TransAtlantic Petroleum says that its wholly-owned subsidiary, TransAtlantic Australia Pty. Ltd. has acquired over 65% of the outstanding shares of Incremental Petroleum Limited (Incremental) under the terms of its previously announced all-cash takeover offer. TransAtlantic Australia and N. Malone Mitchell, 3rd, the Company's Chairman, now own or have received acceptances under the Offer of over 94% of Incremental's outstanding shares. After the close of the Offer today, TransAtlantic Australia expects to acquire the balance of Incremental's outstanding shares pursuant to a statutory procedure and then delist Incremental from the Australian Stock Exchange.

"This acquisition represents an important milestone for TransAtlantic. It is a major step in our pursuit to build a premier producing oil & gas company," said Matthew McCann, CEO of the Company.

"The acquisition would not have been possible without the commitment Malone Mitchell made to TransAtlantic," Mr. McCann said. Mr. Mitchell, who loaned the Company funds sufficient to enable the purchase of Incremental, commented on the acquisition, "Incremental is a great fit with TransAtlantic. Incremental has an outstanding staff and portfolio of assets. It is a pretty straightforward acquisition formula: buy the right assets supported by the right people at the right price." Mr. Mitchell further noted, "Incremental affords the opportunity to drive additional shareholder value by fully developing Incremental's Selmo and Edirne fields."

Tags: Incremental Petroleum, TransAtlantic Petroleum Corp