TransAtlantic Petroleum to pay down loans with business sale proceeds

By Ashley Montgomery

Kansas City, Kan., Feb. 27 - TransAtlantic Petroleum Ltd. will sell its oilfield services business and use the proceeds to pay down the company's senior secured credit agreement, short-term credit agreement and promissory note, the company announced in a news release.

The company owed $78 million, $73 million and $2.5 million, respectively, under the loans.

The purchase price on the oilfield services business is $164 million.

TransAtlantic Petroleum is a Dallas-based energy company engaged in the acquisition, development, exploration and production of crude oil and natural gas.

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