Stream Oil&Gas to Merge Into TransAtlantic Petroleum

Canadian-based Stream Oil&Gas said it has entered into an arrangement agreement to merge into TransAtlantic Petroleum, an independent exploration and production company with ongoing operations in Turkey and Bulgaria.

According to the agreement, TransAtlantic will exchange 100% of Stream's 66,887,801 common shares for net proceeds to Stream's shareholders of $41.2 million (31.3 million euro), payable in TransAtlantic common shares, Stream Oil&Gas said in a statement posted on its website on Wednesday.

The transaction is expected to be completed in November.

TransAtlantic's strong financial position will provide access to the capital required to further exploit Stream's Albanian assets, including investments in drilling programmes, analogous to Stream's Albanian peers, to continue increasing production and reserves, the company said.

TransAtlantic's established business operations will allow the prompt shift in focus in Albanian assets from exploration and development to production centric, including reducing operating costs, it added.

Stream Oil&Gas is oil and gas production, development, and exploration company focused on re-activation and re-development of three oilfields and a gas/condensate field in Albania.

Source: SeeNews