VANCOUVER, Nov. 18, 2014 /CNW/ - Stream Oil & Gas Ltd. ("Stream" or the "Company") (TSXV: SKO) is pleased to announce the completion today of the previously announced business combination of the Company with TransAtlantic Petroleum Ltd. ("TransAtlantic") pursuant to a plan of arrangement under the Business Corporations Act (British Columbia) (the "Arrangement"). Pursuant to the Arrangement, on a per share basis, each common share of Stream has been deemed exchanged for up to 0.05657 common shares of TransAtlantic. More specifically, 0.04812 common shares of TransAtlantic were issuable at closing, while an additional 0.00845 common shares of TransAtlantic will be issued if certain conditions are met by Stream within nine months of the closing date.
With the completion of the Arrangement, the common shares of Stream are expected to be de‑listed from the TSX Venture Exchange in a few trading days.
About Stream Oil & Gas Ltd.
Stream Oil & Gas Ltd. is a Canadian-based emerging oil and gas production, development and exploration company focused on the re-activation and re-development of three oilfields and a gas/condensate field in Albania. The Company's strategy is to use proven technology, incremental and enhanced oil recovery techniques to significantly increase production and reserves.
This news release contains forward looking statements that address future events and conditions and are subject to various risks and uncertainties in relation to the Company. Specifically, there is no assurance that the common shares of Stream will be de-listed from the TSX Venture Exchange in a few trading days or that certain conditions are met by Stream within nine months of the closing date (resulting in an additional 0.00845 common shares of TransAtlantic being received by Stream shareholders). Forward looking statements are based on the expectations and opinions of the management of the Company on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Stream Oil & Gas Ltd.
For further information: Dr. Sotirios Kapotas, Tel: (403) 531-2358, Email: [email protected], Website: www.streamoilandgas.com; Taylor Beach, Director of Investor Relations, (214) 265-4746, TransAtlantic Petroleum Ltd., 16803 Dallas Parkway, Addison, Texas 75001, http://www.transatlanticpetroleum.com