HAMILTON, Bermuda, Nov. 12, 2014 (GLOBE NEWSWIRE) -- TransAtlantic Petroleum Ltd. (NYSE-MKT:TAT) (TSX:TNP) (the "Company" or "TransAtlantic") announced that shareholders of Stream Oil & Gas Ltd. (TSX-V:SKO) ("Stream") approved the merger with TransAtlantic at a special meeting of shareholders held earlier today. The merger was approved by 98.0% of the votes cast by Stream shareholders. The transaction was previously approved by the Boards of Directors of both companies.
TransAtlantic will acquire 100% of Stream's 66,887,801 outstanding common shares for total consideration of 3.8 million TransAtlantic common shares, or 0.05657 of a TransAtlantic common share per share of Stream. The Arrangement Agreement provides that 85% of the value of each Stream common share, or 0.04812 of a common share of TransAtlantic, will be issued at closing and an additional 15% of the value of each Stream common share, or 0.00845 of a common share of TransAtlantic, will be issued in the event that certain amendments to Stream's Albanian license agreements are received within nine months of the closing date.
The transaction is expected to close on November 18, 2014. The merger is subject to the receipt of court approvals and other customary closing conditions.
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.
(NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.)
Forward-Looking Statements
This news release contains statements concerning the timing of the closing of the merger and the issuance of TransAtlantic shares in connection therewith, and other expectations, plans, goals, objectives, assumptions or information about future events, conditions, 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.
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, the failure of the parties to obtain necessary regulatory, or other third-party approvals, or to otherwise satisfy the conditions to the arrangement in a timely manner, or at all.
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.