DALLAS, Jan. 18, 2017 (GLOBE NEWSWIRE) -- Park Place Energy Inc. (PKPL) (“Park Place” or the “Company”) is pleased to announce it has now completed the acquisition of three oil and gas exploration and production companies operating in Turkey (the “Tiway Companies”). As previously reported, the purchase price for the acquisition of the Tiway Companies from Tiway Oil B.V. was $2.1 million. It took over a year to obtain all the required regulatory approvals for the transaction. As a result of the acquisition of the Tiway Companies, Park Place now owns interests in three producing oil and gas fields in Turkey, one of which is offshore and the other two are onshore.
At year-end 2016, net production to the Tiway Companies from such fields was 280 barrels of oil equivalent per day or Boe/d; and for the year 2016, net production to the Tiway Companies averaged 390 Boe/d. In addition, the Tiway Companies have about US$745,000 in available cash. Due to the acquisition of the Tiway Companies, the Company is now a qualified oil and gas operator in Turkey based in Ankara. With this base of operations in Turkey and its experienced management team, Park Place is poised to exploit these assets and for further growth in the region.
