TRANSATLANTIC PETROLEUM LTD. (TSE:TNP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Retirement of Vice President of Geoscience
On April 3, 2019, H. Lee Muncy notified TransAtlantic Petroleum Ltd. (the “Company”) that he intends to retire from his position as the Company’s vice president of geoscience, effective May 3, 2019 (the “Retirement Date”). On the Retirement Date, the Company will vest all 5,818 of his outstanding restricted stock units. The Company has commenced a search for Mr. Muncy’s successor.
Nomination of Director
The Company’s board of directors has nominated Mr. Muncy to stand for election as a director at the Company’s Annual Meeting of Shareholders in 2019. If elected, Mr. Muncy will hold office until the Company’s Annual Meeting of Shareholders in 2020 and until his successor is elected and qualified or until his earlier death, resignation, retirement, disqualification, or removal.
Director Not Standing for Re-election
On April 5, 2019, Brian E. Bayley, a member of the Company’s board of directors, informed the board of directors that he will not stand for re-election as a director and will step down at the end of his term effective as of the election of his replacement at the Company’s Annual Meeting of Shareholders in 2019. Mr. Bayley will continue to serve as a director until such time. Mr. Bayley’s decision to not stand for re-election was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices.
About TRANSATLANTIC PETROLEUM LTD. (TSE:TNP)
TransAtlantic Petroleum Ltd. is a holding company. The Company is an international oil and natural gas company engaged in acquisition, exploration, development and production. Its segments include Turkey and Bulgaria. The Company holds interests in approximately 880,000 and 567,000 net acres of developed and undeveloped oil and natural gas properties in Turkey and Bulgaria, respectively. The Company holds interests in over 20 onshore and offshore exploration licenses and approximately 25 onshore production leases covering a total of over 1.4 million gross acres in Turkey. All of its oil production is concentrated in southeastern Turkey, primarily in the Arpatepe, Bahar, Goksu and Selmo oil fields, and its natural gas production is concentrated in the Thrace Basin, which is located in northwestern Turkey near Istanbul. The Company holds interests in an onshore exploration license and an onshore production concession covering a total of approximately 567,110 acres in Bulgaria.
