Document:

Management Agreement

 Exhibit 4.2 
 Management Agreement 
 This Management Agreement (the “Agreement”) is made effective
April 1, 2006 (the “Effective Date”) by and between Charles Management Inc., a Texas corporation whose address is 5910 North Central Expressway, Suite 1755, Dallas, Texas 75206 ( “CMI”) and TransAtlantic Worldwide, Ltd., a
Bahamas corporation whose address is Kings Court, Bay Street, PO Box N-3944, Nassau, Bahamas (“Client”). CMI and Client are sometimes jointly referred to as the “Parties”. 
 For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows: 
  

	1.	GENERAL PROVISIONS 

 1.1        Scope of Services. CMI shall provide the services set forth in Appendix A to this Agreement (the “Services”). CMI’s advice to Client in respect of the Services shall be given
orally or in writing. CMI shall report to the nominated representative of Client, or to such other individual as Client may hereafter specify by written notice to CMI. When requested, CMI shall provide Client with a summary report, in which CMI
describes the Services it has performed since the last report. 
 1.2        Relationship between the Parties.
Nothing contained herein shall be construed as establishing or creating a partnership, master and servant relationship or principal and agent relationship between CMI and Client. 
 1.3        Law. The Agreement shall be governed by and construed in accordance with the laws of the State of Texas, the location of CMI’s offices. 
 1.4        Interpretation. Words importing the singular include the plural and vice versa where the context requires. The word
‘days’ denotes calendar days. The word ‘months’ denotes calendar months. The headings in this Agreement shall not be deemed to form part thereof. 
 1.5        Notices. All notices under this Agreement shall be given in writing and shall be deemed to have been duly given if delivered by hand or by registered post, at the
address of each of the parties specified in this Agreement. Copies of notices by electronic mail shall have the same validity as written notices if they are confirmed by an electronic read receipt from a computer belonging to each of the parties
specified in this Agreement. Each Party shall have the right from time to time during the term of this Agreement to change its address, telephone, facsimile numbers, email address and/or the person to whom communications are to be delivered by
notifying the other Party in writing. 
  

	2.	TERM; AMENDMENT OR TERMINATION OF AGREEMENT 

 2.1        Term. This Agreement shall come into force on the Effective Date and shall remain in force until December 31, 2007 and may be continued for an additional year upon Client giving
written notice of intent to extend at least thirty (30) days prior to the end of the term or until as otherwise mutually agreed subject to the provisions of Clause 2.5 hereof. 
  

	2.2        Commencement.	CMI shall provide the Services as soon as required after the Effective Date. 

  

	2.3        Amendment.	This Agreement shall not be amended without the prior written approval of both Parties. 

 2.4        Assignment. CMI shall not assign the benefit or in any way transfer
the obligations of this Agreement or any part thereof without the prior written consent of the Client. 
 2.5        Termination. CMI shall have the right to terminate this Agreement at any time by giving not less than ninety (90) days prior written notice to Client. Client may terminate this
Agreement at any time upon written notice to CMI. Any termination of this Agreement shall not prejudice or affect the accrued rights or claims of either Party hereto up to and including the termination date. 
 CMI shall be entitled to receive the remuneration for the Services duly performed up to the effective date of termination. CMI shall immediately return to Client all
documentation, drawings and any other material furnished by Client to CMI for the purpose of the Services and/or prepared by CMI in the course of performing the Services. 
  

	3.	OWNERSHIP OF DOCUMENTS AND COPY RIGHT 

 All correspondence, reports,
calculations and other documents furnished to CMI or prepared by CMI in performance of the Services (the ‘Results’) shall be the property of the Client. CMI shall not retain the copyright to the Results and hereby agrees that the copyright
to the Results shall be the property of Client. 
  

	4.	SETTLEMENT OF DISPUTES 

 [Intentionally omitted.] 
  

	5.	OBLIGATIONS OF CMI 

 5.1        Care and Diligence. CMI shall exercise all reasonable skill, care and diligence in the performance of the Services under this Agreement, and shall carry out all its responsibilities in
accordance with recognised professional standards. CMI will use all reasonable efforts to ensure that any advice and information supplied by CMI in the performance of the Services is timely, accurate and complete. 
 5.2        Conflict of Interest. CMI shall not undertake any work for third parties during the term of this Agreement which will
give rise to any conflicts of interest or cause any impediment to the Services provided for Client. 
 5.3        Personnel. Where this Agreement specifies that the Services will be provided by a named individual, CMI agrees to take all reasonable steps to ensure that these persons will remain on this
assignment for the full term of the Agreement. CMI further agrees to obtain Client’s agreement to any significant substitution of personnel that is necessitated by unforeseen circumstances. 
 5.4        Confidentiality. All information which CMI directly or indirectly acquires from Client, including information relating
to Client’s business, its clients, or its associates and information arising out of the Services (hereinafter together referred to as ‘Confidential Information’) shall be considered as secret. CMI shall keep Confidential Information
secret and shall not disclose the same to any third party nor use the same except in providing the Services without the prior written consent of Client. 
 The foregoing shall not apply to information which CMI can show (a) at the time of disclosure is or becomes public knowledge other than through the negligence or default of CMI, or (b) was already in CMI’s possession before
the Effective Date. 

	6.	REMUNERATION, INVOICING AND PAYMENT 

 6.1        Retainer and Additional Services Fees. ‘Retainer Fee’ shall be defined as a non-refundable payment made to secure CMI’s services for a fixed period of time (the
‘Contracted Activity Time’) each month. Client will pay the Retainer Fee to CMI for each month in accordance with Appendix B hereto. Such Retainer Fee shall constitute payment in full for the Contracted Activity Time provided during each
month hereunder. 
 6.2        Time Basis for Agreement. Chargeable time (‘Activity Time’) includes all
time spent acting for the Client including travel, office, administrative, preparatory, productive and telephone time in addition to actual client meetings and external meetings or interviews. Where applicable, Activity Time is calculated inclusive
of travel time from the prior non-client activity (such as from third party premises). The unit of Activity Time is the Day. 
 6.3        Expenses. CMI is hereby authorised to incur, without prior notice to the Client, ‘reasonable’ travel expenses (as outlined below) in performing Client’s instructions. The
Client agrees to reimburse these in addition to the Fees (as defined in Clause 6.1 above). 
 Purchases by CMI of third-party reports, information or data
relevant to the Services require prior written approval of Client. The cost of such purchases will be treated as an allowable expense and invoiced to the Client at cost. 
 Invoices for Expenses will normally be presented monthly. 
 ‘Reasonable’ travel expenses are those generally
applicable within international corporations to their executives and vary to reflect the different standards applied to business travel in various parts of the world. For illustrative purposes, they include, inter alia, Business Class international
air travel and Economy (or ‘Coach’) class U.S. internal flights, accommodation and incidental costs within an hotel suitable for business affairs, all meals while acting on behalf of Client, 1st class rail travel, taxis, car-hire costs for
a mid-size vehicle, and entertainment costs for third-party contacts made on behalf of Client commensurate with obtaining the maximum value-for-money from the contact for Client. 
 Allowable Expenses are charged to the Client at the gross invoice value. Expenses will be charged inclusive of any sales taxes (or similar fiscal levies) where these are payable by CMI, whether or not CMI may be able
to subsequently reclaim any part of these. VAT (and any other relevant tax) will be added to the invoice amount in line with current legislation at the rate ruling at the time of invoice. 
 Any additional charge for incidental expenses would normally be waived, except where these costs represent a significant cost, in which case the cost shall be agreed by
Client in advance. 
 6.4        Remuneration and Invoicing. In consideration of the Services performed by CMI under
this Agreement, CMI shall invoice the Client for the Retainer Fee. This amount is specified in Appendix B. CMI shall submit its invoice promptly after the close of the month in which the Services have been performed. Unless otherwise provided for in
this Agreement, Client shall reimburse CMI for all reasonable Expenses involved in performance of the Services. 
 If required by Client, CMI shall provide
with each invoice for reimbursable rates a timesheet detailing the Activity Time spent in performing the Services and copies of supporting documents (receipts etc) for reimbursable Expenses. 

 If any item or part of an item or an invoice shall be disputed, such item or part shall be deducted from the invoice
pending settlement of the dispute and the remainder shall be paid as provided above. Any amount due after settlement of the dispute shall be added to the next invoice. 
 6.5        Payment Terms. The currency of payment will be U.S. Dollars. Both Parties agree to accept this in terms of both invoices and payments. 
 No account will be taken of exchange rate fluctuations during the term of this Agreement. Each Party accepts as their own responsibility the variation, whether
favourable or unfavourable, that they may see in local currency terms in respect of this Agreement. 
 Client shall pay CMI promptly within ten
(10) days of receipt of each invoice for Retainer Fees and Expenses. 
 Client shall make payment by wire transfer in U.S. Dollars to CMI’s Bank
Account which CMI shall notify to Client. 
 Client’s responsibility is for payment to CMI of the full amount agreed. Client agrees to adjust all
payments to take into account any charges levied (such as may be made by the transferring bank), such that the full amount is received by CMI. Client accepts that CMI shall be entitled to recover all deducted amounts. 
 Client agrees to pay all government taxes and duties, regardless of origin, that may apply to all payments to CMI. Client further agrees that, should there be a change
in type or variation during the term of this Agreement, whether favourable or unfavourable to Client, he will be responsible for them in totality. Each Party will be responsible for recovering his own entitlement respect of pre-payments (for example
in respect of VAT or sales tax). 
  

	7.	PUBLICITY 

 CMI shall be permitted to identify itself as a representative
of Client for the purpose of performing the Services. Client will provide CMI with business cards for this purpose. 
  

	8.	INDEMNIFICATION 

 CMI shall indemnify and hold Client harmless from and
against any claims, demands, losses, liabilities, suits, expenses, costs or causes of action in respect of damage to, injury or death of CMI personnel or equipment howsoever arising and irrespective of the negligence of the Client. 
 Client shall indemnify and hold CMI harmless from and against any claims, demands, losses, liabilities, suits, expenses, costs or causes of action in respect of damage
to, injury or death of Client personnel or equipment howsoever arising and irrespective of the negligence of the CMI. 
 Neither party hereto shall be liable
to the other for loss of profit, business interruption or any other indirect or consequential loss whether in contract, tort (including negligence) or otherwise at law. 
 CMI shall be solely responsible and liable for and on behalf of Client for the payment of and compliance with all taxes and levies relating to Services performed under this Agreement, including but not limited 

 
to, corporate income tax, personal income tax, withholding tax, social insurances and labour surcharges, value added tax, sales tax and indirect taxes.

  

	9.	FORCE MAJEURE 

 While CMI agrees to use its best endeavours to perform the
Services for Client as specified, CMI will not be responsible for any delays or failure to perform the Services which are beyond CMI’s control and which could not have been reasonably predicted. 
 Where events outside either Party’s control cause such delay that the purpose of this Agreement is materially destroyed, either Party shall be entitled to terminate
the Agreement upon thirty (30) days prior written notice. In such circumstances Client will not make any further payments of Fees, and there will be no refund of payments already made. 
  

	10.	ACCESS 

 The authorised representatives of Client shall have access at all
reasonable times to the place where the Services are being carried out to allow them to monitor progress of the Services. 
  

					
	 Agreed for and on behalf of
	 	Agreed for and on behalf of
	 Charles Management Inc.
	 		 	TransAtlantic Worldwide, Ltd.
			
	
 Scott C. Larsen
	 		 	
 David Campbell

	President	 		 	Director

 Appendix A 
 Services To Be Performed on Behalf of Client 
  

	1.	General Advice and assistance concerning the business of Client and its subsidiaries including: 

  

	 	a.	Establishing business contacts; 

	 	b.	Identifying key governement departments and agencies, and their officials; 

	 	c.	Analyzing and interpreting governmental policies in the areas of petroleum exploration and production; 

	 	d.	Formulating and developing strategies for establishing and maintaining Client’s relations with government and business contacts; and 

	 	e.	Purchasing reports, information and data as required. 

  

	2.	Advice regarding business strategy and competitor activities concerning the business of Client and its subsidiaries, including: 

  

	 	a.	Demonstrating the technical and commercial potential for viable business opportunities in petroleum exploration and production; 

	 	b.	Refining and developing appropriate business strategies; and 

	 	c.	Setting budgets and business expectations. 

  

	3.	Assistance in identifying, evaluating and obtaining business opportunities for Client and its subsidiaries in the areas of petroleum exploration and production, including:

  

	 	a.	Reviewing and screening of open acreage and farm-in opportunities on licensed acreage, 

	 	b.	Reviewing and screening potential joint venture partners. 

  

	4.	Assistance in obtaining and negotiating agreements with business entities or government agencies. 

  

	5.	Services as an officer and/or director of Client and its subsidiaries. 

  

	6.	Such other Services as requested by Client and its subsidiaries and that CMI is reasonably able to provide in order to assist the Client and its subsidiaries.

 Services will be performed by Scott C. Larsen at the offices located at 5910 N. Central Expressway, Suite 1755, Dallas, TX 75206 or
elsewhere as required by the nature of the Services. 

 Appendix B 
 Remuneration For Services specified in Appendix A 
  

			
	 Retainer Fee:
	    	$10,000 per calendar month
	 Contracted Activity Time:
	    	Ten (10) DaysParticipating Interest Agreement

 Exhibit 4.3 
 PARTICIPATING INTEREST AGREEMENT 
 THIS PARTICIPATING INTEREST AGREEMENT (this
“Agreement”) made as of July 11, 2005 (the “Effective Date”) 
 BETWEEN 
 TRANSATLANTIC WORLDWIDE LTD., a Bahamian corporation (the “Grantor”) 
 - and - 
 SCOTT C. LARSEN, an individual
residing in Dallas, Texas (the “Grantee”) 
 - and - 
 TRANSATLANTIC PETROLEUM CORP., an Alberta corporation (the “Guarantor”) 
 WHEREAS the Grantor has entered into the TWL Compensation Agreement (the “TWL Compensation Agreement”) dated June 20, 2005 with
Tetrarch Limited (“Tetrarch”) (a copy of which is attached hereto as Exhibit A and incorporated herein by reference for all purposes) pursuant to which Tetrarch has agreed to compensate the Grantor for a certain service
agreement which Tetrarch was successful in entering into; 
 AND WHEREAS the Grantor wishes to compensate the Grantee for his efforts in
securing the compensation arrangements with Tetrarch by granting the Grantee an interest in any monies which may be received by the Grantor pursuant to the TWL Compensation Agreement; 
 AND WHEREAS the parties hereto have provided hereinafter the terms and conditions on which such interest is to be received by the Grantee; 
 AND WHEREAS Guarantor has agreed to join in this Participating Interest Agreement for the sole purpose of guaranteeing the performance of Grantor
hereunder; 
 NOW THEREFORE THIS AGREEMENT WITNESSES that the parties hereto agree as follows: 
 1. Participating Interest. The Grantor hereby reserves in favour of the Grantee an interest in any TWL Compensation (as that term is defined in
the TWL Compensation Agreement) actually received by the Grantor (the “Participating Interest”) which Participating Interest shall be equal to 3.87% of any TWL Compensation received by the Grantor from time to time, subject to the
following terms and conditions: 
  

	 	(a)	The Participating Interest shall be free and clear of all liens, claims or encumbrances. 

  

	 	(b)	 Each payment with respect to the Participating Interest shall be made within thirty (30) days of actual receipt by the Grantor of any payment 

	 	 
from Tetrarch pursuant to the TWL Compensation Agreement. For greater certainty, the Grantor’s obligation to pay the Participating Interest to the
Grantee only arises if, as and when payment(s) are received by the Grantor pursuant to the TWL Compensation Agreement. 

  

	 	(c)	Subject to Paragraph 2 below, the Participating Interest shall remain in force and effect until the Grantee shall have received the sum of U.S.$599,850 (the “Maximum
Interest”) from the Grantor pursuant to the terms of this Agreement. 

  

	 	(e)	The Grantee shall have no right to assign, sell, transfer or convey, however accomplished (whether directly or indirectly), the Participating Interest granted under this Agreement
without the prior written consent of the Grantor. 

 2. Reduction of Maximum Interest. The Grantee acknowledges and
agrees that the Grantor has entered into a Security and Pledge Agreement with Summit Oil Limited dated June 20, 2005 (the “Summit Pledge Agreement”) pursuant to which the Grantor has pledged all of its interest in and rights to
receive payments under the TWL Compensation Agreement. The Grantee further agrees that in the event that any portion of the TWL Compensation is paid by Tetrarch to Summit Oil Limited in accordance with the terms of the Summit Pledge Agreement and
such payment results in a reduction of the Maximum Sum (as that term is defined in the TWL Compensation Agreement) payable to the Grantor, the Maximum Interest of the Grantee under this Agreement shall be reduced by the same percentage as the
Maximum Sum is reduced under the TWL Compensation Agreement. 
 3. No Warranties. This Agreement is made without warranty of any kind
or nature. 
 4. Taxes. The Grantee agrees that he will be liable for all taxes in respect of amounts received by the Grantee
attributable to the Participating Interest. The Grantee further acknowledges and agrees that the Grantor shall have the right to deduct from any payment required to be made to the Grantee pursuant to this Agreement and withhold any and all amounts
that the Corporation is obliged to withhold and remit to the relevant taxing authority. 
 5. Agreement to Provide Information. Under
the terms of the TWL Compensation Agreement, Tetrarch is obligated to provide to the Grantor, a Quarterly Statement (as that term is defined in the TWL Compensation Agreement). While this Agreement is in force and effect, the Grantor hereby agrees
to provide a copy of the Quarterly Statement to the Grantee no later than thirty (30) days from the date the Grantor receives each such Quarterly Statement. 
 6. GOVERNING LAW. THE VALIDITY, EFFECT AND CONSTRUCTION OF THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF TEXAS, EXCLUDING ITS CONFLICT OF LAWS PRINCIPLES. 
 7. Notice. All notices and other communications required or permitted under this Agreement (except for Quarterly Statements provided for under
Paragraph 5 above which may be sent by regular mail) shall be in writing and any communication or delivery hereunder shall 

 
be deemed to have been duly given and received when actually delivered to the address set forth below for the party to be notified, or when a legible
facsimile copy is received by the party’s facsimile equipment at the number shown below: 
  

			
	 If to the Grantor:
	 	c/o TransAtlantic Petroleum (USA) Corp.
		 	5910 N. Central Expressway, Suite 1755
		 	Dallas, TX 75206
		 	FAX: 214-220-4327
		
	 With a copy to:
	 	Such other persons as the Grantor may designate in writing.
		
	 If to the Grantee:
	 	Scott C. Larsen
		 	6229 Orchid Lane
		 	Dallas, Texas 75230
		 	FAX: 214-363-3868

 A party may, by written notice so delivered to the other, change the address or facsimile number
to which delivery shall thereafter be made. 
 8. No Waiver. The failure of any party to insist upon strict performance of a covenant
hereunder or of any obligation hereunder, irrespective of the length of time for which such failure continues, shall not be a waiver of such party’s right to demand strict compliance in the future. No consent or waiver, express or implied, to
or of any breach or default in the performance of any obligation hereunder shall constitute a consent or waiver to or of any other breach or default in the performance of the same or any other obligation hereunder. 
 9. Arbitration. Any dispute arising out of or relating to this Agreement, including any question regarding its existence, validity or termination,
shall be shall be resolved by binding arbitration administered by the American Arbitration Association (AAA). Confirmation and judgment upon the award rendered by the arbitrator(s) may be entered by any state or federal court having jurisdiction
thereof. The place of arbitration shall be Dallas, Texas and all proceedings shall be conducted in the English language. A dispute shall be deemed to have arisen when any party gives notice to the other party to that effect. 
 10. Amendments. This Agreement may not be amended nor any rights hereunder waived except by an instrument in writing signed by the party to be
charged with such amendment or waiver and delivered by such party to the party claiming the benefit of such amendment or waiver. 
 11.
Headings. The headings of the paragraphs of this Agreement are for guidance and convenience of reference only and shall not limit or otherwise affect any of the terms or provisions of this Agreement. 
 12. Counterparts. This Agreement may be executed by Grantor and Grantee in counterparts, each of which shall be deemed an original instrument but
all of which together shall constitute but one and the same instrument. 

 13. Entire Agreement. This Agreement (including the exhibits hereto) constitutes the entire
understanding between the parties with respect to the subject matter hereof, superseding all negotiations, prior discussions and prior agreements and understandings relating to such subject matter. 
 14. Parties in Interest. This Agreement and all its terms, provisions, conditions, covenants and warranties shall be binding upon and shall inure
to the benefit of the parties hereto and their respective heirs, successors and permitted assigns. Nothing contained in this Agreement, express or implied, is intended to confer upon any other person or entity any benefits, rights or remedies.

 15. Guarantee. For good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, Guarantor
unconditionall and irrevocably guarantees to Grantee the due and punctual performance of Grantor’s obligations under this Agreement 
 IN WITNESS WHEREOF the parties hereto have duly executed this Agreement as of the Effective Date. 
  

			
	TransAtlantic Worldwide Ltd.
		
	 By:
	 	  
	Name:	 	Chris H. Lloyd
	 Title:
	 	Chief Financial Officer

  
  

							
	  	 		 		 	  
	Witness	 		 		 	Scott C. Larsen
	  	 		 		 	
	 Name of Witness
	 		 		 	
	  	 		 		 	
	 Address of Witness
	 		 		 	

  

			
	TransAtlantic Petroleum Corp.
		
	 By:
	 	  
	Name:	 	Michael Winn
	 Title:
	 	Chairman

			
	 STATE OF TEXAS
	  	§
		  	§
	COUNTY OF DALLAS	  	§

 The foregoing instrument was acknowledged before me on
                            , 2006 by
                                    , of TransAtlantic
Worldwide Ltd., a Bahamian corporation, on behalf of said corporation. 
  

							
		 		 		 	  

		 		 		 	Notary Public in and for
		 		 		 	the State of Texas
	My Commission Expires:	 		 		 	  

		 		 		 	Printed Name of Notary

  
  

			
	 STATE OF CALIFORNIA
	  	§
		  	§
	COUNTY OF                 	  	§

 The foregoing instrument was acknowledged before me on
                            , 2006 by Michael Winn, of TransAtlantic Petroleum Corp., an Alberta
corporation, on behalf of said corporation. 
  

							
		 		 		 	  

		 		 		 	Notary Public in and for
		 		 		 	the State of California
	My Commission Expires:	 		 		 	  

	  	 		 		 	Printed Name of Notary

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