Zorlu Sells Oil, Gas Units to Transatlantic

Source: Reuters 7/5/2010, Location: Europe

Turkish Zorlu Enerji said it had signed a deal to sell its oil and natural gas exploration and production operations to Canada-based TransAtlantic Petroleum Ltd for $96.5 million.

Shares in the energy company Zorlu were up 4 percent at 2.62 lira in Istanbul after the announcement.

The companies had annouced on May 4 that they had entered into a memorandum of understanding on the sale.

Zorlu sold to the Canadian company's unit TransAtlantic Worldwide Ltd its units Amity Oil International Pty Ltd and Zorlu Petrogas Petrol Gaz ve Petrokimya Urunleri Sanayi ve Ticaret A.S..

TransAtlantic Petroleum Ltd is involved in the acquisition, development, exploration, and production of crude oil and natural gas.

It has interests in developed and undeveloped oil and gas properties in Turkey, Morocco, Romania, and California.


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