Bermuda-based TransAtlantic Petroleum Ltd. has bought out Amity Oil International Pty. Ltd. and Petrogas in a deal worth nearly $100 million.

The purchase of all of the Amity shares was carried out through the Bermuda company's subsidiary, TransAtlantic Worldwide.

Total consideration for the acquisition was $96.5 million. TransAtlantic funded the acquisition with $66.5 million drawn on the $100 million credit agreement with Dalea Partners, LP, an entity owned by the company's chairman, Malone Mitchell, as well as a $30 million short-term secured credit agreement with Standard Bank Plc.