TransAtlantic Petroleum: Exercise of Option to Acquire Thrace Basin Natural Gas and Pinnacle Turkey

TransAtlantic Petroleum Ltd. (TSX:TNP,AMEX:TAT) announces has exercised the option under the Option Agreement to acquire Thrace Basin Natural Gas Turkiye Corporation and Pinnacle Turkey, Inc.

The press release is quoted as saying:

Total consideration for the acquisition will be $100.0 million in cash and the issuance of 18.5 million shares of TransAtlantic Petroleum Ltd. common stock. The effective date of the acquisition will be October 1, 2010.

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