Valeura Completes Acquisition of Assets in Turkey

Valeura Energy Inc. has announced that it has closed its previously announced acquisition of natural gas production in Turkey of approximately 10.0 MMcf/d (net before royalties), 588,719 net acres of land in the Thrace and Anatolian basins and exposure to a potential world-class unconventional tight gas opportunity.

Jim McFarland, President and CEO of Valeura, commented:  "This is a game-changing transaction for Valeura. It boosts corporate production from less than 400 BOE/d to approximately 2,000 BOE/d and provides us with a large land position in the Thrace Basin with significant running room to pursue the bread and butter shallow gas play and to deploy modern technology to exploit a deeper tight gas sand and shale resource play.

Turkey is an attractive place to do business given the competitive fiscal terms including a 12.5% royalty rate and 20% corporate tax rate, extensive oil and natural gas pipeline infrastructure, and a ready domestic market for oil and natural gas sales, which in the case of natural gas, is providing wellhead realizations of approximately US$7.00 to US$7.50 per Mcf."

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