Global Hunter Initiates Coverage of TAT

RAVI KAMATH, Global Hunter Securities (07/20/2010)
"Global Hunter Securities initiates coverage of TransAtlantic Petroleum Ltd. with a Buy rating, PT $5. Transatlantic Petroleum continues its metamorphosis that began in 2008, largely due to the involvement of Malone Mitchell 3rd, who capitalized the company and converted the company from a prospect generator to a vertically integrated project developer. To date, Mitchell and his entities have invested CDN$187.3M+ committed to a $130M bridge loan ($100M for Zorlu transaction plus $30M for equipment) and beneficially own 51.3% of the company. Key to the building blocks of TAT have been the purchases of Incremental Petroleum, EOT Resources and Amity Oil (Zorlu) while building a services business."

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