UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 14, 2015
TRANSATLANTIC PETROLEUM LTD. |
(Exact name of registrant as specified in its charter) |
Bermuda | 001-34574 | None |
(State or other jurisdiction of | (Commission File Number) | (IRS Employer |
incorporation) | | Identification No.) |
16803 Dallas Parkway
Dallas, Texas | | 75001 |
(Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code: (214) 220-4323
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01. Other Events.
On October 14, 2015, TransAtlantic Petroleum Ltd. (the “Company”) unwound half of the remaining volumes of its crude oil hedge collars and three-way collars for the period from October 14, 2015 through March 31, 2019 and purchased additional puts with a $50.00 strike price in replacement of a portion of the unwound volumes (the “Hedging Transactions”). The puts with a $50.00 strike price were purchased pursuant to the requirements of our senior secured credit facility (the “Senior Credit Facility”) with BNP Paribas (Suisse) SA and the International Finance Corporation. The Hedging Transactions resulted in proceeds of $13.0 million.
We used the proceeds of the Hedging Transactions to repay indebtedness under our Senior Credit Facility.
The following tables show our derivative position as of October 14, 2015 after giving effect to the Hedging Transactions:
| | | | | | | | Weighted | | | Weighted |
| | | | | | | | Average | | | Average |
| | | | Quantity | | | Minimum | | | Maximum Price |
Type | | Period | | (Bbl/day) | | | Price (per Bbl) | | | (per Bbl) |
| | | | | | | | | | | | | |
Collar | | October 14, 2015—December 31, 2015 | | | 1,082 | | | $ | 73.44 | | | $ | 80.22 |
Collar | | January 1, 2016—December 31, 2016 | | | 448 | | | $ | 66.50 | | | $ | 70.00 |
| | | | Collars | | | Additional Call |
| | | | | | | | | | | | | | | | | |
| | | | | | | | Weighted | | | Weighted | | | Weighted |
| | | | | | | | Average | | | Average | | | Average |
| | | | | | | | Minimum | | | Maximum | | | Maximum |
| | | | Quantity | | | Price | | | Price | | | Price |
Type | | Period | | (Bbl/day) | | | (per Bbl) | | | (per Bbl) | | | (per Bbl) |
| | | | | | | | | | | | | | | | | |
Three-way collar contract | | January 1, 2016—December 31, 2016 | | | 355 | | | $ | 85.00 | | | $ | 97.25 | | | $ | 114.25 |
Three-way collar contract | | January 1, 2017—December 31, 2017 | | | 296 | | | $ | 85.00 | | | $ | 97.25 | | | $ | 114.25 |
Three-way collar contract | | January 1, 2018—December 31, 2018 | | | 242 | | | $ | 85.00 | | | $ | 97.25 | | | $ | 114.25 |
Three-way collar contract | | January 1, 2019—March 31, 2019 | | | 221 | | | $ | 85.00 | | | $ | 97.25 | | | $ | 114.25 |
| | | | | | | | Weighted | | |
| | | | Quantity | | | Average | | |
Type | | Period | | (Bbl/day) | | | Price (per Bbl) | | |
| | | | | | | | | | | |
Put | | October 14, 2015—December 31, 2015 | | | 438 | | | $ | 50.00 | | |
Put | | January 1, 2016—December 31, 2016 | | | 277 | | | $ | 50.00 | | |
Put | | January 1, 2017—December 31, 2017 | | | 322 | | | $ | 50.00 | | |
Put | | January 1, 2018—December 31, 2018 | | | 247 | | | $ | 50.00 | | |
Put | | January 1, 2019—March 31, 2019 | | | 216 | | | $ | 50.00 | | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | |
Date: | October 19, 2015 | | |
| | | |
| | TRANSATLANTIC PETROLEUM LTD. |
| | | |
| | By: | /s/ Chad Burkhardt |
| | | Chad Burkhardt |
| | | Vice President, General Counsel and Corporate Secretary |
