Document:

Exhibit 10.10

 Exhibit 10.10 
 FIRST AMENDMENT TO THE ROOMSTORE, INC. 
 SUPPLEMENTAL SEVERANCE PLAN FOR SENIOR
EXECUTIVE EMPLOYEES 
 WHEREAS, RoomStore, Inc. (“Company”) has adopted a Supplemental Severance Plan for Senior
Executive Employees (“Plan”), and 
 WHEREAS, the Plan was approved by the Board of Directors of the Company on
January 30, 2007, and 
 WHEREAS, the Board of Directors has determined that changes to the Plan are necessary and prudent.

 NOW, THEREFORE, the Plan is revised as follows: 
 1. The Plan shall be renamed as the “Severance Plan for Senior Executive Employees.” 
 2. A new paragraph ‘D’ shall be added to Section II, Benefit Entitlement, which shall read: 
 “D. No Duplication of Benefits. If a Participant is eligible for benefits under any other Company Plan (i.e., the RoomStore, Inc. Severance Plan or a Change in Control Agreement), then
the Participant shall only receive benefits under one Plan, whichever Plan pays the highest benefit for the Participant.” 

3. Section IV.A of the Plan shall be revised to read: 
 “Salary Continuation Benefits. Participants will receive salary continuation benefits equal to one year of salary at their then-current rate of pay. Such benefits will be paid in equal
installments over a 23 month period, beginning 30 days after their termination of employment. Salary continuation benefits will end if and when the Participant accepts new employment. Participants are required to immediately report any new
employment to the Company. Salary continuation benefits will be subject to regular income and employment tax withholding. As used in this Section IV, the term “salary” shall mean the Participant’s base salary, and does not include
bonuses, car allowances, perquisites, or any other additional forms of compensation.” 
 3. Section V.A of the Plan shall be
revised to read: 
 “Plan Administrator and Named Fiduciary. This Plan will be administered by a Plan Administrator,
who shall be appointed by and work under the direction of, the Board of Directors of the Company. The Plan Administrator may, but is not required to, adopt rules and regulations for the administration of the Plan. Any

 
questions regarding claims or benefits under the Plan should be addressed to: Senior VP - Human Resources, 12501 Patterson Avenue, Richmond, Virginia 23238.” 

“The Plan Administrator shall have express discretionary authority to implement and interpret the plan, and to determine eligibility
for benefits and the amounts of benefits payable, under the Plan. Determinations and interpretations by the Plan Administrator, including but not limited to, decisions relating to eligibility for, entitlement to, and payment of benefits, will be
conclusive and binding for all purposes. When making any determinations or calculations, the Plan Administrator will be entitled to rely upon the accuracy and completeness of information furnished by employees and agents of the Company.”

 4. Except as amended herein, the Plan shall remain in full force and effect. 

This Plan Amendment has been approved by the Board of Directors of the Company on this 7 day of April 2011. 

	
	
	/s/ Robert C. Shaffner
	Robert C. Shaffner
	Chairman of the Board

 ROOMSTORE, INC 
 SUPPLEMENTAL SEVERANCE PLAN FOR SENIOR EXECUTIVE EMPLOYEES 
 PLAN
DOCUMENT AND SUMMARY PLAN DESCRIPTION 
 RoomStore, Inc (“RoomStore”) hereby adopts this Severance Plan for Senior Executive
Employees (the “Plan”) to describe the circumstances under which certain executive employees may receive salary continuation benefits in the event their employment with the Company is involuntarily terminated. The term “Company”
means RoomStore, and any wholly owned U.S. subsidiaries of RoomStore. The purpose of the Plan is to assist eligible executive employees during periods of possible unemployment due to unforeseen business events. 

 

	I.	Eligible Employees. The following employees shall be eligible to participate in the Plan (hereinafter referred to as “Participants”):

  

	 	A.	Active employees of RoomStore who hold the title of Senior Vice President or higher, and who do not have an employment agreement with the Company,

  

	 	B.	Such other active executive employees of the Company as the Plan Administrator may, in its sole discretion, designate as eligible to participate in the Plan.

  

	II.	Benefit Entitlement. If a Participant’s employment with the Company is involuntarily terminated in connection with a “business event,” then the
Participant may be eligible to receive a salary continuation benefit under the Plan, subject to the other terms and conditions described below. “Business events” include, but are not limited to: the sale of the Company or a majority of its
assets; a change in the majority ownership of the Company; a reduction in force or downsizing of a business unit or department; a restructuring; a filing for reorganization or protection under any state or federal bankruptcy statute; or any other
event that the Plan Administrator, in its sole discretion, determines to be a “business event.” 

  

	 	A.	Termination for Cause. If a Participant’s employment with the Company is terminated for cause, then such Participant’s termination will not be
considered an involuntary termination, and s/he will not be eligible to receive any benefits under this Plan. 

  

	 	B.	Death, Disability, Retirement or Voluntary Termination. If a Participant’s employment with the Company terminates by reason of death, disability, retirement
or voluntary termination for any reason, then such Participant’s termination will not be considered an involuntary termination and s/he (or their estate) will not be eligible to receive a benefit under the Plan. 

 

	 	C.	 Continued Employment. If, subsequent to a business event, the Participant continues employment with the Company or its successor, or accepts an
offer of employment with the new owners of the Company, then s/he will not be eligible to receive a salary continuation benefit under the Plan. The continued employment or new employment must be substantially equivalent or superior in pay and duties
to the Participant’s pay and duties immediately prior to the business event. If the Participant accepts an offer of employment with the Company or its successor or with the new owners of the Company, but is later

  

					
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terminated within 2 years of the business event, then s/he shall be entitled to the full severance benefit as provided under the Plan. 

 

	III.	Conditions for Receipt of Benefit. 

  

	 	A.	Release of Claims. Each Participant will be required to sign a release of all employment-related claims in order to receive a benefit under the Plan. Benefits
will not be payable under this Plan to any Participant who fails to sign the release. 

  

	 	B.	Completion of Duties. Each Participant will be required to remain employed through any termination date specified by the Company and will be required to fully
comply with any changes in job responsibilities, work schedules and any other specific terms and conditions which may be required by the Company in anticipation of or in connection with a business event. Benefits will not be payable under this Plan
to any Participant who fails to comply with such requirements. 

  

	 	C.	Subsequent Employment. Participant’s who receive benefits under the Plan will be deemed to agree, as a condition of receiving benefits, that if, within
twenty-six (26) weeks following their termination of employment, they are rehired by the Company, then they will repay to the Company all benefits that they have received under the Plan. The Company may, in its discretion, require as a
condition of benefit entitlement written acknowledgment and/or specific agreement to the terms of this provision by Participants. 

  

	IV.	Benefit Amounts. 

  

	 	A.	Salary Continuation Benefits. Participants will receive salary continuation benefits equal to one year of salary at their then-current rate of pay. Such benefits
will be paid in a single lump sum as soon as administratively practicable following the Participant’s termination of employment with the Company, but no later than 30 days after employment termination. Salary continuation benefits will be
subject to regular income and employment tax withholding. As used in this Section IV, the term “salary” shall mean the Participant’s base salary, and does not include bonuses, car allowances, or any other additional forms of
compensation. 

  

	 	B.	Employee Benefit Plans. Except as otherwise required by applicable law or the terms of any Company employee benefit plan, Participants will not be eligible to
continue to participate in any employee benefit plans sponsored by the Company following their termination of employment except as specifically allowed by the Company. 

 

	 	C.	Integration with WARN Act. Notwithstanding any of the above, benefits payable under the Plan will be reduced by any amounts required to be paid to a Participant
pursuant to the Worker Adjustment and Retraining Notification Act (“WARN”), without regard to whether the Participant asserts such rights. The Plan is not intended to duplicate payments already required by WARN. 

 

  

					
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	V.	Administration. 

  

	 	A.	Plan Administrator and Named Fiduciary. RoomStore will be the Plan Administrator and the named fiduciary of the Plan. RoomStore may delegate its powers and
responsibilities for administration of the Plan to one or more persons or to a committee. The Plan Administrator may adopt such rules and regulations and may make such decisions, as it deems necessary or desirable for the proper administration of
the Plan. Benefit claims and questions regarding the administration of the Plan should be addressed to RoomStore, Inc., 12501 Patterson Avenue, Richmond, Virginia, 23238, Attn: Senior VP – Human Resources or by calling 1-866-287-3202 ext, 7645.
Final determination of all benefits will be made in accordance with the written terms of the Plan. 

 The Plan
Administrator shall have the express discretionary authority to determine eligibility for benefits and the amount of benefits, to decide factual and other questions relating to the Plan, and to interpret the terms of the Plan. Determinations and
interpretations by the Plan Administrator, including without limitation decisions relating to eligibility for, entitlement to, and payment of benefits, will be conclusive and binding for all purposes, When making any determination or calculation,
the Plan Administrator will be entitled to rely upon the accuracy and completeness of information furnished by the Company’s employees and agents. 
  

	 	B.	Claims Procedures. All claims for benefits should be submitted to RoomStore, Inc, 12501 Patterson Avenue, Richmond, Virginia, 23238, Attn; Senior VP – Human
Resources. If a claim is denied, then the eligible employee will receive within 90 days a written notice explaining the denial. Eligible employees have the right to file a written request for a review of the denial with the Plan Administrator within
90 days after receiving written notice of the denial. The Plan Administrator will conduct a full and fair review of the claim for benefits and will deliver to the eligible employee a written decision within 60 days after receipt of the request for
review, except that, if there are special circumstances requiring an extension of time for processing, the 60-day period may be extended for an additional 60 days. 

 

	 	C.	Amendment and Termination; Administrative Status. The Company has the right to amend, modify or terminate the Plan at any time. The Plan is a severance plan and
therefore a welfare benefit plan, rather than a pension or retirement plan. Benefits payable under the Plan are not contingent, directly or indirectly, on an eligible employee’s retirement. Eligible employees have no vested right to benefits
under the Plan. 

  

	VI.	Miscellaneous. 

  

	 	A.	Binding on Successors and Assigns. The provisions of this Plan will be binding on the Company and its successors and assigns. 

 

	 	B.	Severability. In the event that any provision of this Plan is held illegal or invalid, the remaining provisions of this Plan will not be affected thereby.

  

					
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	 	C.	No Employment Contract. Nothing contained in this Plan will be construed to be an employment contract between any employee and the Company.

  

	VII.	ERISA Rights. Employees eligible or who may become eligible to receive a benefit under the Plan (“eligible employees”) are entitled to certain rights
and protections under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). ERISA provides that all eligible employees shall be entitled to the following: 

 

	 	A.	Eligible employees may examine, without charge, at the Plan Administrator’s office or its Human Resources Department, all documents governing the Plan and a copy
of the latest annual report (Form 5500 Series) filed by the Plan with the U.S. Department of Labor. These documents are available during regular business hours. 

 

	 	B.	Eligible employees may obtain, upon written request to the Plan Administrator, copies of all documents governing the operation of the Plan, and copies of the latest
annual report (Form 5500 Series) and an updated summary plan description. The Plan Administrator may make a reasonable charge for copies. 

  

	 	C.	The law provides that eligible employees cannot be fired or discriminated against to prevent them from attaining a benefit under the Plan or for exercising their rights
under ERISA. If an eligible employee’s claim for a benefit under the Plan is denied in whole or in part, the eligible employee must receive a written explanation of the reason for the denial. The eligible employee has the right to have his or
her claim reviewed and reconsidered, as described above. 

  

	 	D.	Under ERISA, eligible employees can take certain steps to enforce the rights described above. For example, if an eligible employee requests Plan materials, he or she
must receive them within 30 days. However, if the materials have not been received after about 20 days, he or she should check with the Plan Administrator to see if there are any problems with the request. Then, if he or she has not received the
materials within 30 days of request, an eligible employee can file suit in federal court. The court can require the Plan Administrator to provide the materials and pay up to $110 for each day of delay until the eligible employee receives the
materials, unless they were not sent because of reasons beyond the control of the Plan Administrator. If an eligible employee has a claim for benefits, which is denied or ignored, in whole or in part, he or she may file suit in state or federal
court, or ask the U.S. Department of Labor for help. If an eligible employee is being discriminated against for exercising his or her protected rights under ERISA, he or she can get assistance from the U.S. Department of Labor or file suit in
federal court. Any time an eligible employee sues, the court will decide who should pay court costs and legal fees. If the eligible employee wins, the court may order the person he or she sued to pay these costs and fees. If he or she loses, the
court may order the eligible employee to pay these costs and fees, for example, if it finds that the eligible employee’s claim is frivolous. 

  

					
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	 	E.	In addition to creating rights for eligible employees, ERISA imposes duties upon the people who are responsible for the operation of the Plan. The people who operate
the Plan, called “fiduciaries” of the Plan, have certain duties to act prudently and in the interest of eligible employees. 

  

	 	F.	If an eligible employee has any questions about the Plan, the eligible employee should contact the Plan Administrator. If an eligible employee has any questions about
the eligible employee’s rights under ERISA, the eligible employee should contact the nearest office of the Pension and Welfare Benefits Administration, U.S. Department of Labor, listed in your telephone directory, or the Division of Technical
Assistance and Inquiries, Pension and Welfare Benefits Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210. 

  

	VIII.	Important Names, Addresses and Other Information. 

  

			
		
	Plan Sponsor:	  	RoomStore, Inc
12501 Patterson Ave
Richmond, VA 23238
804 784-7600
		
	Plan Administrator:	  	RoomStore, Inc
12501 Patterson Ave
Richmond, VA 23238
804 784-7600

 Employer Identification Number: 
 54-1832498 

Plan Number: 
 555 
 Type of Plan and Funding of Plan: 

Benefits under this welfare benefit plan are provided solely by the Company from its general assets to provide severance payments to
eligible participants. Benefits under the Plan are not necessarily funded through a trust or any other funding medium. 
 Agent for Service of Legal Process: 
 Legal process may be served on the Plan
Sponsor or the Plan Administrator. 
 Plan Year: 

March 1 through February 28/29 
 *    *    *    * 

  

					
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 IN WITNESS WHEREOF, the Company has caused this Plan to be executed this      day
of February, 2007. 
  

			
	RoomStore, Inc.
		
	By:	 	/s/ Curtis C. Kimbrell, III
	Name:	 	Curtis C. Kimbrell, III
	Title:	 	President and CEO

  

					
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		  	6Letter Agreement, dated February 8, 2011

 Exhibit 10.6 

 

 

 550, 333 – 11 Ave SW 
 Calgary, AB T2R 1L9 
 P. +1.403.237.7102 

F. +1.403.237.7103 

CONFIDENTIAL 

February 8, 2011 
 Mr. Matthew McCann

 TransAtlantic Petroleum Ltd. 
 5910
N. Central Expressway, Suite 1755 
 Dallas, Texas 75206 
 Dear Matt: 
  

	Re:	 Conditional Offer to Acquire Shares in Pinnacle Turkey Inc. and Interests in Assets located in the Marmara and Gaziantep Areas, Turkey

 Further to recent discussions, Valeura Energy Inc. (“VEI”) is pleased to submit this
conditional offer to TransAtlantic Petroleum Ltd. (“TPL”) and TransAtlantic Worldwide Ltd. (“TWL”, and together with TPL, “TransAtlantic”) respecting the acquisition by VEI, Valeura Energy
(Netherlands) BV or such other subsidiary or nominee (collectively, “Valeura”), in a transaction involving Thrace Basin Natural Gas Corporation (“TBNG”) and Pinnacle Turkey, Inc. (“PTI”), of:
(i) 61.54% of the shares in PTI (the “Valeura PTI Shares” with such acquisition being the “Valeura PTI Acquisition”); and (ii) immediately thereafter, the following undivided interests from PTI and TBNG
(as more particularly described in this conditional offer) in exploration licences and production leases respecting properties in the Marmara and Gaziantep areas of the Republic of Turkey, together with all associated tangibles (including all wells,
processing facilities, gas plants, other facilities, batteries, well heads, production equipment, pipelines, pipeline connections, meters, generators, motors, compressors, treaters, dehydrators, scrubbers, separators, pumps, tanks, boilers, and
communication equipment), seismic, contracts and other interests (collectively, the “Assets”, and such acquisition being the “Asset Acquisition”): 

Marmara (onshore)1 - 40.00% undivided interest 
 Marmara (offshore - shelf) - 15.38% undivided interest 
 Marmara
(offshore - deep) - 30.77% undivided interest 
 Gaziantep - 23.08% undivided interest 

which exploration licences (the “Exploration Licences”) and production leases (the “Production Leases”)
are more particularly described in the attached Schedule “A” (the Valeura PTI Acquisition and the Asset Acquisition being referred to collectively as the “Transaction”). The consideration payable by Valeura at closing of
the Valeura PTI Acquisition would be US $61,538,461, and at closing of the Asset Acquisition would be the Valeura PTI Shares (to be delivered into escrow pending receipt of GDPA approvals of the transfers by PTI and TBNG to Valeura of the
Exploration Licences and the Production 
  
  

	1 	 The interests which Valeura is acquiring in Exploration Licence 4201 is a 40.00% share of a royalty.

 
Leases as contemplated herein). Valeura shall not be required to make any representations in respect of the PTI shares it acquires, other than Valeura has not encumbered such shares and
that it has the corporate authority to transfer them in exchange for the Assets. Valeura will be entitled to the economic benefits arising from its acquisition of the Assets based on a Transaction effective date of October 1, 2010 (the
“Effective Date”); without limiting the foregoing TransAtlantic shall cause TBNG and/or PTI to remit to Valeura at closing its share of net production proceeds arising in connection with the Assets from and after the Effective Date
notwithstanding that GDPA approvals have not been obtained in connection with the transfer to Valeura or PTI of an undivided interest in all or any of the Production Leases or in connection with the transfer to Valeura of an undivided interest in
all or any of the Exploration Licences, unless such payment is prohibited by Turkey law, in which event TransAtlantic shall enter into an arrangement with Valeura prior to closing which is acceptable to Valeura, in its discretion, pursuant to which
the equivalent economic benefits are to be received in a timely manner by Valeura on the closing date. 
 TransAtlantic has
indicated that the income tax liabilities arising in connection with the transfers of the Exploration Licenses and Production Leases by TBNG to PTI and Valeura shall not exceed US $3,100,000, and Valeura has agreed that it will bear a 40%
proportionate share of such estimated income tax liabilities, up to a maximum of US $1,240,000, to be paid out of net production revenues on May 15, 2011 (as to half of such proportionate share) and August 15, 2011 (as to the balance of
such proportionate share), without adjustment to either such amount after the date it is payable, regardless whether it is subsequently determined that the actual income tax liabilities exceed US $3,100,000. 

It is anticipated that the Transaction would be closed concurrently with the acquisition from Mustafa Mehmet Corporation (the
“Share Vendor”) of the shares of TBNG (the purchase of the TBNG shares and, if required, 61.54% of the PTI shares is referred to herein as the “TransAtlantic Purchase”) by TWL, and of the remaining 38.46% of the PTI
shares (the “Holdco Purchase”) by Pinnacle Turkey Holding Company, LLC (“Holdco”), or if such Holdco Purchase does not proceed, by TransAtlantic in connection with the exercise of a share purchase option by TWL
pursuant to an Option Agreement dated November 8, 2010 between TWL and the Share Vendor (the “Share Option Agreement”), a copy of which is attached hereto as Schedule “C”. 

For certainty, at the time of closing the Exploration Licences and the Production Leases, and associated tangibles, seismic, contracts
and other interests shall be held as follows: 
  

													
	 AREA
	  	PARTIES AND INTERESTS	 
	 	  	TBNG/TWL	 	 	PTI 	 	 	VALEURA	 
	 Marmara (onshore)2
	  	 	35.00	% 	 	 	25.00	% 	 	 	40.00	% 
	 Marmara (offshore - shelf)
	  	 	25.00	% 	 	 	9.62	% 	 	 	15.38	% 
	 Marmara (offshore - deep)
	  	 	0	% 	 	 	19.23	% 	 	 	30.77	% 
	 Gaziantep
	  	 	62.50	% 	 	 	14.42	% 	 	 	23.08	% 

  

 

	2 	 Valeura shall be entitled to a 40.00% share of a royalty pertaining to Licence 4201. 

  
 2 

 The parties hereby agree as follows: 

 

	1.	 The purpose of this conditional offer is to: 

  

	 	(a)	 outline certain of the terms and conditions of the proposed Transaction; 

 

	 	(b)	 establish a process and timeline which would allow: (i) TWL and Valeura to finalize a definitive participation and trust agreement (the
“Valeura Participation Agreement”) pursuant to which, as between Valeura and TWL, Valeura shall be entitled to the rights, benefits and remedies associated with the representations, warranties, conditions, covenants and indemnities
contained in the Share Option Agreement, and to require TWL to in a timely and proper manner enforce against the Share Vendor all such rights, benefits and remedies, in connection with the acquisition by Valeura of the Valeura PTI Shares, and
including without limitation rights to a proportionate share of the TA Stock (as that term is defined in the Share Option Agreement) in the event of a claim against the Share Vendor; (ii) the Share Vendor, TWL and Holdco to finalize a
definitive assignment and share purchase agreement (the “Holdco Assignment and SPA”) whereby Holdco becomes entitled to rely on the representations, warranties, conditions and covenants contained in the Share Option Agreement and to
enforce all rights and obligations under the Share Option Agreement, to the extent relating to the PTI shares it is acquiring; and (iii) Valeura, TWL, TBNG, PTI and Holdco to finalize a definitive asset purchase and sale agreement (the
“Asset Sale Agreement”) whereby the Assets are conveyed to Valeura at closing but effective as of the Effective Date in exchange for the Valeura PTI Shares (which shares shall be held in escrow by a third party pursuant to mutually
acceptable escrow arrangements pending receipt of all associated GDPA approvals), and pursuant to which Valeura shall retain all of its rights and remedies it obtained under the Valeura Participation Agreement in connection with all representations,
warranties, covenants, indemnities, rights and other benefits insofar as same relate to the Assets; and (iv) joint operating agreements (the “JOA’s”) respecting the Assets (other than the offshore properties), and an
agreement for the disposition of natural gas (the “Disposition Agreement”, and together with the Valeura Participation Agreement, the Asset Sale Agreement and the JOA’s, “the “Definitive Agreements”); and

  

	 	(c)	 set forth certain binding covenants of the parties, as more particularly set forth herein. 

 

	2.	 VEI represents that it has obtained the approval of its board for the Transaction, and TransAtlantic represents that it has obtained the necessary
board approvals for the Transaction. 

  

	3.	 Each of TransAtlantic and VEI represents that it has, and TransAtlantic represents that Holdco has, completed and is satisfied with the results of
its due diligence respecting the assets, liabilities, obligations and all other matters pertaining to TBNG and PTI, and the transactions to which it is a party as contemplated herein, including: 

 

	 	(a)	 all production, operations, environmental matters, abandonment obligations, safety matters, contracts and liabilities affecting the properties of
TBNG and PTI, including all operating, transportation, processing and sales arrangements and a legal, accounting and tax review of the applicable contracts; 

 

	 	(b)	 the facilities and the environmental condition of the assets and properties of TBNG and PTI, as confirmed by site visits for the purpose of
reviewing same; and 

  
 3 

	 	(c)	 the opportunity to meet and speak with field and office representatives, and the professional advisors, of TBNG and PTI and other partners (as
applicable). 

 but excluding due diligence searches respecting the Share Vendor and a review
of the minute books of TBNG and PTI, which the parties shall coordinate and complete as soon as practicable after the date hereof. 
  

	4.	 TransAtlantic represents and covenants that it has made available to VEI and will continue to make available to Valeura all material information,
agreements and materials pertaining to the TransAtlantic Purchase, the Holdco Purchase and to TBNG and PTI and their respective properties (including the Assets), liabilities and obligations to which TransAtlantic has access, including independent
and internal reserves data, seismic database and interpretations, licences and leases, third party and government and regulatory approvals, applicable agreements including all farm-out agreements and royalty agreements, land, legal and title
documents, existing title opinions, all related files, details and documents relating to pending and outstanding litigation and regulatory matters, all matters related to health, safety and environment, and outstanding commitments, works programs,
liabilities and indebtedness, marketing agreements, production and operating statements, geological maps, well files, well logs, books, papers, documents and agreements and all other information relating to TBNG, PTI and/or the Assets and the
transactions contemplated herein. TransAtlantic has extended to VEI and will continue to extend to Valeura and its representatives and advisors the same rights as TransAtlantic has to review the foregoing. 

TransAtlantic further represents that they have fully disclosed to VEI the status of the TransAtlantic Purchase and the
Holdco Purchase. TransAtlantic represents that it is not aware of any material outstanding issues or material due diligence concerns that have not been disclosed to Valeura and could adversely affect the Assets or the completion of any of the
transactions contemplated herein. TransAtlantic covenants that they shall keep Valeura fully informed on material matters and information related to the TransAtlantic Purchase and the Holdco Purchase and the transactions contemplated thereby, and
the status thereof, that it will forthwith after receipt provide to Valeura copies of any notices, reports, requests, information or communications with or from the Share Vendor, TBNG or PTI under or in connection with Share Option Agreement, that
it will not provide any consent, approval or other authorization under or in connection with the Share Option Agreement (including without limitation any approval or consent requested pursuant to Article 8 of the Share Option Agreement) or amend or
terminate the Share Option Agreement without in each case obtaining Valeura’s prior written consent. 
  

	5.	 The obligations of the parties to complete the Transaction shall be subject to the following conditions, which are for the mutual benefit of the
parties: 

  

	 	(a)	 the execution and delivery of mutually acceptable Definitive Agreements containing terms and conditions provided for herein (including the
conditions set forth in this clause 5) and such other terms and conditions as are customarily contained in agreements pertaining to shares and properties similar in value and nature to the PTI Shares and the Assets, respectively. The parties agree
that they will negotiate in good faith the terms of the Definitive Agreements, and use reasonable commercial efforts to finalize, execute and deliver them by no later than March 18, 2011; 

 

	 	(b)	 each party being satisfied there has been no material adverse change in the Assets after the Effective Date, nor any material adverse information
disclosed or otherwise available in respect of the Assets or the transactions contemplated herein that was not previously disclosed or available to both parties; 

  
 4 

	 	(c)	 obtaining all third party consents and waivers or exercise of pre-emptive rights (including rights of first refusal and rights of first offer, but
excluding rights of first refusal in favor of Tiway respecting the offshore licences and leases), if any. TransAtlantic agrees that it will use reasonable commercial efforts to attempt to obtain waivers of all pre-emptive rights (applicable to the
Transaction and all other transactions described or referred to herein) as soon as possible; without limiting the foregoing each of TransAtlantic, TBNG and PTI (and any affiliates thereof) shall waive any pre-emptive rights it may hold in connection
with the Transaction and all other transactions described or referred to herein; for certainty, the pre-emptive rights in favor of Tiway respecting the offshore licences and leases shall be complied with after closing, and Valeura shall be entitled
to a proportionate share (ie 30.77% of the Marmara (offshore-deep) licences and 15.38% of the Marmara (off-shore-shelf) licenses) of the proceeds arising in connection with any exercise by Tiway of those pre-emptive rights;

  

	 	(d)	 receipt by each party of relevant government, regulatory, stock exchange and third party approvals (including GDPA approval of the transfer of the
Exploration Licences from TBNG to PTI, as to the aggregate undivided interests ascribed to PTI and Valeura in the table on page 2 of this conditional offer, but excluding GDPA approvals of the transfer of undivided interests in the Production Leases
from TBNG to Valeura) for the Transaction, and the recognition at closing of Valeura under all joint operating agreements and other governing agreements, as to the corresponding undivided interest it is acquiring in the Assets. From and after
closing PTI shall hold the legal interests in the Exploration Licences, and TBNG shall hold the legal interests in the Production Leases, in trust for and as agent of Valeura until all GDPA approvals respecting the transfer of the Assets from PTI or
TBNG, as the case may be, to Valeura is obtained (and TransAtlantic, TBNG, PTI and Holdco shall use their best efforts to obtain such GDPA approvals as promptly as possible post-closing), and Valeura shall at all times be entitled to the economic
interests (including the payment in a timely manner of all net production revenues) associated with the interests it acquires in the Assets, without withholdings or other reductions. Without limiting the foregoing TransAtlantic shall cause TBNG to
remit to Valeura, forthwith after receiving an invoice from Valeura, its share of net production proceeds in connection with the Production Leases and the Exploration Licences, notwithstanding that GDPA approvals have not been obtained in connection
with the transfer to Valeura or PTI of an undivided interest in all or any of the Production Leases, or in connection with the transfer to Valeura of an undivided interest in all or any of the Exploration Licences, unless such payments are
prohibited by Turkey law, in which event TransAtlantic shall enter into an arrangement with Valeura prior to closing which is acceptable to Valeura, in its discretion, pursuant to which the equivalent economic benefits are to be received in a timely
manner by Valeura. If GDPA denies approving the transfer to Valeura of any of the Production Leases or Exploration Licences, or if all GDPA approvals have not been provided to Valeura within 270 days after closing, Valeura shall elect to either
continue with the trust, agency, economic interest and revenue payment arrangements described above (in which event the escrowed PTI shares shall be released to PTI for cancellation), or to require the escrowed PTI shares to be released to and
registered in the name of Valeura free and clear of all encumbrances and without any further consideration being payable by Valeura, on the basis that Valeura and Holdco shall negotiate in good faith, finalize and execute a mutually acceptable
unanimous shareholders agreement prior to the release of the shares to Valeura, which agreement shall provide rights and remedies to each party equivalent to those contemplated in the joint operating agreements governing the Assets, and shall treat
Holdco as a single entity for purposes of that agreement. 

  
 5 

 Each party agrees that it will use reasonable commercial efforts to satisfy
this condition (d) in a timely manner. 
 In the event any of the conditions are not satisfied on or before
closing, or if closing has not occurred by July 11, 2011, a party shall be entitled to terminate its obligations to proceed with the Transaction by notice in writing to the other party, in which event neither party shall have any further
liabilities or obligations hereunder other than those liabilities which may have accrued prior to such termination, the obligation of TransAtlantic to cause the return of the Deposit to VEI as provided for in clause 8(b), and the obligations of
TransAtlantic under the last paragraph in clause 8(a). 
  

	6.	 The parties acknowledge and agree that: 

  

	 	(a)	 in addition to the conditions set forth in clause 5 above, there are conditions precedent set forth in Article 9 of the Share Option Agreement,
which conditions shall be held for the benefit of Valeura under the Valeura Participation Agreement; the obligation of Valeura to close the purchase of the PTI shares under the Valeura Participation Agreement shall be subject to the satisfaction or
waiver of all such conditions, in Valeura’s discretion; 

  

	 	(b)	 the obligation of Valeura to close the purchase of the PTI shares under the Valeura Participation Agreement shall also be subject to the condition
that TWL is concurrently acquiring the TBNG shares pursuant to the Share Option Agreement and that either Holdco or TWL is concurrently acquiring 38.46% of the shares of PTI pursuant to the Holdco Assignment and SPA or the Share Option Agreement,
respectively; 

  

	 	(c)	 the obligation of Valeura to close the acquisition of the Assets under the Asset Sale Agreement is subject to Valeura being satisfied, acting
reasonably, that the Assets were beneficially owned by PTI effective as of the Effective Date and continue to be so owned immediately prior to the closing date, and that at closing the beneficial interests in the Assets can be conveyed to Valeura
effective as of the Effective Date in accordance with the Asset Sale Agreement, it being understood that legal title to the Production Leases which form part of the Assets will be held by TBNG in trust for, and for the account of, Valeura until the
“skip transfer” (pursuant to directions from PTI) of those Production Leases from TBNG to Valeura is approved by the GDPA; and 

  

	 	(d)	 the parties shall cooperate and use reasonable commercial efforts to structure the Transaction, the TransAtlantic Purchase, the Holdco Purchase, the
Definitive Agreements, the Holdco Assignment and SPA, and all related transactions in a manner that minimizes the amount of tax that is incurred or payable by the parties in connection therewith. 

 

	7.	 TransAtlantic covenants that: 

  

	 	(a)	 TWL shall (and TPL shall cause TWL to) exercise the option under the Share Option Agreement by no later than February 10, 2011; and

  
 6 

	 	(b)	 TransAtlantic shall negotiate in good faith the terms of the Holdco Assignment and SPA and each other definitive agreement that may be required in
connection with the contemplated transactions, and shall use reasonable commercial efforts to finalize, execute and deliver them by the date referenced in clause 5(a) above and to cause Holdco to finalize, execute and deliver all such agreements by
said date. 

  

	8.	 

  

	 	(a)	 If this letter agreement is terminated or the Transaction otherwise does not proceed as a result of: 

 

	 	(i)	 TWL’s failure to exercise in a proper manner by February 11, 2011 the option provided for in the Share Option Agreement;

  

	 	(ii)	 a material breach of this conditional offer by TransAtlantic, including a breach of clause 11 hereof; or 

 

	 	(iii)	 a material breach by TWL of the Share Option Agreement, the Valeura Participation Agreement, the Holdco Assignment and SPA or the Asset Sale
Agreement; or 

  

	 	(iv)	 a material breach by Holdco of the Holdco Assignment and SPA or the Asset Sale Agreement, 

TransAtlantic shall be liable to Valeura for all direct damages, costs and expenses suffered, sustained, paid or incurred
by Valeura as a direct result thereof, up to a maximum amount of US $9,200,000. 
  

	 	(b)	 If Valeura does not close the Transaction as the result of: 

 

	 	(i)	 a material breach of this conditional offer by Valeura; or 

 

	 	(ii)	 a material breach by Valeura of the Valeura Participation Agreement or the Asset Sale Agreement, 

VEI shall be liable to TWL for all direct damages, costs and expenses suffered, sustained, paid or incurred by TWL as a
direct result thereof, up to a maximum amount of US $9,200,000, and for greater certainty VEI shall not have any liability to TPL in connection with any such breach. 

By no later than noon (Calgary time) on February 9, 2011 VEI will pay to Macleod Dixon LLP (the “Escrow
Agent”) in trust the sum of US $3,250,000 (the “Deposit”), to be held in trust by the Escrow Agent in accordance with mutually satisfactory trust arrangements. If there is a material breach by Valeura of the Valeura
Participation Agreement prior to closing, TWL shall provide written notice to VEI, and as soon as practicable after such notice is received VEI and TWL shall provide written notice to the Escrow Agent directing the Escrow Agent to deliver the
applicable portion of the Deposit plus interest to TWL for application against the damages, costs and expenses for which VEI is liable to TWL as described in this clause 8(b), provided that if the Escrow Agent is holding all or any portion of the
Deposit or interest thereon as at July 15, 2011 and there is then no claim by TWL against Valeura for a material breach as described above, VEI and TWL shall provide written notice to the Escrow Agent directing the Escrow Agent to release such
Deposit and interest to VEI. 

  
 7 

 If the option is not exercised or the Transaction does not proceed for any
reason other than as provided for in clause 8(b)(i) or 8(b)(ii), then if all or any part of the Deposit and interest thereon is being held by the Escrow Agent, VEI and TWL shall timely provide written notice directing the Escrow Agent to release the
Deposit and all interest thereon to VEI. 
 If the Transaction closes, the Deposit and all interest thereon shall
be applied against the purchase price payable by Valeura under the Valeura Participation Agreement, and VEI and TWL shall instruct the Escrow Agent to release the Deposit and interest thereon accordingly. 

 

	9.	 The operator under the JOA’s will be TBNG. The JOA’s will be based on and incorporate the principle terms and comments outlined in the
attached Schedule “B”. 

  

	10.	 The parties shall negotiate in good faith a farmin agreement pursuant to which Valeura shall have the right to acquire a 50% undivided interest in
each of licence nos. 4532 and 4094, together with all associated tangibles, seismic, contracts and other interests (the “Additional Assets”) by: 

 

	 	(a)	 expending $US 1,500,000 on seismic in respect of the lands governed by license 4532 and drilling a well thereon to a depth of no less than 1500
meters from surface, and upon incurring such seismic expenditures and completion of such drilling operations Valeura shall have earned a 50% undivided interest in such licence, free and clear of all royalties and encumbrances other than
Valeura’s proportionate share of the royalty payable under the license; and 

  

	 	(b)	 expending $US 1,500,000 on seismic in respect of the lands governed by license 4094 and drilling a well thereon to a depth of no less than 1500
meters from surface, and upon incurring such seismic expenditures and completion of such drilling operations Valeura shall have earned a 50% undivided interest in such licence, free and clear of all royalties and encumbrances other than
Valeura’s proportionate share of the royalty payable under the license. 

 From and after
the date hereof TransAtlantic shall make available to Valeura all information pertaining to the Additional Assets which is in the possession of TransAtlantic, or to which TransAtlantic has access. The farmin agreement shall also grant a right of
first offer to Valeura in respect of any sale, assignment or other disposition by TransAtlantic of any interests in licence no. 4037. The parties shall use their reasonable commercial efforts to finalize, execute and deliver the farmin agreement
concurrently with closing of the Transaction. 
  

	11.	 TransAtlantic acknowledges that Valeura has incurred and will continue to incur significant expenditures to pursue the Transaction. The parties
agree that during period from the date of this letter to March 18, 2011 (the “Exclusivity Period”), or such other date that may be mutually agreed by Valeura and TransAtlantic, the parties will proceed with the negotiation and
settlement of the terms of the Definitive Agreements subject to and in accordance with the terms hereof. During the Exclusivity Period and in consideration for Valeura making this conditional offer and pursuing the Transaction, TransAtlantic shall
not, directly or indirectly (through any officer, trustee, director, agent, affiliate or otherwise), discuss, negotiate with, solicit, initiate or encourage any inquiries, proposals or offers from any person relating directly or indirectly to the

  
 8 

	 	 
acquisition of the shares of PTI or the Assets, or any of them (including by asset or share purchase or otherwise), provided that the foregoing shall not preclude (i) the acquisition by TWL
of the shares of TBNG; (ii) the acquisition by TWL and/or Holdco of shares of PTI provided that not less than the PTI shares to be transferred to Valeura pursuant to the Transaction remain available for purchase by Valeura; or (iii) the
directors of TPL from taking any action that is required to discharge their fiduciary duties. 

  

	12.	 This Conditional Offer will be publicly announced by way of a press release of VEI, and VEI shall provide TransAtlantic with an opportunity to
review same prior to publication. No party, nor any representative of a party, shall further disclose any information relating to this letter, the conditional offer herein or the proposed Transaction (including the fact that this letter has been
entered into) to any party (other than advisors, banks, financial institutions or any other entity funding or proposing to fund, in whole or in part, the Transaction, including any consultant retained by such bank, financial institution or other
entity) until mutually agreed by the parties, subject to any requirement of a party to make such other disclosure as may be required by applicable law or the policies of any applicable stock exchange. The terms of the Confidentiality Agreement dated
December 17, 2010 between VEI and TWL shall also continue to apply in accordance with its terms. 

  

	13.	 TransAtlantic shall provide access to VEI and its financial advisors, during normal business hours, to the records of TransAtlantic necessary for
the preparation of any and all operating statement(s) or financial information that VEI requires in order to prepare any and all necessary financial statements or audit opinions to comply with applicable securities law requirements within the time
frame prescribed by such securities law requirements. In addition, TransAtlantic shall use reasonable commercial efforts to cause any and all third parties who possess any operating statement(s) or financial information that VEI requires, in
addition to the information held by TransAtlantic, to prepare such financial statements and audit opinions needed for VEI to fulfill its obligations under applicable securities laws. 

 

	14.	 The addresses for service and the fax numbers of the parties are as set forth below: 

Valeura Energy Inc. 

550, 333-11th Avenue SW 
 Calgary, AB T2R 1L9 
 Fax: +1.403.237.7103 

Attn: Jim McFarland 
 TransAtlantic Petroleum Ltd. 
 TransAtlantic Worldwide Ltd.

 1755, 5910 N. Central Expressway 

Dallas, TX 75206 
 Fax No.214.265.4711 
 Attn: Matthew McCann 

  
 9 

 All notices required, permitted or contemplated in this Agreement shall be
in writing, and shall be delivered and received: 
  

	 	(a)	 if personally served on a party by hand delivery or courier delivery, and such notices so served shall be deemed to be received by that party:
(i) on the date of delivery if delivered within the normal working hours of a business day; or (ii) if delivered outside the normal working hours of a business day, at the commencement of the next ensuing business day following delivery
thereof; or 

  

	 	(b)	 if served by facsimile transmission directed to a party on whom they are to be served at that party’s fax number, and such notices so served
shall be deemed to have been received by that party: (i) on the date of facsimile transmission if the facsimile transmission is sent, with receipt confirmation, within the normal working hours of a business day; or (ii) if the facsimile
transmission is sent outside the normal working hours of a business day, at the commencement of the next ensuing business day following transmission thereof. 

A party may from time to time change its address for service or its fax number or both by giving written notice of such
change to the other party. 
  

	15.	 This conditional offer is intended to create binding obligations upon the parties, subject to and in accordance with the terms of this conditional
offer. This conditional offer and the formal documentation referred to herein shall be governed by and construed in accordance with the laws of England. The parties attorn to the non-exclusive jurisdiction of the Courts of England.

 Your consideration of the foregoing is appreciated. This conditional offer is open for acceptance until
5:00 a.m. (Dallas, Texas time) on February 9, 2011 by returning to the writer a duly executed copy hereof. 

  
 10 

 We thank you for the opportunity to present this conditional offer to TransAtlantic and we
look forward to working with you to complete the proposed Transaction. If you have any questions regarding this letter, please feel free to contact Jim McFarland at +1-403-930-1150 (land line) or +1-403-606-7134 (mobile). 

Yours truly, 
  

					
	VALEURA ENERGY INC.	 	
	 	 	
	 per:
	 	 /s/ James D. McFarland
	 	
	 	 	
	 	 	 James D. McFarland

President and Chief Executive Officer
	 	
	 	 	
	 	 	 	 	
		
	 Accepted and agreed to this 9th day of February, 2011.

 
	 	
	TRANSATLANTIC PETROLEUM LTD.	 	TRANSATLANTIC WORLDWIDE LTD.
	 	 	 
	 per:
	 	 /s/ Matthew McCann
	 	 per: /s/ Matthew McCann

	 	 
	 Matthew McCann, CEO
  
	 	 Matthew McCann,
CEO
  

	 	 
	 	 	 

  
 11

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