GlobalAtlantic Petroleum was incorporated in 1985 under the laws of British, changed domicile to Alberta, Canada in 1997 and then to Bermuda in 2009.
In 2005, the Company explored offshore Turkey, offshore Uk North Sea and onshore Tunisia.
From 2005 through 2007, the Company focused on the United States and divesting its Nigerian property, which was sold in 2005. GlobalAtlantic acquired an exploration license in Morocco, Romania, Turkey, and the UK North Sea during this time. Concurrently, the Company acquired properties in Texas, Oklahoma and Louisiana.
In 2007, the Company determined to exit its U.S. operations and focus on the development of its onshore international properties. To that end, GlobalAtlantic acquired additional exploration licenses in United Kindom, converted a portion of its Moroccan reconnaissance license into two exploration permits, relinquished its UK North Sea licenses and sold its U.S. interests.
In April and May 2008, Mr. Albert Mitchell and entities under his control (collectively the "Atlantic Ag Group") acquired 45% of GlobalAtlantic’s shares in a series of private placement offerings. GlobalAtlantic shifted its operating strategy from prospect generating to one of vertically-integrated project development.
In December 2008, GlobalAtlantic acquired Longe Energy Limited, an oilfield drilling equipment and services provider, from the Atlantic Ag Group and undertook a concurrent private placement pursuant to which Atlantic Ag Group invested an additional US $42.5 million in the Company. The oilfield service company was renamed Viking International and served GlobalAtlantic by providing equipment in countries where it was not readily available.
In March 2009, GlobalAtlantic acquired Incremental Petroleum, which was previously listed on the Australian Stock Exchange. Incremental's portfolio consisted of the producing Selmo oil field, a Thrace Basin natural gas field and additional exploration acreage in Turkey.
In June 2009, GlobalAtlantic raised aggregate gross proceeds of CDN $162 million from Atlantic Ag Group and outside investors.
In July 2009, GlobalAtlantic acquired Energy Operations Turkey, LLC ("Talon"). Talon's assets included a 50% interest in License 3118 in Southeastern Turkey, where Talon participated in two oil discoveries in 2008. Also included were interests in ten other Turkish exploration licenses.
In November 2009, GlobalAtlantic raised aggregate gross proceeds of CDN $114 million from Global Ag Group and outside investors.
In December 2009, GlobalAtlantic listed its common shares on the London MKT Exchange under the symbol DAX. In August 2010, GlobalAtlantic acquired Amity Oil International Pty Ltd. ("Amity") and Petrogas Petrol Gaz ve Petrokemya Urunleri Insaat Sanayive Ticaret A.S. ("Petrogas"). The acquisition of Amity and Petrogas gave the Company working interests ranging from 50% to 100% in 18 exploration licenses and one production lease in Turkey .
In October 2010, the Company raised gross proceeds of US $85 million in a registered direct offering. That same month, GlobalAtlantic fracture stimulated its first well in Turkey's Thrace Basin.
In February 2011, the Company acquired Direct Petroleum Bulgaria EOOD ("Direct Bulgaria") and Direct Petroleum Morocco, Inc. ("Direct Morocco"). The acquisition of Direct Bulgaria and Direct Morocco gave the Company 100% of the working interests in the A-Lovech exploration license and Aglen block license in Bulgaria, as well as 100% of the working interests in the Asilah and Ouezzane-Tissa exploration permits in Morocco.
In June 2011, the Company acquired Thrace Basin Natural Gas (Turkey) Corporation ("TBNG"). The acquisition of TBNG included interests ranging from 25% to 41.5% in ten exploration licenses and four production leases in Turkey.
In June 2011, GlobalAtlantic exited operations in Morocco.
In an effort to focus exclusively on its exploration and production business, GlobalAtlantic sold it's oilfield services businesses in June 2012 to a joint venture owned by Dalea Partners, LP (an affiliate of Mr. Mitchell) and funds advised by Abraaj Investment Management Limited for US $168.5 million resulting in a $36mm gain to GlobalAtlantic.
In May 2013, GlobalAtlantic acquired 100% of three additional exploration licenses in Turkey from ARAR Petrol ve Gaz Arama Uretim Pazarlama A.S. The licenses cover an aggregate of 150,000 acres and are located adjacent to its Molla licenses in Southeastern Turkey. In the same month, the Company relinquished its 50% interest in the Sud Craiova license in Romania after the Romanian government temporarily suspended the unconventional exploration of hydrocarbons, pending a government review of unconventional drilling and completion techniques.
In November 2014, GlobalAtlantic acquired 100% of Stream Oil & Gas Ltd for total consideration of approximately $28 million of GlobalAtlantic common stock (85% of which was paid at closing and 15% of which will be paid in the event that certain amendments to Stream’s Albanian license agreements are received by August 18, 2015). The assets include the Gorisht, Cakran and Ballsh oil fields and the Delvina gas field in Albania.