TransAtlantic Petroleum gets $100 million credit facility from Dalea

By Sara Rosenberg

New York, July 1 - TransAtlantic Petroleum Ltd. closed on a $100 million credit facility due June 28, 2011 with Dalea Partners LP, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

Under the credit agreement, the company may request advances under the facility until Sept. 1.

Pricing on the facility, once the first advance is made, is Libor plus 250 basis points.

Proceeds from the facility, which closed on June 28, will be used to fund the acquisition of all of the voting securities of Amity Oil International Pty. Ltd. and Zorlu Petrogas Petrol Gaz ve Petrokimya Ürünleri Inşaat Sanayi ve Ticaret A.S., and for general corporate purposes.

TransAtlantic Petroleum is a Dallas-based crude oil and natural gas company.

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