Oil & Gas Ltd.), have received final approval of agreements amending the terms of Stream's petroleum agreements relating to the Gorisht-Kocul, Balish-Hekal and Cakran-Mollaj oil fields and the Delvina gas field in Albania as contemplated in the plan of arrangement under the Business Corporations Act (British Columbia) completed on November 18, 2014.
As a result, no Purchaser Contingent Shares (as defined in the Plan of Arrangement) will be issued to the former shareholders of Stream. All Contingent Share Rights (as defined in the Plan of Arrangement) previously issued to Stream shareholders in accordance with the terms of the Plan of Arrangement have terminated.
TransAtlantic continues to work with the Albanian government and expects to receive final approval of the Amending Agreements in the near future.
TransAtlantic Petroleum Ltd. is an international oil and natural gas company engaged in the acquisition, exploration, development and production of oil and natural gas. The Company holds interests in developed and undeveloped properties in Turkey, Albania and Bulgaria.