GBC Oil Company Ltd entered into a share purchase agreement to acquire Stream Oil & Gas Ltd. from TransAtlantic Petroleum Ltd. (AMEX:TAT) for $31.5 million on February 29, 2016. The consideration for the transaction is the future payment of $2.3 million to Raiffeisen Sh.A to pay down a term loan facility between TransAtlantic Albania Ltd and Raiffeisen, the assumption of $29.2 million of liabilities owed by Stream, consisting of $23.1 million of accounts payable and accrued liabilities and $6.1 million of debt. In addition, GBC Oil issued a warrant to TAT pursuant to which TAT has the right to acquire up to 25% of the fully diluted equity interests in TransAtlantic Albania for nominal consideration at any time on or before March 1, 2019. Pursuant to the purchase agreement, TransAtlantic Albania executed an assignment and assumption aagreement pursuant to which TransAtlantic Albania will assign its Delvina gas assets and approximately $12.9 million of associated liabilities to Delvina Gas Company Ltd. The transaction is subject to regulatory approvals and Raiffeisen has provided a release, in form and substance satisfactory to TransAtlantic Petroleum.

GBC Oil Company Ltd completed the acquisition of Stream Oil & Gas Ltd. from TransAtlantic Petroleum Ltd. (AMEX:TAT) on February 29, 2016.