TransAtlantic Petroleum

What TransAtlantic Petroleum does

TransAtlantic Petroleum LLC is an international energy company engaged in the acquisition, development, exploration and production of oil and natural gas, with operating interests in Turkey and Bulgaria. Founded in 1985 under the laws of British Columbia, the company redomiciled to Alberta in 1997 and to Bermuda in 2009; in December 2020 it merged with a subsidiary of TAT Holdco LLC, becoming privately held, and TAT Merger Sub LLC was renamed TransAtlantic Petroleum LLC. Its Dallas headquarters is supported by regional offices in Ankara (TransAtlantic Turkey Ltd.) and Sofia (Direct Petroleum Bulgaria EOOD). The company was previously listed on NYSE MKT under ticker TAT and is controlled by Chairman and CEO N. Malone Mitchell 3rd and the Mitchell Group, who have been the principal investors since 2008.

TransAtlantic's core products are integrated oil and natural gas exploration, development, and production services delivered through wholly-owned subsidiaries, with major asset positions including the Selmo Field, the Thrace Basin natural gas complex, and the Molla area in southeastern Turkey. The company's core technology stack consists of North American unconventional techniques—3D seismic acquisition and analysis, horizontal and directional drilling, and hydraulic fracture stimulation—applied to Turkish carbonate and shale plays (e.g., the Mardin and Bedinan zones in Molla, the Selmo Field remodel completed in 2013, and the Diyarbakir Basin unconventional acreage) where these methods are not widely deployed domestically. It has exited prior positions in the U.S., Morocco, Romania, and Albania and in 2012 sold its non-core oilfield services subsidiary Viking International for US $168.5 million to focus exclusively on E&P.

The business model is straightforward commodity E&P: TransAtlantic produces crude oil and natural gas and sells into wholesale markets at prices tied to Brent (oil at Brent less $3–5 per barrel) and approximately $7/mcf for gas. Operations in Turkey benefit from a 12.5% royalty, no production tax, and VAT exemption on exploration licenses, and the company has increasingly used joint ventures and partnerships—with TPAO and Continental Resources (announced March 2025) and Valeura Energy (announced October 2025)—to share exploration risk and extend its footprint into unconventional and deep gas plays. Go-to-market is sales-led and direct to enterprise energy buyers; there is no consumer-facing product, software offering, or app, and the company has 101–250 employees.

Name

TransAtlantic Petroleum

Legal name

TransAtlantic Petroleum LLC

Website

https://transatlanticpetroleum.com

Company type

Private

Founded year

1985

Operating status

Operating

Headcount range

101–250 employees

Short description

TransAtlantic Petroleum LLC is a privately-held international oil and gas exploration and production company applying North American horizontal drilling, hydraulic fracturing, and 3D seismic technologies to develop hydrocarbon reserves in Turkey and Bulgaria.

Ownership category

akta.pro rank

Product category

Oil and Gas Exploration and Production

NAICS

Crude Petroleum Extraction (21112), Natural Gas Extraction (21113), Oil and Gas Extraction (211)

SIC

Crude Petroleum & Natural Gas (1311), Oil & Gas Field Exploration Services (1382)

akta.pro primary industry

Drilling & Well Construction (E&P Operator-led) (EUALAAAD)

akta.pro secondary industry

Onshore Natural Gas E&P (Conventional Fields) (EUAAAAAG)

Keywords

• Oil and gas exploration
• Hydrocarbon production
• Upstream energy operations
• Natural gas development
• Oilfield development

Headquarters

HQ city

Addison

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Revenue model

1. Oil Production and Sales: TransAtlantic produces and sells crude oil from its properties in Turkey and Bulgaria. Oil pricing is based on Brent less $3-5 per barrel.
2. Natural Gas Production and Sales: Natural gas production from fields including Thrace Basin and Delvina gas field. Gas pricing is based on approximately $7/mcf.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

TransAtlantic Petroleum LLC is an international energy company engaged in the acquisition, development, exploration, and production of oil and natural gas, with operations concentrated in Turkey and Bulgaria. The company applies North American unconventional technologies — including horizontal drilling, hydraulic fracture stimulation, 3D seismic data analysis, and directional drilling — to identify and develop hydrocarbon reserves across properties such as the Molla area, Selmo Field, and Thrace Basin. Crude oil is sold at Brent less $3–5 per barrel and natural gas at approximately $7/mcf, primarily through commodity markets and direct enterprise sales.

Product overview

TransAtlantic Petroleum LLC is an international energy company operating as a single integrated oil and gas exploration and production business, applying North American technologies (3D seismic data, horizontal drilling, and hydraulic fracture stimulation) to develop hydrocarbon reserves in Turkey and Bulgaria. The company does not offer discrete software products or modules; rather, it provides vertically-integrated oil and natural gas services including exploration, development, and production from properties such as the Selmo Field and Thrace Basin.

Differentiator

Problem solved

Functional benefit

Products and services

• Oil and Natural Gas Exploration Services

Quantifiable outcome

• Less than 5% of oil and gas consumed in Turkey is produced domestically, indicating significant import dependency and opportunity

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered core.

• Valeura Energy Inc.coreStrategic or Co-development Partner · 15 October 2025Valeura Energy Inc. announced a joint venture agreement with TransAtlantic Petroleum LLC to explore and develop hydrocarbons in the Thrace basin of northwest Türkiye. The collaboration aims to test deep gas zones, with operations expected to begin in late 2025, leveraging Valeura's existing holdings and TransAtlantic's operational expertise.
• TPAO (Turkish Petroleum Corporation)coreStrategic or Co-development Partner · 12 March 2025Joint venture with TPAO (Turkish Petroleum Corporation) and Continental Resources to develop unconventional resource fields in Turkey's Diyarbakir Basin. TPAO, established in 1954, is a pioneering force in Türkiye's energy sector driving advancements in hydrocarbon exploration, production, and refining.
• Continental ResourcescoreStrategic or Co-development Partner · 12 March 2025Joint venture with Continental Resources and TPAO to develop unconventional resource fields in Turkey's Diyarbakir Basin. Continental Resources is the largest private oil and gas producer in the U.S., celebrating 58 years of operations in 2025, led by renowned industry trailblazer Harold Hamm who pioneered the shale oil revolution.

Scale indicators2 records

Recent moves8 records

Expansion highlights4 records

Broad incumbents

• Continental Resources: Largest private US oil and gas producer, founded by Harold Hamm, and current JV partner with TransAtlantic in the Diyarbakir Basin. Major-company counterpart in unconventional resource development with comparable technology playbook.
• Pioneer Natural Resources: Major US shale operator (Permian Basin) recently acquired by ExxonMobil. Relevant as a benchmark for unconventional horizontal drilling/fracking techniques that TransAtlantic has brought to Turkey; comparable technical playbook.
• TPAO (Turkish Petroleum Corporation): National oil company of Türkiye, founded in 1954, and JV partner with TransAtlantic in the Diyarbakir Basin. Operates as a broad incumbent across all Turkish upstream activity with overlapping license footprint.

Direct peers

• Tower Resources plc: Small-cap international oil and gas exploration company with assets in Africa and elsewhere. Comparable in scale to TransAtlantic as a small international E&P with a portfolio of exploration licenses.
• Genel Energy plc: Mid-cap upstream operator with production and exploration assets in the Kurdistan Region of Iraq and other MENA-adjacent geographies. Comparable international E&P operator with similar scale and political-risk exposure profile.
• Sterling Energy plc: Small-cap upstream E&P with international assets (Africa-focused). Comparable in scale and private-equity-backed model to TransAtlantic, focused on low-risk production and development opportunities.
• Valeura Energy Inc. Canada-listed upstream operator focused on natural gas E&P in the Thrace Basin of Türkiye. Directly comparable to TransAtlantic as an active JV partner targeting the same deep gas play with similar conventional technology approaches.
• Canadian Overseas Petroleum Limited: Small international upstream operator with oil and gas assets in the US and Africa. Similar size and capital profile to TransAtlantic, focused on production and development using modern drilling techniques.

Emerging players

• Earthstone Energy: US-based E&P focused on the Permian and Bakken, recently acquired by Beryl Oil and Gas. Comparable in scale to TransAtlantic and representative of a small-cap E&P operator that has been a target for larger acquirers.
• Afren plc (predecessor comparable; via historical assets): Note: included for historical reference; Afren collapsed in 2015. Mentioned because TransAtlantic's small international upstream model resembles the Afren-era approach to portfolio assembly.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries10 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TransAtlantic Petroleum