Purchased 47.7% of company.
Privately owned, Oklahoma City-based Dalea Partners LP, Longfellow Energy LP and Riata TransAtlantic LLC have acquired a total 74 million shares of TransAtlantic Petroleum Corp., Calgary, (Toronto: TNP) at approximately C$0.92 each in a total deal valued at C$68 million. The acquisition represents approximately 47.7% of outstanding TransAtlantic shares. The companies also acquired 10 million TransAtlantic warrants which entitles the holder to acquire one common share of TransAtlantic at US$3 each. Dalea, Longfellow and Riata TransAtlantic are all controlled by TransAtlantic chairman N. Malone Mitchell III. Mitchell and such parties now own 96.6 million TransAtlantic shares, or approximately 62.3% of the company's shares. Dalea and Riata TransAtlantic acquired 34.4 million shares and Longfellow received 39.6 million shares and all of the acquired warrants. TransAtlantic has oil and gas operation in Turkey, Morocco and Romania.