TransAtlantic Petroleum completed the acquisition of Stream Oil & Gas. The company also announced Douglas Nester as its vice president, Albania.
Effective today, TransAtlantic closed the acquisition of all of Stream’s outstanding common shares in exchange for up to 3.8 million common shares of TransAtlantic in accordance with an arrangement agreement with Stream. In connection with the closing, TransAtlantic issued approximately 3.2 million common shares.
TransAtlantic’s vice president, Albania, Douglas Nester, has more than 30 years of global experience in the management of oil and gas operations. Most recently, he served as the COO, Iraq, for the Korea Gas Corporation (KOGAS), which included operating Iraq’s largest free gas reservoir, the Akkas Field, located near the Syrian border. He also served as COO and director of Prime Offshore, where he managed the development of its US offshore oil and gas fields.
“We see significant potential for growth in Albania and look forward to increasing the value of these assets,” commented TransAtlantic Chairman and Chief Executive Officer Malone Mitchell 3rd. “Doug Nester has both the experience and the integrity to manage their development, and we are very pleased to have him at TransAtlantic. With his leadership, we expect to implement significant engineering and technology upgrades to a broader base of oil and gas reserves.”
