TransAtlantic Petroleum Buys Stream Oil & Gas; Names VP Of Albania

(RTTNews) - TransAtlantic Petroleum Ltd. (TAT, TNP.TO) Tuesday announced the successful completion of its previously announced acquisition of Stream Oil & Gas Ltd. (SKO.V). The Company also announced Douglas Nester as its Vice President of Albania.

Effective Tuesday, TransAtlantic closed the acquisition of all of Stream's outstanding common shares in exchange for up to 3.8 million common shares of TransAtlantic.

Under the deal, 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 are received on or before August 18, 2015.

In connection with the closing, TransAtlantic issued approximately 3.2 million common shares. Stream's shares will be de-listed from trading on the TSX Venture Exchange shortly following closing.

It was in September that TransAtlantic announced that it has entered into an arrangement agreement to acquire Stream Oil & Gas for $41.2 million in common shares of TransAtlantic.

Stream is an oil and gas company based in Calgary, Alberta. It owns 100% interests in three oil fields, one gas field and one exploration license in Albania, which encompass approximately 75,000 net acres.

TransAtlantic further said its Vice President of Albania, Douglas Nester, 57, most recently served as the Chief Operating Officer of Iraq for the Korea Gas Corp., which included operating Iraq's largest free gas reservoir, the Akkas Field, located near the Syrian border.