TransAtlantic Petroleum Corp.

TransAtlantic Petroleum Corp.

May 15, 2006 10:37 ET

TransAtlantic Petroleum Corp.: First Quarter 2006 Results

CALGARY, ALBERTA--(CCNMatthews - May 15, 2006) - TransAtlantic Petroleum Corp. (TSX:TNP.U) -

(all results in USD)

Consolidated revenues for the quarter ended March 31, 2006 of $556,000, represented an increase of $274,000, or 97%, from the $282,000 reported for the same quarter 2005. The increase in revenue is primarily due to sales from South Gillock which was acquired April 1, 2005. The consolidated net loss for the quarter was $1.1 million or $0.03 loss per share (basic), compared to consolidated net loss of $105,000 or $nil per share (basic) for the same quarter last year. The majority of the loss is comprised of workover expenses at South Gillock and costs relating to the expansion of international operations in Romania, Morocco and the North Sea. Cash used in operations during the first quarter 2006 was $863,000 compared to cash provided of $71,000 in the first quarter 2005. The Company had 37,659,189 common shares outstanding at March 31, 2006 (32,572,241 - 2005).

As of March 31, 2006, the Company had cash and short-term investments of $8.0 million and working capital of $7.0 million compared to $9.1 million and $7.5 million, at December 31, 2005.

TransAtlantic Petroleum Corp. is a Calgary-based oil and natural gas company with operations in the United States, Morocco, Romania, Turkey and the UK North Sea. Common shares of TransAtlantic are listed on the Toronto Stock Exchange under the symbol TNP.U.

This news release contains statements regarding expectations, plans, goals, objectives, assumptions or information about future events, conditions, results of operations or performance that may constitute forward-looking statements or information under applicable securities legislation. Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. In addition to other assumptions identified in this news release, assumptions have been made regarding, among other things, the ability of the Company to continue to develop and exploit attractive foreign initiatives.

Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Company and described in the forward-looking statements or information. These risks and uncertainties include but are not limited to the continuing ability of the Company to operate effectively internationally, reliance on current oil and gas laws, rules and regulations, volatility of oil and gas prices, fluctuations in currency and interest rates, imprecision of resource estimates, the results of exploration, development and drilling, imprecision in estimates of future production capacity, changes in environmental and other regulations or the interpretation of such regulations, the ability to obtain necessary regulatory approvals, weather and general economic and business conditions.

The forward-looking statements or information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.


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