HAMILTON, Bermuda, June 16, 2014 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (NYSE-MKT:TAT) (TSX:TNP) (the "Company" or "TransAtlantic") today announced it expects to be added to a Russell Index effective June 30, 2014 according to a preliminary list of additions posted at http://www.russell.com/indexes/americas/tools-resources/reconstitution/additions-deletions.page.
The Company also announced that its board of directors has approved Harold "Lee" Muncy as Vice President of Geosciences. In addition, TransAtlantic's board of directors has accepted the resignation of Vice President, Legal and Corporate Secretary Jeffrey S. Mecom and expects to appoint Matthew W. McCann as General Counsel and Corporate Secretary on or before September 8, 2014. Mr. Mecom plans to remain at the Company in an advisory capacity through September 8, 2014.
Chairman and Chief Executive Officer N. Malone Mitchell 3rd commented, "Lee Muncy brings seasoned leadership to our geological team. Since 1995, many on our team have worked on joint developments with groups led by Lee. His expert knowledge and personality will add depth to the TransAtlantic team. Matt McCann's return to the Company as our General Counsel is a fantastic addition. Matt's experience with transactions, financings and corporate stewardship will allow us to fully engage opportunities over the coming years. With the additions of Lee and Matt, we have completed a very strong management team for TransAtlantic. I thank Jeff for the eight years he has served as our Vice President, Legal and wish him success in his future endeavors."
Mr. Muncy, 61, served as Vice President, Exploration for the Bass Companies, a group of Fort Worth, Texas-based independent oil and natural gas exploration and production companies, where he worked from 2000 to 2012. He brings more than thirty-five years of geological experience in the oil and natural gas industry, where he has focused on exploration, exploitation and worldwide transactions. He began his career as a geologist with Mobil Oil Corporation and served as Exploration Manager for Fina Oil & Chemical Company and Vice President of Exploration and Land for TransTexas Gas Corp. Mr. Muncy earned a B.S. and an M.S. in Geology & Mineralogy from The Ohio State University.
Mr. McCann, 45, has served as Counsel for Riata Corporate Group and Business Development Specialist for Longfellow Energy, LP, which are both owned by Mr. Mitchell and his family, since 2011 and from 2007 to 2009. From 2009 to 2011, Mr. McCann served as Chief Executive Officer of TransAtlantic. Prior to joining Riata and Longfellow, he served as Senior Vice President, Legal and Corporate Secretary for SandRidge Energy, Inc. Mr. McCann began his legal career at Sprouse Shrader Smith PLLC in Amarillo, Texas. He earned a B.S. in Business Administration from the University of Vermont and a J.D. from The University of Oklahoma College of Law.
On Wednesday, June 25, 2014, TransAtlantic's management will present at the GHS 100 Energy Conference in Chicago at 1:00 p.m. Central Time. A live webcast of the event and presentation slides will be available on the Company's website at www.transatlanticpetroleum.com. To access the webcast, click on "Investors," select "Events & Presentations," and click on "Listen to webcast" under the event listing.
About TransAtlantic
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 and Bulgaria.
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Forward-Looking Statements
This news release contains statements concerning the addition to a market index, changes in senior management, management's participation in an industry conference, as well as other expectations, plans, goals, objectives, assumptions or information about future events, conditions, capital plans, results of operations or performance that may constitute forward-looking statements or information under applicable securities legislation. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. In addition to other assumptions identified in this news release, assumptions have been made regarding, among other things, the ability of the Company to continue to develop and exploit attractive foreign initiatives.
Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Company and described in the forward-looking statements or information. These risks and uncertainties include, but are not limited to, market prices for natural gas, natural gas liquids and oil products; estimates of reserves and economic assumptions; the ability to produce and transport natural gas, natural gas liquids and oil; the results of exploration and development drilling and related activities; economic conditions in the countries and provinces in which the Company carries on business, especially economic slowdowns; actions by governmental authorities, receipt of required approvals, increases in taxes, legislative and regulatory initiatives relating to fracture stimulation activities, changes in environmental and other regulations, and renegotiations of contracts; political uncertainty, including actions by insurgent groups or other conflict; outcomes of litigation; the negotiation and closing of material contracts; shortages of drilling rigs, equipment or oilfield services.
The forward-looking statements or information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.