TransAtlantic Petroleum Corp. Announces Change in ANEC Debenture Terms.CALGARY, Alberta -- Please replace the release dated July 20, 2005 with the following corrected version due to multiple revisions. The corrected release reads: TRANSATLANTIC PETROLEUM CORP. ANNOUNCES CORRECTION TO ANEC ANEC European Association for the Co-ordination of Consumer Representation in Standardisation ANEC American Nuclear Energy Council ANEC Advanced Network Engineering Consultants Limited (UK) DEBENTURE debenture (dəbĕn`chər), document acknowledging indebtedness. In Great Britain a debenture is practically the same as a bond, and debenture stock is similar to preferred stock. TERMS PRESS RELEASE TransAtlantic Petroleum Corp. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :TNP TNP The New Paper (Singapore newspaper) TNP Tratado de No Proliferación Nuclear (French) TNP Trattato di Non Proliferazione Nucleare (Italian) .U), by press release dated July 20, 2005, announced that the conversion price at which its debentures of American Natural Energy Corporation ("ANEC") can be converted into common shares of ANEC has been reduced to U.S. $0.15 per share, and concurrently the maturity date of the debentures has been extended to September 30, 2006. The following corrects certain inaccuracies contained in the press release dated July 20, 2005. TransAtlantic currently owns U.S. $3 million principal amount of 8% convertible secured debentures of American Natural. If TransAtlantic converted all of its debentures into common shares of American Natural and no other debentures were converted, it would own, on a fully diluted basis, 20 million (corrected from 22.4 million) shares of American Natural which would represent 34.5% of the issued and outstanding common shares of American Natural (or 17.8% (corrected from 20.4%) if all debenture holders converted their debentures to common shares). However, in the original Debenture offering by ANEC in October 2003, TransAtlantic entered into an undertaking with the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. that it would not convert its Debentures into ANEC shares to the extent that its holdings of ANEC shares issued upon conversion of the Debentures would equal or exceed 20% of the outstanding common shares of ANEC at the time of such conversion. In addition, American Natural has proposed and is presently offering up to 16.7 million (corrected from 2 million) common shares of American Natural at a price of U.S. $0.12 per share in a private placement offering. TransAtlantic is currently contemplating participating in American Natural's private placement offering. TransAtlantic acquired and holds the American Natural debentures for investment purposes and except as aforesaid Before, already said, referred to, or recited. This term is used frequently in deeds, leases, and contracts of sale of real property to refer to the property without describing it in detail each time it is mentioned; for example,"the aforesaid premises. has no current plans to acquire additional securities, or control over additional securities, of American Natural, although TransAtlantic may acquire or dispose of securities of American Natural from time to time in the future. TransAtlantic is engaged in the exploration, development and production of crude oil and natural gas in Morocco, Turkey and the USA and is pursuing other selected foreign opportunities. This press release includes projections and other "forward-looking" statements. All statements other than statements of historical facts included in this press release, including statements regarding projected reserves and upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . The statements involve risks that could significantly impact TransAtlantic Petroleum Corp. These projections and statements reflect the Company's current views with respect to future events and financial performance. No assurances can be given that these events will occur or that these projections will be achieved and actual results could differ materially from those projected. Important factors that could cause actual results to differ from the Company's expectations include, but are not limited to, adverse general economic conditions, operating hazards, drilling risks, inherent uncertainties in interpreting engineering and geological data, competition, reduced availability and costs of drilling and other well services Well services is a department within a petroleum production company through which matters concerning existing wells are handled. Having a shared well services department for all (or at least multiple) assets operated by a company is seen as advantageous as it allows the pooling of , fluctuations in oil and gas prices, government regulation and foreign political risks, as well as other risks. (NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.) |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion